The funding will be used to expand Earthport’s presence and payments service infrastructure, particularly in developing countries. Through this investment, Earthport also becomes part of IFC’s extensive network which includes over 900 financial institutions, providing Earthport with access to potential partners and clients in key geographies.
In many developing nations, the annual level of international remittances from citizens working abroad can be between 7% and 35% of the nation’s Gross Domestic Product (GDP). Much of this continues to be carried out via traditional methods, which can be both costly and cumbersome.
“Earthport’s technology cuts the costs and delays of international money transfers, facilitating trade for SMEs and remittances for migrant workers – key priorities for IFC in helping people in developing countries improve their lives,” said Vincent Gouarne, IFC Director for Infrastructure. “We look forward to partnering with Earthport in this next stage of growth to further spread their reach in emerging markets.”
Hank Uberoi, Executive Director of Earthport plc, commented, “This significant investment from the IFC represents a strong endorsement of our leading and innovative cross-border payments service. In addition to expanding our presence in emerging markets, Earthport will also become part of the IFC’s extensive network of financial institutions globally.”
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