TerraPay, the UK-based payments infrastructure firm, has secured over $100 million in equity and debt funding in its latest Series B round to expand globally, focusing on the Middle East and North Africa (MENA) region and Latin America.

TerraPay aims to provide businesses with a "payments highway", offering secure and real-time payments across 27 markets. Its current network consists of over 108 receiving countries and 205 sending countries with 62 settlement currencies.

TerraPay is aiming to increase its pay-out network to 150 countries by 2024 and plans to invest in marketing and the adoption of alternative payment methods. It will also look to build out its regulatory and compliance infrastructure and apply for new licences across the world.

The firm's global payment infrastructure has been praised by Pieter Welten, partner at Prime Ventures, who sees the opportunity in the cross-border payments space as a "huge, global market".

The round was led by IFC and featured support from Partech Africa, US International Development Finance Corporation and Prime Ventures, among others.