The company has revealed plans to use the capital to expand Earthport’s presence and payments service infrastructure, particularly in developing countries. Following the investment, Earthport also becomes part of IFC’s network which includes over 900 financial institutions.
Earthport provides white-label cross border payment services. Through its international platform, Earthport offers global payment capabilities in 200 countries worldwide. Through integration with Earthport’s services, banking and money transfer organisations are able to offer an increased range of international payments products to their customers.
In many developing nations, the annual level of international remittances from citizens working abroad can be between 7 percent and 35 percent of the nation’s GDP.
In recent news, Earthport has rolled out an automated payment service in Morocco.
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