TerraPay and Nequi Forge Partnership to Revolutionize Remittances in Colombia

Published 7 months ago
  TerraPay and Nequi

TerraPay, a prominent global cross-border payments network, and Nequi, a digital financial platform in Colombia, have announced a significant partnership aimed at transforming remittances for Nequi’s 17.5 million customers.

The collaboration, unveiled at Money20/20 USA, will enable Colombians to receive remittances from their loved ones in over 200 countries through a single connection. Leveraging TerraPay’s payments technology, Nequi users will benefit from a user-friendly financial app that offers a secure experience, eliminates long queues and waiting times, and does not charge any additional fees to the recipient.

Shared Values and Financial Inclusion

The partnership aligns with the shared objectives of both companies - to assist individuals in managing their money efficiently and achieving their financial goals. This collaboration also promotes financial inclusion. The integration of Nequi’s financial acumen and TerraPay’s digital payment solutions will ensure better access to financial products and services for more people, providing them greater control over their money. With the Nequi app, users will be able to immediately manage the remittances they receive.

Ambar Sur, CEO and Co-Founder at TerraPay, expressed his excitement about the partnership, emphasizing their mutual goal to ensure that Colombians receive remittances from across the globe in an easy and secure manner. They also aim to enhance users’ experiences with their money and transactions. Sur reiterated TerraPay’s commitment to ensure affordable access to traditional cross-border payments or remittances channels for Nequi app users, empowering them financially.

Expanding World-Class Remittance Services

TerraPay, which holds 29 licenses and regulatory approvals globally and has real-time transaction and risk monitoring capabilities, intends to extend its high-quality remittance services.

María del Pilar Correa, CPO of Nequi, believes the partnership will revolutionize the way they deliver remittances, empowering Colombians to better manage their money and save for a brighter future. After receiving their remittance in Nequi, users can use the app to send money to others, make both digital and physical payments, manage their finances, save, and much more.

Correa added that TerraPay shares their vision of paving the way for financial inclusion, which is evident in the work they have done globally. Nequi is eager to work with TerraPay to provide advanced financial services to millions in Colombia.

About TerraPay and Nequi

TerraPay strives to simplify money movement worldwide. It provides a single connection to an extensive cross-border payments network regulated in 29 global markets. TerraPay enables payments to 120+ receive countries, 210+ send countries, 7.5 billion+ bank accounts, and 2.1 billion+ mobile wallets. Founded in 2014 and headquartered in London, TerraPay continues to connect a borderless financial world, ensuring instantaneous, reliable, transparent, and fully compliant money movement.

Nequi, a digital financial platform, boasts over 17 million users in Colombia and Panama, with 12 million active users monthly. It aims to improve people’s relationship with their money, empowering them to achieve their financial goals. Nequi provides core free services that enable users to send, withdraw, request, pay, and manage their money, as well as other financial products like loans and a Nequi debit card.