Milan, Italy, 8 th October, 2024 - Fabrick, an Open Finance operating company is expanding its geographical footprint by partnering with TerraPay, a company simplifying global money movement.
Initially focused on the Italian market, this partnership will enable businesses to access a unified platform that streamlines payment processes, reduce operational costs, and ensure compliance with regulatory requirements.
It represents a significant milestone in Fabrick’s international growth and consolidation strategy, building on its strong presence in Italy, Spain, and the United Kingdom. Following the recent acquisition of finAPI, which enabled Fabrick to enter the strategically important DACH region, Fabrick has continued to solidify its position at the forefront of Europe’s digital payments landscape.
With TerraPay’s extensive global network spanning 7.5 billion bank accounts, 12 billion cards and 2.4 billion digital wallets across 145 countries and by leveraging Fabrick’s Banking-as-aService platform model, the two are creating a unified platform with tailored offerings that streamline payment processes, enhance security, and elevate the customer experience for businesses and financial institutions. Moreover, TerraPay’s global infrastructure aligns with Fabrick’s mission to support Open Finance across different domains, including cross-border payments.
TerraPay, regulated by the FCA, the Bank of Italy, and in 30 other jurisdictions globally, excels in international anti-money laundering (AML) and fraud prevention regulations, while Fabrick offers deep knowledge of Italian and EU compliance standards. Hence, both have a shared expertise in navigating the complexities of their respective regulatory environments.
Reinforcing their commitment to innovation and collaboration within the fintech sector, TerraPay will also become a member of Fintech District, Fabrick’s fintech ecosystem aggregator. This will give TerraPay access to a network of over 300 fintech and techfin companies, enhancing its ability to deliver cutting-edge payment solutions and stay ahead of emerging trends in Italy and beyond.
Paolo Zaccardi, CEO and Co-Founder of Fabrick, stated: “We are delighted to announce our partnership with TerraPay, providing us with a gateway to the world’s most extensive crossborder payments network. By integrating TerraPay’s vast global reach with our innovative solutions, we not only enhance our service offerings but also reinforce Fabrick’s broader strategy of global expansion”.
“This move therefore signifies an important step forward in consolidating our presence in key international markets, enabling us to deliver a comprehensive suite of payment services tailored to the rapidly evolving needs of the financial services sector worldwide, enabling businesses internationally to navigate the complexities of cross-border payments with greater efficiency and security”.
Ani Sane, Co-Founder and Chief Business Officer at TerraPay, stated: "Our collaboration with Fabrick marks a significant milestone in our efforts to expand our footprint in Europe. By combining our expertise in payment infrastructure with Fabrick's innovative approach to banking services, we are poised to deliver our value proposition to help Italian and European enterprises and banks to streamline complexity of cross border payment."
About TerraPay
TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 30+ global markets and enabling payments to 145+ receive countries, 210+ send countries, 2.4 Bn+ mobile wallets, 7.5 Bn+ bank accounts and 12 Bn+ cards. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay has built the global digital wallet interoperable network and pushes the boundaries for global businesses – ranging from digital wallets, banks, fintech and money-transfer operators to travel businesses, creator economy platforms and ecommerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is a global company headquartered in London and comprising 42 nationalities. It has global offices in Bangalore, Dubai, Bogota, Dar es Salaam, Kampala, The Hague, Johannesburg, Nairobi, Milan, and Singapore, and is expanding rapidly. We have received funding from leading investors, including the IFC (World Bank), Prime Ventures, Partech Africa, and Visa.
About Fabrick
Since 2018, Fabrick has served as a focal point for continuous innovation for its clients, including businesses, fintech companies, and banks. Through an open-platform model, Fabrick simplifies the value chain for companies with easily integrable Open Finance solutions. It enables entities of any sector and size to incorporate digital financial services into their offerings with a rapid time to market, allowing them to seize new business opportunities or enhance their customers' experience. Fabrick has formed affiliations with innovative entities such as Codd&Date, Dpixel, Alternative Payment Ltd (JudoPay), Fabrick Solutions Spain S.L. and Fintech District - the international reference community for the industry in Italy, with over 300 associated fintech companies. Fabrick is an investee of Sella Group, Mastercard and Reale Mutua Group. Fabrick is headquartered in Italy, with offices in Milan, Turin, Biella, and Rome, and operates internationally via its subsidiaries in Madrid, Lugano and London. To learn more, visit fabrick.com