Earthport, a cross-border payments service provider, announced that the company has received a $10 million investment from World Bank Group member IFC, reports the company in a press release. Earthport said the new funding would be used towards expanding service infrastructure, specifically in developing countries. The IFC investment will also welcome Earthport into IFC's large network of financial institutions.
Vincent Gouarne, director for infrastructure at IFC, said, "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."
"We look forward to partnering with Earthport in this next stage of growth to further spread their reach in emerging markets," he added.