Cross-border payments fintech Tazapay takes $17 million in funding
Tazapay, a Singapore-based fintech specializing in cross-border payments, has raised $16.9 million in Series A funding led by Sequoia Capital Southeast Asia.
Tazapay will use the money to grow its business across Asia and expand into other regions where it sees strong demand, such as the Middle East and Europe. This includes the use of payment licenses in major markets that will expand Tazapay’s payment network globally. The company will also strengthen its core capabilities and add more local payment methods to better serve its growing list of verticals that already include cross-border e-commerce, education technology, SaaS and travel.
The firm claims that both businesses and consumers expect payments today to be made in real time, using a payment method they are familiar with. With Tazapay, businesses have access to a global network of over 170 card coverage markets and 85 local payment collection coverage markets through a single API integration, allowing them to accept low-cost and secure payments from their customers without having to set up local entities anywhere . The company plans to expand its real-time local fundraising channels to over 100 by the end of this year thanks to its latest round of funding.
In addition to Sequoia Capital, additional participation comes from EscapeVelocity, PayPal Alumni Fund and angel investor Gokul Rajaram, along with existing investors Foundamental, January Capital, RTP Global and Saison Capital. That brings the total amount raised by the company to $18.9 million.
Latest investment “will see Tazapay realize its vision”
Tazapay CEO and co-founder Rahul Shinghal says, “We are thrilled to have Sequoia Capital Southeast Asia show faith and belief in our business by leading and participating in this round. We also welcome EscapeVelocity and the PayPal Alumni Fund, which join us as new. investors. These partners will help us realize our vision of being the premier cross-border infrastructure for global platforms as we double down on growing our market presence and consolidating all real-time banking networks in the world under one API. We are grateful to both our new and existing investors for recognizing the evolving needs of our ecosystem and supporting our ambitions.”
Aakash Kapoor, vice president of Sequoia Capital Southeast Asia, continues: “Tazapay is building the payment and compliance infrastructure for cross-border commerce and services. This is a huge area that is seeing another turning point. Buyers are increasingly preferring to use local real- time payments over traditional networks and businesses are eager to expand globally without going through the hassle of a local setup.The Tazapay team has unique insight and experience to capitalize on this tailwind, and Sequoia Capital Southeast Asia is excited to partner with them as the double possibility.”
