Singapore-based fintech Tazapay raises $16.9 million in Series A funding round, led by Sequoia Capital Southeast Asia
SINGAPORE, 9 February 2023 /PRNewswire/ — Tazapay, a leading fintech company specializing in cross-border payments, announced today that it has raised USD 16.9 million in its Series A funding round. Sequoia Capital Southeast Asia led the round, with EscapeVelocity (escp.vc), PayPal Alumni Fund as well as recognized angel investor Gokul Rajaram join as new investors. Existing investors BasicJanuary Capital, RTP Global and Saison Capital also participated in this round.
Tazapay plans to use the funds to further scale the business across the board Asia and expand in other regions where the company receives strong demand for its services, for example 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 capacities and add more local payment methods to better serve the growing list of verticals that include cross-border e-commerce, Education Technology (EdTech), Software-as-a-Service (SaaS) and travel.
With the adoption of open banking services and the maturation of real-time payment networks such as the PayNow service i Singapore and Unified Payments Interface (UPI) i India, there is an increase in expectations from businesses and end consumers that payments should be made in real time and through a payment method they are familiar with. With Tazapay, businesses now have access to the firm’s global network of over 170 card coverage markets and 85 local payment collection coverage markets through a single API integration, enabling them to accept low-cost and secure payments from their customers without having to create local entities everywhere . The company plans to expand its local real-time fundraising channels to over 100 by the end of this year with this round of funding.
Several of Tazapay’s global customers are already reaping the benefits of this integration, including IndiaMART, India’s leading online B2B marketplace connecting more than 7.4 million sellers and 165 million buyers on its platform; BrightCHAMPS, a leading global platform for live learning with a presence in over 30 countries; WTX, a marketplace platform for used trucks; Rezlive, a global travel platform and Advantage Club, an employee engagement SaaS platform. In addition, Tazapay has also partnered with Standard Chartered to offer innovative trade-enabling payment solutions for enterprise marketplaces.
“Following Surge, we are thrilled to have Sequoia Capital Southeast Asia show faith and conviction in our business by leading and participating in this round. We also welcome EscapeVelocity and the PayPal Alumni Fund to 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,” said Tazapay CEO and Co-Founder Rahul Shinghal.
“Tazapay is building the payment and compliance infrastructure for cross-border commerce and services. This is a huge area that is seeing another inflection point. Buyers increasingly prefer to use local real-time payments over traditional networks, and businesses are keen 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 they double down on the opportunity,” Akash Kapoorvice president, Sequoia Capital Southeast Asia.
About Tazapay
Tazapay is a secure digital payment platform for companies that conduct transactions across national borders. It provides a full-stack payment solution including cards and local payment methods globally with buyer and seller protection. In just two years, the firm has built a global network of over 170 card coverage markets and 85 local payment collection coverage markets, processing hundreds of millions annually.
Founded in 2020 by former executives from companies including Stripe, PayPal, Grab and Standard Chartered, Tazapay has traveled over USD 18.9 million in financing.
For more information about Tazapay, please visit https://tazapay.cow/
SOURCE Tazapay
