SINGAPORE-BASED fintech company Tazapay on Thursday (Feb 9) announced it has raised US$16.9 million in Series A funding, with plans to use the funds for geographical expansion.
The round was led by Sequoia Capital Southeast Asia, with new investors EscapeVelocity, PayPal Alumni Fund and Gokul Rajaram joining in. Existing investors Foundamental, January Capital, RTP Global and Saison Capital also participated in this round.
“These partners will help us realise our vision to be the foremost cross-border infrastructure for global platforms as we double down on growing our market presence and consolidating every real-time banking network in the world under one API (application programming interface),” said Tazapay chief executive officer and co-founder Rahul Shinghal.
Tazapay, a digital payment platform for businesses engaging in cross-border transactions, was founded in 2020 by former executives from companies including Stripe, PayPal, Grab and Standard Chartered. It provides a full-stack payment solution globally, including cards and local payment methods, and provides buyer and seller protection. The company has raised over US$18.9 million in funding.
The company plans to use the funds from this round to further scale its business across Asia and expand in regions where there is strong demand for its services, such as Europe and the Middle East.
Tazapay will also apply for payment licences in major markets that can broaden its payment network globally, and enhance its core capabilities as well as increase its local payment methods to better serve its vertical markets, which include cross-border e-commerce, education technology, software-as-a-service (SaaS), and travel, it added.
