A leading Singapore-based fintech company specialising in cross-border payments, Tazapay has secured $16.9 million in a Series A funding round led by Sequoia Capital Southeast Asia.
The round also saw participation from new investors EscapeVelocity, PayPal Alumni Fund and angel investor Gokul Rajaram, as well as existing investors Foundamental, January Capital, RTP Global and Saison Capital.
The Series A brings Tazapay’s total capital raised to $18.9 million.
Founded in 2020 by former executives of Stripe, PayPal, Grab and Standard Chartered, Tazapay provides a digital payment platform for companies engaging in cross-border transactions.
With the fresh funds, the company intends to scale its business across Asia and expand to other regions including the Middle East and Europe, where it claims to see “strong demand” for its services. It also plans to apply for payment licences in major markets to broaden its payment network.
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Tazapay also plans to build out its core capabilities and add more local payment options to serve a “growing” list of verticals including cross-border e-commerce, education technology (EdTech), Software-as-a-Service (SaaS) and travel.
Commenting on the fundraise, Tazapay CEO and co-founder Rahul Shinghal says the funding will help the company “double down on growing our market presence and consolidating every real-time banking network in the world under one API”.
