Singapore-based fintech startup Tazapay has bagged US$ 3.2M in a fresh funding round held in December 2020, led by Sequoia Capital India’s Surge and Saison Capital.
Proceeds from the funding round will be used by the startup for product development, recruiting talent and expansion to new markets in Southeast Asia. Tazapay is a part of the fourth unit of Surge, a twice-a-year rapid scale-up program for startups in Southeast Asia and India.
Tazapay was founded in April 2020 by 3 experienced professionals, Arul Kumaravel, Rahul Shinghal and Saroj Mishra who hold extensive experience in payments, e-commerce, technology, cross-border trade and high growth technology businesses.
Arul Kumaravel was Grab’s VP of Engineering, Head of Engineering for Amazon’s mobile platform and has spent 15 years at Microsoft. Rahul Shinghal has over 20 years of payments and high growth internet experience and was the MD of PayPal Southeast Asia and Head of APAC for Stripe. Saroj Mishra has spent 23 years in investment banking with senior roles at Standard Chartered and Citibank and co-founded Bayfront Capital Advisors, a corporate advisory firm.
The startup provides a cloud-driven trade management platform for small and medium-sized businesses (SMBs) to securely enable cross-border commerce. Its platform is unified and claims to have been providing better and safer access to important fintech tools and services. The startup feels that lack of trust is one of the biggest barriers for B2B cross-border business and aims to remove the existing trust barriers SMBs face when conducting cross-border trade and payments. Its tools empower businesses to minimize their fears while expanding to international markets, including payment protection through escrow, company background inspection and counterparty risk assessment.
CEO Rahul Shinghal said that with the pandemic hastening digitization and e-commerce, the trust gap has only amplified for SMBs that may be fraught by travel restrictions and unable to discover local partners to work with. He also added that they expect the market size of protected B2B payment solutions for cross border trade to increase by 25 percent per year in the next 5 years. He concluded by saying that the present market size is estimated at US$ 500 Billion across Southeast Asia and India, and they are well-placed to remove this gap and help businesses expand with ease.
Chris Sirisereepaph, Partner at Saison Capital was quoted to have said, “We believe Tazapay is solving multiple pain points for SMBs which are an overlooked yet hugely important customer base. Having spent most of their careers serving SMBs, the Tazapay team is uniquely equipped to understand the challenges they face.”
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