9 February 2023, Singapore — Tazapay, a well-known fintech startup specializing in cross-border payments, recently revealed that its Series A fundraising round raised USD 16.9 million. Sequoia Capital Southeast Asia headed the investment, with additional funding from PayPal Alumni Fund, EscapeVelocity (escp. vc), and the prominent angel investor – Gokul Rajaram. The round also included participation from previous investors Fundamental, January Capital, RTP Global, and Saison Capital.
Tazapay plans to use the funds to expand their business outside of Asia and into regions with a significant need for their services, such as the Middle East and Europe. This entails acquiring payment licences in important regions, expanding Tazapay’s global payment network. The company will be enhancing its fundamental capabilities and adding new local payment choices to better serve the growing list of sectors, which now includes cross-border e-commerce, education technology (EdTech), software as a service (SaaS), and travel.
Tazapay intends to utilize the money to extend its operations outside Asia and in other places with high demand for its services, such as the Middle East and Europe. This entails acquiring payment licences in important regions, expanding Tazapay’s global payment network. The company will be enhancing its fundamental capabilities and adding new local payment choices to better serve the growing list of sectors, which now includes cross-border e-commerce, education technology (EdTech), software as a service (SaaS), and travel.
Thanks to the implementation of open banking and the growth of real-time payment networks like the Unified Payments Interface (UPI) in India and the PayNow service in Singapore, businesses and end users increasingly want payments to be done in real-time and using a payment method they are familiar to. Thanks to Tazapay’s global network of over 170 countries for its card coverage and 85 markets for its local payments collection coverage, businesses can now accept low-cost, secure payments from their customers without establishing up local organisations everywhere. The company wants to have more than 100 real-time local collection channels by the end of this year.
Several of Tazapay’s international clients are already gaining advantages from this integration, including IndiaMART, the top B2B marketplace in India, which links more than around 7.4 million sellers and 165 million buyers on its platform, BrightCHAMPS, the best live-learning platform with a presence in over 30 countries, WTX, a platform for the purchase of used trucks, Rezlive, a platform for international travel, and Advantage Club, a SaaS platform for employee engagement. Additionally, Tazapay and Standard Chartered have partnered to offer cutting-edge payment alternatives for business marketplaces that facilitate commerce.
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, and the prominent angel investor - Gokul Rajaram. The round also included participation from previous investors Fundamental, January Capital, RTP Global, and Saison Capital.){kind=link}