(L-R) Tazapay Co-Founders Arul Kumaravel, Rahul Shinghal, and Saroj Mishra
Singapore-based Tazapay, a fintech company specialising in cross-border payments, has received US$16.9 million in its Series A funding round led by Sequoia Capital.
EscapeVelocity, PayPal Alumni Fund, Gokul Rajaram, Foundamental, January Capital, RTP Global, and Saison Capital also participated.
Tazapay will utilise the money to scale its business across Asia and expand in other key regions, such as the Middle East and Europe. This includes the application of payment licenses in major markets that will broaden Tazapay’s payment network globally.
Also Read: Tazapay snags US$3.2M to expand cross-border SMB commerce platform in Southeast Asia
The startup will also improve its core capabilities and add more local payment methods.
Tazapay enables companies to do cross-border payments. It provides checkout, payment links, and escrow solutions to simplify international transactions and help reduce the risk for buyers and sellers online.
The firm has card coverage in over 170 markets and local payments collection coverage in 85 markets. This allows businesses to accept low-cost and secure payments from their customers without having to create local entities everywhere.
The company plans to expand its real-time local collection channels to above 100 by year-end. It serves enterprises across cross-border e-commerce, edutech, SaaS, and travel.
Its customers include IndiaMART, BrightCHAMPS, WTX, Rezlive, and Advantage Club. In addition, Tazapay has also partnered with Standard Chartered to offer innovative commerce-enabling payment solutions for enterprise marketplaces.
In March 2021, Tazapay secured US$1.75 million on top of its original round of funding of US$3.2 million announced in early 2021.
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