Tazapay Raises $16.9 Mn In Series A Funding
Tazapay, a fintech startup specialising in cross-border payments, has raised USD 16.9 million in its Series A funding round led by Sequoia Capital Southeast Asia.
EscapeVelocity (escp.vc), PayPal Alumni Fund, as well as renowned angel investor Gokul Rajaram joined as new investors. The funding round also saw participation from existing investors Foundamental, January Capital, RTP Global and Saison Capital.
As per the startup, the raised funds will be used to further scale its business across Asia and expand in other regions where the company is receiving strong demand for its services, such as the Middle East and Europe. This includes the application of payment licenses in major markets that will broaden its payment network globally.
Tazapay will also be scaling its core capabilities and adding more local payment methods to better serve the growing list of verticals, including cross-border e-commerce, education technology (EdTech), Software-as-a-Service (SaaS), and travel.
Tazapay | Borderless Payments for Global Platforms
Founded in 2020 by Arul Kumaravel, Rahul Shinghal and Saroj Mishra, Tazapay enables companies to seamlessly make cross-border payments and provides checkout, payment link, and escrow solutions to simplify international transactions and help reduce the risk for both buyers and sellers online.
Speaking about the development, Rahul Shinghal, Co-founder and CEO of Tazapay,
“After Surge, we are thrilled to have Sequoia Capital Southeast Asia show faith and conviction in our business by leading and participating in this round. We also welcome EscapeVelocity and PayPal Alumni Fund, who are joining us as new investors. 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.”
Tazapay enables businesses to have access to its global network of over 170 markets for its card coverage and 85 markets for its local payments collection coverage through a single API integration. This allows businesses to accept low-cost and secure payments from their customers without having to create local entities everywhere.
Additionally, with this round of funding, Tazapay plans to expand its real-time local collection channels to above 100 by the end of this year.
Commenting on the development, Aakash Kapoor, Vice President, Sequoia Capital Southeast Asia, said,
“Tazapay is building the payments and compliance infrastructure for cross-border commerce and services. This is a large space which is seeing another inflection point. Buyers increasingly prefer to use local real-time payments over traditional networks, and businesses are keen to expand globally without going through the hassle of a local set-up. The Tazapay team has unique insights and experience to leverage this tailwind, and Sequoia Capital Southeast Asia is excited to partner with them as they double down on the opportunity.”
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