Tazapay, a Singapore-based platform for businesses to offer cross-border global, raised $16.9m in Series A funding.
The round was led by Sequoia Capital Southeast Asia with participation from EscapeVelocity (escp.vc), PayPal Alumni Fund as well as renowned angel investor Gokul Rajaram and existing investors Foundamental, January Capital, RTP Global and Saison Capjital.
The company plans to use the funds to further scale its business across Asia, expand in other regions such as the Middle East and Europe, advance its core capabilities and add more local payment methods to better serve the growing list of verticals that includes cross-border ecommerce, education technology (EdTech), Software-as-a-Service (SaaS), and travel.
Led by CEO and co-founder Rahul Shinghal, Tazapay gives businesses access to its global network of over 170 markets for its card coverage and 85 markets for its local payments collection coverage through an API integration, thereby allowing them to accept low cost and secure payments from their customers without having to create local entities everywhere. The company plans to expand its realtime local collection channels from 80 markets to above 100 by the end of this year with this round of funding.
Global customers include IndiaMART, Indian online B2B marketplace connecting more than 7.4 million sellers and 165 million buyers on its platform, BrightCHAMPS, a global live-learning platform with presence in over 30 countries, WTX, a used trucks marketplace platform, Rezlive, a global travel platform and Advantage Club, an employee engagement SaaS platform. In addition, Tazapay has also partnered with Standard Chartered to offer innovative commerce-enabling payment solutions for enterprise marketplaces.
FinSMEs
13/02/2023