Tazapay, a cross-border payments company, has raised $16.9 million in a Series A funding round.
Source: Pixabay.com
This round of financing was led by Sequoia Capital. Also, commitments were made by EscapeVelocity, PayPal Alumni Foundation, and Gokul Rajaram, who directed their first investments to the development of Tazapay. Existing company sponsors, Foundamental, January Capital, RTP Global, and Saison Capital participated in this round.
As part of the mastering of the attracted funds, the firm intends to expand the scope of its activities in Asian countries. Also, the company’s goal is to provide services in previously undeveloped markets. The firm intends to expand the geography of its activities by working in the Middle East and Europe.
As part of scaling up the business, Tazapay will request licenses to conduct payments in the main markets. These actions will expand the payment network.
The company also intends to improve its basic capabilities and increase the list of payment methods, taking into account the specifics of specific countries. This solution will improve the efficiency of servicing several areas, including cross-border e-commerce, educational technologies, software as a service, and travel.
Tazapay is a digital payment platform that supports cross-border transactions. The company is based in Singapore.
Aakash Kapoor, vice president of Sequoia Capital in Southeast Asia, said that Tazapay is creating a payment and compliance infrastructure for cross-border trade and services. He noted that this is a large space in which there is another inflection point. Buyers choose local payments in real-time and refuse the services of traditional networks.
Tazapay provides access to a global network of more than 170 markets for servicing its cards and 85 markets for collecting local payments thanks to integration with a single API.
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