Singapore-based fintech specialising in cross-border payments, Tazapay , has announced it has raised USD 16. 9 million in a Series A funding round led by Sequoia Capital Southeast Asia.

EscapeVelocity, PayPal Alumni Fund, and other angel investors joined the fund raise, followed by existing investors such as RTP Global and January Capital, among others. Tazapay aims to use the funds to scale its business across Asia and expand to other regions where there is a strong demand for cross-border payments, such as Europe and the Middle East. At the same time, the company will leverage its core capabilities and integrate more local payment methods into its solution to better serve a growing list of verticals that include cross-border commerce, education technology, travel, and Software-as-a-Service (SaaS).

A market on the rise The latest innovations in the Open Banking field, together with the maturing of real-time payment networks like Unified Payments Interface (UPI) in India, and PayNow in Singapore, both customers and businesses expect payments to be done in real-time, through a payment method they are familiar with and trust. Tazapay will help businesses access its global network of more than 170 markets for its card coverage and 85 markets for local payments collection services through a single API integration, allowing them to accept secure and low-cost payments from customers, without having to previously create a local entity in their country of origin. At the same time, Tazapay plans to expand its real-time local connection channels and reach more than 100 by the end of 2023, leveraging its Series A funding round led by Sequoia Capital.

Backed by prestigious investment funds, Tazapay aims to build the necessary payments and compliance infrastructure to fill in the needs of millions of customers around the world for faster, more secure payments and cross-border ecommerce and services. Clients prefer using local real-time payment methods over traditional networks and businesses must adjust to this trend to not miss the opportunity of growth, especially the ones who want to achieve a global presence. About Tazapay The Singapore-based secure digital payment platform was founded in 2020 and aims to become an important global partner for businesses and clients who request secure real-time and cross-border payments.

Its package of services includes cards and local payment methods with buyer and seller protection. Since its inception, the company has raised nearly USD 19 million in funding, with the help of globally reputed investment funds, including PayPal, Grab, and Standard Chartered. .