Tazapay, a Singapore-based cross-border payments startup, has raised its Series B funding from global blockchain firms Ripple and Circle to expand its global licensing and operations.
The Singapore-based fintech, which processes more than $10 billion in annualised payment volume, did not disclose the funding amount but said it will use the capital to expand its global licensing and operations.
The round was anchored by existing investor Peak XV Partners and backed by Japanese investors Norinchukin Capital and GMO Venture Partners. Existing investors January Capital and ARC180 also backed the Series B funding.
Tazapay, founded in 2020 by former executives from companies such as Stripe, PayPal, Grab, and Standard Chartered, provides a digital platform for businesses engaging in cross-border transactions.
It provides payment collection and payout services across over 70 markets, supporting global enterprises and platforms with alternative payment methods, virtual bank accounts, payouts, and stablecoin settlements.
Rahul Shinghal, co-founder and chief executive of Tazapay, said the funding will support the company’s vision to become a “builder of global payment infrastructure” connecting traditional finance with digital currencies.
“We’re entering the next chapter of our journey, one where modern payment technologies, regulatory compliance, and partnerships with global leaders will enable the future of cross-border commerce,” Shinghal said.
Among others, the company plans to use the capital to accelerate licensing across key global markets, per the announcement.
Tazapay is currently licensed in Singapore, Canada, and the European Union, with applications underway for licenses in the UAE, the US, Hong Kong, Australia, and for a Digital Payment Token license in Singapore.
The investments from GMO VenturePartners and Norinchukin Capital will specifically support Tazapay’s expansion into Japan, the company said.
In 2023, Tazapay raised $16.9 million in a Series A funding round led by Peak XV Partners.
The funding round was also backed by a number of investors, including EscapeVelocity, PayPal Alumni Fund, Foundamental, January Capital, RTP Global, Saison Capital, and angel investor Gokul Rajaram.
Tazapay more than tripled its revenue in the year ended March 2024, even as losses widened and assets declined, according to DealStreetAsia’s DATA VANTAGE.
Revenue rose to $6.24 million in FY24 from $1.93 million a year earlier, a 223.8% increase. Despite rapid top-line growth, losses continued to mount. Profit before interest and tax narrowed slightly by 16.7% year-on-year to a negative $4.44 million, from a $3.81 million loss in FY23.
On the balance sheet, total assets fell 26.3% to $9.84 million in FY24, after nearly doubling the previous year.
