Cross-border payments firm Tazapay announced that it has raised US$ 16.9 million in its Series A funding round led by Sequoia Capital Southeast Asia.

The round was joined by new investors EscapeVelocity, PayPal Alumni Fund as well as angel investor Gokul Rajaram.

Existing investors Foundamental, January Capital, RTP Global and Saison Capital also participated in this round.

Tazapay said that it plans to use the funds to further scale its business across Asia and expand in other regions including the Middle East and Europe.

This includes the application of payment licenses in major markets that will broaden Tazapay’s payment network globally.

The company added that it will also be beefing up its core capabilities and adding more local payment methods to better serve the growing list of verticals that includes cross-border e-commerce, education technology (EdTech), Software-as-a-Service (SaaS), and travel.

Tazapay also plans to expand its real-time local collection channels to above 100 by the end of this year.

Rahul Shinghal

Rahul Shinghal

“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,”

said Tazapay CEO and co-founder Rahul Shinghal.

Aakash Kapoor

Aakash Kapoor

“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.

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,”

Aakash Kapoor, Vice President, Sequoia Capital Southeast Asia.

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Source: https://fintechnews.sg/69640/payments/singapore-fintech-tazapay-raises-us16-9-million-series-a-led-by-sequoia/