Singapore-based cross-border payments startup Tazapay has raised $16.9 million in its Series A funding round led by Sequoia Capital Southeast Asia, according to an announcement.
The funding round was also participated by new investors – EscapeVelocity, PayPal Alumni Fund as well as renowned angel investor Gokul Rajaram – and existing investors – Foundamental, January Capital, RTP Global and Saison Capital.
The fintech startup said it will use the funds to further scale its business across Asia and expand in other regions where the company is receiving strong demand for its services, such as 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 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.
“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,” said Tazapay CEO and co-founder Rahul Shinghal.
“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. Buyers increasingly prefer to use local real-time payments over traditional networks and businesses are keen to expand globally without going through the hassle of a local set-up. 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.