Sequoia Capital Southeast Asia backs cross-border payments startup Tazapay
The rise in open banking and payment services like India’s UPI and Singapore’s PayNow means lower costs for businesses, as well as new payment options for hundreds of millions of customers in emerging markets who don’t own credit cards. Tazapay was created to combine both card and real-time payment methods as a full-stack service for merchants who sell across borders, so they only need to use one payment platform.
The Singapore-based fintech, which enables cross-border payments in more than 170 markets, announced today that it has raised $16.9 million in Series A funding led by Sequoia Capital Southeast Asia. Other participants included EscapeVelocity, PayPal Alumni Fund and angel investor Gokul Rajaram. Existing investors Foundamental, January Capital, RTP Global and Saison Capital also returned for the round.