Singapore-based Tazapay, which provides a digital payments platform for small and medium enterprises engaging in cross-border trade, announced today it has secured US$1.75 million on top of its original round of funding of US$3.2 million announced in early 2021.
Investors who participated in the latest round include Sequoia India’s Surge, Saison Capital, and new partners RTP Global and January Capital.
The fresh capital will go towards ramping up the startup’s customer acquisition resources and scaling its technology and growth teams.
Started in 2020 by the trio of Arul Kumaravel, Rahul Shinghal and Saroj Mishra, Tazapay provides secure digital escrow to help reduce risk and increase confidence for both parties in a transaction. It also provides SMEs with fast, simple background checks on potential business partners. Tazapay holds funds for its users securely until both parties have confirmed their obligations of the trade.
“The markets in which we initially operate are significant trading corridors within Asia Pacific, and with the support of our growing team and investment partners, we look forward to expanding our global footprint and offering more services in the future,” said Shinghal.
Most recently, Tazapay announced a partnership with Rapyd, a global fintech-as-a-service provider, to be its exclusive payments facilitator.
As of today, it operates across India, Malaysia, Singapore and Thailand.
According to a McKinsey report, global payments revenues went down by 7 per cent in 2020 compared to 2019, however, Juniper Research has found that the total value of payments will reach US$35 trillion in 2022.
“We project the market size of protected B2B payment solutions for cross-border trade will increase by 25 per cent per annum in the next five years. The current market size is estimated at US$500 billion across Southeast Asia and India — and we are well-positioned to bridge this gap and help businesses accelerate with ease,” Shinghal had said in a press statement last year.
Image Credit: TazaPay
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