CB Insights today named Tazapay to its sixth-annual Fintech 100 ranking (previously the Fintech 250) - showcasing the 100 most promising private fintech companies of 2023.
"Representing 24 different countries across the globe, this year's Fintech 100 is shaping the future of real-time payments, spend management automation, embedded finance, and more," said Chris Bendtsen, Lead Fintech Analyst, CB Insights. Together, they are not only increasing the pace of innovation, but launching new products and features to revolutionize the industry as a whole. I cannot wait to see what this cohort accomplishes next."
"Being recognized in the CB Insights' Fintech 100 list is an affirmation of our vision to revolutionize cross-border payments. We're committed to creating solutions that not only simplify transactions but also instill trust in global commerce. This acknowledgement fuels our determination to push boundaries further," remarked Rahul Shinghal, CEO of Tazapay
Utilizing the CB Insights platform, the research team selected these 100 winners from a pool of over 19,000 private companies, including applicants and nominees. They were chosen based on factors including - equity funding, investor profiles, business relationships, R&D activity, news sentiment analysis, competitive landscape, proprietary Mosaic scores, and Yardstiq transcripts - and criteria such as tech novelty and market potential. The research team also reviewed thousands of Analyst Briefings submitted by applicants.
In a rapidly globalizing e-commerce landscape, Tazapay emerges as a crucial enabler. Its platform provides seamless and secure payment solutions, empowering businesses to confidently operate on a global scale. Tazapay has bridged the gap for cross-border merchants and enterprises, facilitating payment collections from 173+ global markets. Furthermore, the introduction of local payment options such as local bank transfers, QR codes, e-wallets, vouchers, etc. enables businesses to tap into diverse customer segments within these markets, further widening and deepening their reach. Demonstrating commitment to growth and compliance, Tazapay secured a license from the Monetary Authority of Singapore (MAS) and successfully closed its Series A funding in 2023
Quick facts on the 2023 Fintech 100:
About CB Insights
CB Insights builds software that enables the world's best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.
About Tazapay
Tazapay is reshaping the cross-border e-commerce landscape by offering secure, transparent, and efficient payment solutions tailored for global commerce. Catering to industries such as travel, gaming, ed-tech, SaaS, and e-commerce, we're committed to fostering trust and facilitating smooth global transactions. As the e-commerce domain continues to expand, Tazapay remains dedicated to being the payment solution partner of choice for businesses around the globe. Learn more at www.tazapay.com
SINGAPORE, August 2, 2023 /PRNewswire/ - Following the in-principle approval earlier this year, Tazapay Pte. Ltd. (“Tazapay”) a leading fintech company specialising in cross-border payments, is delighted to announce the attainment of a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). The approval from MAS further underpins Tazapay's commitment to robust regulatory compliance and operational excellence.
Singapore, known as a hub for international trade and commerce, offers the perfect vantage point for Tazapay to expand its reach and impact across Asia and beyond. The MPI licence allows Tazapay to extend its full suite of services, spanning account issuance, merchant acquisition, cross-border and domestic money transfers, and e-money issuance, to its growing client base.
Rahul Shinghal, CEO of Tazapay, shares his excitement, "Receiving this licence from MAS is a remarkable milestone in our journey. It not only signifies our commitment to delivering the highest standards of regulatory compliance but also paves the way for us to provide even more innovative and mission-critical cross-border payment solutions. As a Singapore-born and headquartered company, we view this achievement with immense pride and gratitude."
Even amidst a challenging tech winter, Tazapay continues to demonstrate resilience and an unwavering commitment to growth. The MPI licence acts as a catalyst for a host of forthcoming initiatives dedicated to augmenting the quality, security and user-friendliness of Tazapay's services. Coupled with the successful closing of our series A funding of USD 16.9 Million, Tazapay is better positioned than ever to transform the way cross-border e-commerce merchants operate especially in sectors such as travel, education technology, fashion & apparel, gifting and gaming.
With this milestone, Tazapay is ready to redefine cross-border transactions, offering a seamless and secure payment experience to businesses in the vibrant e-commerce space. The journey continues, and Tazapay remains dedicated to its mission of making global payments as smooth and frictionless as possible.
Tazapay is a Singapore-based fintech company, designed to redefine the cross-border payment experience. Since its inception in 2021 by industry veterans, Tazapay has raised a successful $16.9 million Series A funding round, with significant investment from prestigious institutions such as Sequoia and the PayPal Alumni Fund. The platform allows businesses to transact with ease in 173+ countries, offering an array of card and local payment options. Its unified interface simplifies the onboarding process, allowing businesses to partner with just one entity, thereby streamlining their payment process. Tazapay continues to drive global business growth by offering a trusted and accessible platform for cross-border e-commerce transactions.
London, 28th February 2023: Tazapay, a Singapore-based cross-border payments provider, has partnered with leading global real-time payments gateway Volt to add open banking to its growing stack of payment offerings, as it accelerates its international growth plans across the UK and Europe.
The partnership will enable Tazapay’s customers to roll out and increase their cross-border sales, especially for APAC and MENA-based merchants looking to expand and increase sales in the UK and Europe.
Volt’s real-time reconciliation capabilities enable businesses to track payments from initiation to receipt, unlocking full visibility of the payment value chain via its data-driven insights and analytics. Over 70% of all payments processed via Volt’s gateway receive instant confirmation of settlement, a significant feature for cross-border merchants and businesses. Tazapay will also leverage Volt’s fraud prevention solution to identify and block any suspicious payments by monitoring transactions via a flexible scoring system.
Tazapay currently supports over 2,000 merchants across 30+ markets. It provides a full-stack payment solution that includes local payment methods as well as cards globally, with buyer and seller protection. The company has a global network of more than 170 markets for its card coverage, and 85 markets for its local payments collection coverage.
This strategic partnership with Volt, a leading player in open banking and real-time payments, unlocks growth for Tazapay in the UK and Europe and will be further continued by enabling open banking payments in Brazil later this year. Volt processes transactions securely between accounts held at over 5,000 banks in the UK, Europe and Brazil, covering over 680 million accounts.
The partnership marks another significant milestone for Tazapay, which has recently completed a $16.9m Series A fundraising round led by Sequoia Capital Southeast Asia, and has received in-principle approval for a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).
Open banking continues to gain tremendous momentum in payments worldwide. The value of open banking-powered payments reached almost $4bn in 2021 and, by 2027, is expected to exceed $330bn. Over 60 countries currently have or are considering launching open banking frameworks, and Volt is building the global infrastructure to connect all the domestic systems worldwide via one single point of integration (API).
“With the advent of open banking and maturing of real-time payment networks like the PayNow service in Singapore and UPI in India, there is an increase in expectations from businesses and end consumers for payments to be done in real time. Tazapay is building the payments and compliance infrastructure for cross-border commerce and services, and we continue to focus our attention on growth plans. We are thrilled to be partnering with a like-minded company like Volt, who will support us in enabling seamless, real-time cross-border payments for our customers,” says Rahul Shinghal, CEO and Co-founder at Tazapay.
“This partnership demonstrates the global acceleration of real-time payments across many sectors – a complement to the acceleration of online business processes and an obvious fit for businesses now operating in a digital-first economy. We are excited to join forces with Tazapay and support them in their ambitions to offer cross-border instant payments, as well as data-driven analytics for better decision-making, supported by our proprietary solution Connect,” says Matt Komorowski, Chief Revenue Officer at Volt.
SINGAPORE, Feb. 17, 2023 /PRNewswire/ - Tazapay, a Singapore headquartered fintech company which provides cross border payments, was granted an in-principle approval for a major payment institution (MPI) licence by the Monetary Authority of Singapore. This approval covers 5 payment services - Account issuance, Merchant acquisition, Cross border money transfer, Domestic money transfer and E-money issuance.
Singapore is a trade hub for the rest of Asia and the world, the MPI licence in Singapore will allow Tazapay to effectively service exporters, importers and cross border ecommerce platforms in the region.
Tazapay provides a full-stack API for cards and local payment methods globally with buyer and seller protection. In just two years, the firm has built a global card coverage and 85 markets for local payments collection coverage all this with embedded protection for buyer and sellers.
Earlier the company had announced its series A funding of USD 16.9 Million.
"We are delighted to receive the in-principle approval for becoming a Major Payment Institution in Singapore from the Monetary Authority of Singapore. Tazapay will be able to offer its full suite of services to its Singapore and regional customers and also directly partner with Banks and card schemes to offer innovative and mission critical cross border payment solutions. As a Singapore born and headquartered company, this is a very special milestone for the company" said Tazapay.
SINGAPORE, 9 February 2023 - Tazapay, a leading fintech company specialising in cross-border payments, announced today that it has raised USD 16.9 million in its Series A funding round. Sequoia Capital Southeast Asia led the round, with EscapeVelocity (escp.vc), PayPal Alumni Fund as well as renowned angel investor Gokul Rajaram joining as new investors. Existing investors Foundamental, January Capital, RTP Global and Saison Capital also participated in this round.
Tazapay plans to 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 ecommerce, education technology (EdTech), Software-as-a-Service (SaaS), and travel.
With the advent of open banking and maturing of real-time payment networks like the PayNow service in Singapore and Unified Payments Interface (UPI) in India, there is an increase in expectations from businesses and end consumers for payments to be done in real-time and through a payment method they are familiar with. With Tazapay, businesses now have access to the firm’s global network of over 170 markets for its card coverage and 85 markets for its local payments collection coverage through a single API integration, thereby allowing them to accept low cost and secure payments from their customers without having to create local entities everywhere. The company plans to expand its realtime local collection channels from 80 markets to above 100 by the end of this year with this round of funding.
Several of Tazapay’s global customers are already reaping the benefits of this integration, including IndiaMART, India’s leading online B2B marketplace connecting more than 7.4 million sellers and 165 million buyers on its platform, BrightCHAMPS, a leading global live-learning platform with presence in over 30 countries, WTX, a used trucks marketplace platform, Rezlive, a global travel platform and Advantage Club, an employee engagement SaaS platform. In addition, Tazapay has also partnered with Standard Chartered to offer innovative commerce-enabling payment solutions for enterprise marketplaces.
"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. We are grateful to both our new and existing investors for acknowledging the evolving needs of our ecosystem and supporting our aspirations," 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.
