Singapore payments startup Tazapay has announced raising a total of $36 million in Series B funding after closing an extension round anchored by venture investor Circle Ventures.
The extension round also drew new investors, CMT Digital and Coinbase Ventures. Existing backers Peak XV Partners, GMO Venture Partners, and January Capital participated alongside earlier investors Ripple, Norinchukin Capital, ARC180, and RTP Global.
Tazapay did not disclose the size of the extension round on a standalone basis, but said the latest close brought its total Series B funding to $36 million.
The company said it plans to use the proceeds to deepen its regulatory footprint across multiple jurisdictions, accelerate go-to-market efforts in Asia, Latin America, the Middle East, and the Americas, and invest in infrastructure for AI-driven or autonomous payment flows.
Tazapay’s Top Shareholders
Tazapay, founded in 2020 by former executives from companies such as Stripe, PayPal, Grab, and Standard Chartered, provides a digital platform for businesses engaging in cross-border transactions.
It provides payment collection and payout services across over 70 markets, supporting global enterprises and platforms with alternative payment methods, virtual bank accounts, payouts, and stablecoin settlements.
The company said its platform is built around digital-native settlement technology and a per-transaction funding model designed to enable real-time settlement while maintaining compliance across different markets.
Chief Business Officer Kanupriya Sharda said demand from enterprises and fintechs across Asia, Latin America, and the Middle East was rising as businesses looked for faster and cheaper ways to move money with regulatory certainty.
“Tazapay’s infrastructure was built precisely for this moment. With Circle Ventures’ backing and the addition of CMT Digital and Coinbase Ventures, we now have the fuel to scale our go-to-market across the corridors where this matters most,” Sharda said.
Tazapay holds licences and registrations across Singapore, Canada, Australia, and the United States, with active applications underway in the UAE, EU, and Hong Kong, per the announcement.
In 2023, Tazapay raised $16.9 million in a Series A funding round led by Peak XV Partners.
The funding round was also backed by several investors, including EscapeVelocity, PayPal Alumni Fund, Foundamental, January Capital, RTP Global, Saison Capital, and angel investor Gokul Rajaram. It raised $2 million in 2020.
Tazapay more than tripled its revenue in the year ended March 2024, even as losses widened and assets declined, according to DealStreetAsia’s DATA VANTAGE.
Revenue rose to $6.24 million in FY24 from $1.93 million a year earlier, a 223.8% increase. Despite rapid top-line growth, losses continued to mount. Profit before interest and tax narrowed slightly by 16.7% year-on-year to a negative $4.44 million, from a $3.81 million loss in FY23.
On the balance sheet, total assets fell 26.3% to $9.84 million in FY24, after nearly doubling the previous year.
