Tazapay will use the money to expand into the Middle East and Europe and grow its business across Asia.
Tazapay CEO and co-founder, Rahul Shinghal, said: “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.”
As part of its expansion, the fintech company will include the application of payment licenses in major markets that will broaden Tazapay’s payment network globally.
The business will also be bolstering its core capabilities and adding more local payment methods to enhance its offering in cross-border e-commerce, education technology, SaaS and travel.
With Tazapay, businesses have access to a global network of more than 170 markets for 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 anywhere.
The company plans to expand its real-time local collection channels to above 100 by the end of this year.
Vice president of Sequoia Capital Southeast Asia, Aakash Kapoor, said: “Tazapay is building the payments and compliance infrastructure for cross-border commerce and services. This is a large space which is seeing another inflexion 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 setup. 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.”