Ripple and Circle invest in cross-border payments startup Tazapay

Key Takeaways

Tazapay secured Series B funding from investors including Ripple and Circle to expand its global payment platform.
The company plans to widen its licensing and extend local payment capabilities across key international markets.

Tazapay, a Singapore-based fintech company that provides a unified platform for international transactions, said Tuesday it successfully closed its Series B funding round led by Peak XV Partners and supported by key investors, including Ripple, Circle Ventures, Norinchukin Capital, and GMO VenturePartners.

Existing investors January Capital and ARC180 also took part in the raise, which is expected to strengthen Tazapay’s position as a key player in cross-border payments infrastructure.

“We’re entering the next chapter of our journey,” said Tazapay CEO Rahul Shinghal in a statement. “One where modern payment technologies, regulatory compliance, and partnerships with global leaders will enable the future of cross-border commerce.”

The platform, which integrates traditional and crypto payment methods, processes over $10 billion in annual payment volume and is growing at a 300% annual rate.

Shinghal added that beyond growth capital, the funding is meant to advance Tazapay’s mission to connect traditional currencies with stablecoins through modernized payment systems.

Currently licensed in Singapore, Canada, and the EU, Tazapay plans to use the new funding to expand its licensing across key global markets, with applications pending in the UAE, US, Hong Kong, Australia, and for a Digital Payment Token license in Singapore.

“The future of global payments depends on the seamless convergence of traditional and digital finance. Tazapay is a clear leader in building these essential, compliant last-mile connections, especially in emerging markets,” said Eric Jeck, SVP Corporate and Business Development at Ripple.

GMO VenturePartners and Norinchukin Capital’s investments will support Tazapay’s expansion into Japan, where it plans to offer local payment methods and establish a dedicated sales team to assist Japanese businesses in scaling internationally.

Tazapay had already raised $16.9 million in a Series A investment led by Sequoia Capital Southeast Asia in early 2023. Through the investment, the company aims to expand across Asia and into the Middle East and Europe, as well as enhance its core capabilities by expanding payment licenses.