Tazapay, a cross-border payments firm based in Singapore, has obtained new funding from Ripple and Circle Ventures, two leading blockchain companies, in its latest Series B funding round.
The round was announced on August 27th and included additional funding from Peak XV Partners, Japan’s Norinchukin Capital, GMO Venture Partners, and existing investors January Capital and ARC180.
Notably, firms like Sequoia Capital India and Southeast Asia (Sequoia) were the lead investors; Tazapay has not announced the total amount it has raised.
Although it is unclear how much funding was secured, this new funding round represents a significant step for Tazapay in solidifying its ability to integrate the two payment sectors: traditional finance and digital assets.
Bridging Traditional Finance and Stablecoins
Tazapay’s new investors underscore its emerging role as a valued bridge between traditional fiat payment systems and the evolving blockchain payment landscape.
Their monumental participation in Tazapay underscores their commitment to Tazapay’s vision of establishing a fiat-to-stablecoin settlement infrastructure across multiple emerging markets.
Circle is the issuer of USD Coin (USDC), and Ripple is known for the XRP Ledger, both of which bring significant stablecoin and blockchain-powered payment experience.
Since Tazapay’s inception 18 months ago, it has already achieved more than USD $10 billion in annualized payment volume, growing 300% year-over-year.
Tazapay accepts multiple payment methods. Tazapay supports not only alternative payment methods, cards, virtual accounts, payouts, but also stablecoin payments.
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Regulatory Reach and Global Expansion
The company is ready to expand its regulatory reach. Tazapay already has licenses in Singapore, Canada, and the European Union and intends to accelerate applications in the U.S., UAE, Hong Kong, and Australia with the help of its investors.
The company is also planning to apply for a Digital Payment Token license in Singapore, which will enable it to enter the regulated stablecoin and cryptocurrency payments business.
Tazapay has also obtained financing from Japanese investors Norinchukin Capital and GMO Venture Partners and intends to expand into Japan, one of the most active digital payments markets in Asia.
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Strengthening a Trusted B2B Payments Platform
Tazapay is a scalable, compliant B2B payments platform established in 2020, working with B2B marketplaces, merchants, multinationals, and fintech.
The company has already achieved operational breakeven, which further validates its long-term viability within the crowded cross-border payments space.
This puts Tazapay in a delightful position as the bridge between the traditional financial ecosystem and the Web3 financial ecosystem.
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Context of Series B Fundraising in Web3
Tazapay’s funding announcement follows news of another recently reported Series B raise on the broader blockchain and Web3 ecosystem.
On April 11, Towns Protocol raised $10 million in Series B financing, led by A16z, with investments from Coinbase Ventures and Benchmark, to build decentralized on-chain communication tools for DAOs and online communities, according to UnoCrypto.
We also reported on June 26 that Zama raised $57 million in Series B funding to build encrypted smart contracts on public blockchains, enabling applications to create practical, privacy-preserving solutions such as digital identity verification and stablecoins.
Tazapay is a ray of positive news, indicating a growing appetite for investing in companies that develop enabling real-world blockchain applications, particularly in the areas of financial infrastructure and payments.