Singapore-based fintech startup that specializes in cross border trades announced on December 1st, 2020 that it has raised US$3.2 million. The round of funding was co-led by Sequoia Capital India’s about Surge and Saison Capital.
This investment is part of Surge’s bi-annual rapid scale-up programme for startups.
According to the press release, the new capital will be invested in product development, hiring talent and expansion to new markets in Southeast Asia.
Founded in April 2020, the startup is a cloud-based trade management platform for small and medium-sized businesses (SMBs) to safely conduct cross-border commerce. The company is focus on its goal to “remove current trust barriers SMBs face when conducting cross-border trade and payments”.
Said Rahul Shinghal, chief executive officer (CEO) and co-founder of Tazapay: “With the pandemic accelerating digitalisation and e-commerce, the trust gap has only widened for SMBs that may be hampered by travel restrictions and unable to safely identify local partners to work with.”
“We believe Tazapay is solving multiple pain points for SMBs which are an overlooked yet hugely important customer base. Having spent most of their careers serving SMBs, the Tazapay team is uniquely equipped to understand the challenges they face,” said Chris Sirisereepaph, Partner at Saison Capital.
Ishpal Bajaj, CEO of Kind Kones, said: “Tazapay has empowered us with the confidence and security to explore international business with new partners. Through the platform, we have been able to formalise trade agreements all in one place, which allows us to eliminate future conflicts and arguments, as all the terms are laid out and agreed upon.
“The escrow service also gives us peace of mind in weeding out fraudulent sellers, as payment will only be released once they ship the items.”