[ Press Release ] Tazapay Announces New Funding and Launches Full Suite of Services Across Asia

Tazapay

Tazapay opens services to customers in India, Malaysia, Singapore and Thailand, discloses additional funding of US$1.75 million and expands senior headcount

Singapore – March 30 2021 – Tazapay, a digital escrow service for cross-border trade, today announces it is fully operational across India, Malaysia, Singapore and Thailand. Tazapay provides digital business verification and escrow services to small-medium enterprises (SME) who wish to boost business by increasing their number of trading partners and streamlining transactions.

Cross-border business-to-business (B2B) commerce for SMEs is an addressable market of approximately US$8 trillion globally, yet easily facilitating international trade remains a challenge. It’s largely based on trust, and it can be hard to feel confident about a trade partner, particularly if partners are unable to meet in-person. This leads to a significant number of deals falling through, slowing the growth of the businesses themselves as well as local and regional economies. Tazapay provides SMEs with fast, simple background checks on potential business partners and a digital escrow to give both buyers and sellers peace of mind. Tazapay holds funds securely until both parties have confirmed fulfilled their obligations of the trade.

“More efficient trade can no doubt have a significant positive impact on local, regional and global economies, and Tazapay is dedicated to helping trade partners build trust to boost business opportunities,” said Rahul Shinghal, CEO of Tazapay. “We help SMEs grow by offering a fully digital platform that is easy to access and integrate into their workflows. The markets in which we initially operate are significant trading corridors within APAC, and with the support of our growing team and investment partners we look forward to expanding our global footprint and offering more services in the future.”

Tazapay also announces additional investment of US$1.75 million from existing investors Sequoia Capital India’s Surge and Saison Capital, and new partners RTP Global and January Capital, on top of its original round of funding of US$3.2 million announced in early 2021. The new funding is earmarked for ramping up customer acquisition resources and scaling the technology and growth teams. Tazapay has recently welcomed its new head of product from global financial technology infrastructure platform Nium, and its head of growth from leading global payments platform Stripe.

“The Tazapay team has a great deal of collective experience in finance and payments, and we’ve been consistently impressed by their ambition to solve this urgent issue for SMEs,” said Benjamin Dunphy, Partner at January Capital. “As the world recalibrates after the global pandemic, Tazapay’s solution will become increasingly critical as businesses continue to shift rapidly to digital-first operations and look to drive growth by uncovering new business opportunities.”

“Inefficient cross-border trade is time-consuming and stressful. Deals often fall through because parties lack confidence in each other, causing business disruption, cash flow issues and limiting trading opportunities. COVID made this situation worse,” said Nazri Abdullah, CEO of Malaysia-based commodity trading company Ra2 Sdn Bhd and Tazapay customer. “Tazapay’s digital escrow service comes at a critical time. It puts both parties on equal footing and creates trust in the trade from the beginning. Tazapay also saves us a great deal of time in terms of background research about potential partners, speeding up deals so we can do more of them which ultimately helps us grow.”

Tazapay also confirms its partnership with Rapyd, a global Fintech-as-a-Service provider. Rapyd will be Tazapay’s exclusive payments facilitator, ensuring that sellers receive their full fees upon completion of a transaction.
SMEs in Singapore, Thailand, Malaysia, or India who wish to begin using Tazapay’s services can complete an easy sign-up process at www.tazapay.com. Tazapay is already facilitating transactions and has completed more than 500 background checks for customers.

About Tazapay
Tazapay is a secure digital payments platform for SMEs engaging in cross-border trade. It provides secure digital escrow to help reduce risk and increase confidence for both parties in a transaction and offers background to ensure more transparent trading. Founded in 2020 by former executives from companies including Stripe, PayPal, Grab and Standard Chartered, Tazapay has raised almost $5 million in funding from partners including Sequoia Capital India’s Surge, Saison Capital, RTP Global and January Capital. Find out more at www.tazapay.com.

###

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Mental Health Tips for When You Get Back in the Office

Mental Health Tips for When You Get Back in the Office

The COVID-19 pandemic has brought a lot of challenges for employees working from home. As we are fast approaching the post-pandemic world, we have to start getting accustomed to heading back to the office again. No doubt, it is going to be difficult adjusting to the long-forgotten habit of getting ready early in the morning, putting on your finest work clothes, working till 7pm in your suffocating cubicle and dealing with horrible bosses and gossipy colleagues face to face.

Top Three Online Job Portals in China for English-Speakers

Top Three Online Job Portals in China for English-Speakers

China is a fast-growing economy and currently boasts the second-largest economy in the world behind the United States. Many people from around the world have tried searching for jobs and achieving career success in the country. The majority of English-speaking people in China find work in multinational companies that are mostly located in metropolitan Shanghai and Beijing.

How Does a Startup Become a Unicorn

How Does a Startup Become a Unicorn

In the startup world, a unicorn refers to any startup with a valuation of over US$1 billion. Companies like Airbnb and Netflix fall under the unicorn category. As of 2021, there are 650 unicorns in the world with a cumulative valuation of US$2,173 billion.

Meet the Young Woman Who Saved Kenya’s Plastic Waste Problem

Meet the Young Woman Who Saved Kenya’s Plastic Waste Problem

Kenya has a huge plastic waste problem. A 2015 report found that the Kenyan capital Nairobi produced around 400 tons of plastic waste every day. Yet, less than half of that had been recycled. Despite outlawing single-use plastics in 2017, the country is still drowning in them. The Dandora landfill, located in the heart of the Nairobi slums, currently receives more than 2000 metric tons of waste daily.

How Can Your Company Become More Energy-Efficient

How Can Your Company Become More Energy-Efficient?

Countries and companies are consuming too much energy today. The abrupt power cuts in China are a testimony to that. The country was forced to cut power across factories and towns to meet their energy goals. Energy efficiency—using less energy to do more—does not have to be this challenging and cumbersome, not for large corporations or startups.

Cyberport Venture Capital Forum

How Will Humans and Technology Interact in the Next Decades?

While the world has witnessed a rapid digitalization of our everyday life in the course of the pandemic, attention has been brought to the debate that has long been around–how should humans and technology interact? And how do we prepare for new developments? In response to this, Dr. David Siegel, Co-Chairman and Co-Founder of financial sciences company Two Sigma.