Singapore-based transnational payments company Tazapay has secured new funding from Ripple and Circle Ventures, establishing it as a key bridge between traditional finance and Stablecoin-driven transactions.
summary
- Ripple and Circle invested in the Series B round of Singapore-based Tazapay.
- Cross-border payment platforms process over $10 billion a year, up 300% year-on-year.
- Funds will accelerate licensing in the United States, the UAE, Hong Kong, Australia and more.
On August 27, Tazapay announced that it had closed its Series B funding round with participation from Peak XV Partners, Ripple (US), Circle Ventures, Norinchukin Capital (Japan) and GMO VenturePartners (Japan).
Existing investors Capital and ARC180 in January also took part in the round, with Peak XV Partners (formerly Sequoia Capital India and Southeast Asia leading the funding. The company did not disclose the amount raised.
Bridging Fiat and Stubcoin
The addition of Ripple and Circle, two of the most prominent players in blockchain-based and Stablecoin payments, highlights the growing role of Tazapie in linking Fiat systems with digital asset infrastructure. Circle, the issuer of USD Coin (USDC), and Ripple, the company behind XRP (XRP) ledger, is expected to help Tazapay strengthen the stubcoin settlement rail from Fiat in emerging markets.
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The Singapore-based company has already processed over $10 billion in annual payments and is claiming 300% year-on-year growth. Provides alternative payment methods, cards, virtual accounts, payments, and coverage in Stubcoin settlements.
Expansion of regulations
Already licensed in Canada, Singapore and the EU, Tazapay plans to accelerate licensing efforts in the US, UAE, Hong Kong and Australia with the help of new funds. The business will also be applying for a Singapore license for digital payment tokens.
With the help of a new alliance with GMO VenturePartners and Norinchukin Capital, businesses that have already achieved operational break-even are planned to expand into markets like Japan.
Tazapay was founded in 2020 and has since gained a reputation as a highly reliable regulatory platform for the B2B market, multinational companies and fintech. With support from Ripple and Circle, the company is expected to play a major role in the integration of traditional banking and blockchain-based payments.
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