Tazapay, a business in cross-border payments, has raised $16.9 million in a fundraising round that was co-founded by Sequoia Capital Southeast Asia. In addition to PayPal Alumni Fund, two other investors in this investment round included EscapeVelocity (escp.vc). Gokul Rajaram, a former executive at Google and Facebook and an angel investor, has also become a new investor. The most recent round of fundraising also included participation from current investors Foundamental, January Capital, RTP Global, and Saison Capital.

The business has raised about $18.9 million in total. Tazapay intends to use the money to grow its business throughout Asia and into other continents, including as the Middle East and Europe. To better support industries like cross-border e-commerce, education technology (edtech), software as a service (SaaS), and tourism, it will introduce more local payment options.

Tazapay, a Singapore-based company founded in 2020, offers companies a full-stack payment solution for cross-border payments spanning 170 regions, including cards and local payment options. Through the use of an application programming interface (API) integration with Tazapay's platform, businesses can begin accepting international payments.

India is currently one of Tazapay's most important markets. Among its clients are the business-to-business (B2B) marketplace Indiamart, the edtech platform Brightchamps, and the incentives and employee engagement platform Advantage Club.

"We are happy that Sequoia Capital Southeast Asia, which led and took part in this round, has confidence and belief in our company after Surge. We also like to welcome the new investors EscapeVelocity and PayPal Alumni Fund "Rahul Shinghal, co-founder and CEO of Tazapay, made this statement. With this round of funding, the company intends to increase the number of real-time local payment collection channels from 80 to over 100 by the end of this year.

"Tazapay is developing the compliance and payments infrastructure for international trade in goods and services. Another inflection moment is occurring in this big space. Consumers are increasingly choosing local real-time payments over traditional networks, and firms are eager to grow internationally without having to deal with the headache of setting up shop locally "the vice-president of Sequoia Capital Southeast Asia, Aakash Kapoor, remarked.