Singapore-based cross-border payments firm Tazapay has secured new funding from Ripple and Circle Ventures, positioning itself as a key bridge between traditional finance and stablecoin-powered transactions.
Summary
- Ripple and Circle invested in Singapore-based Tazapay’s Series B round.
- The cross-border payments platform processes $10B+ annually and is growing 300% YoY.
- Funds will accelerate licensing in the U.S., UAE, Hong Kong, Australia, and beyond.
Tazapay announced on Aug. 27 that it closed its Series B funding round with participation from Peak XV Partners, Ripple (U.S.), Circle Ventures, Norinchukin Capital (Japan), and GMO VenturePartners (Japan).
Existing investors January Capital and ARC180 also joined the round, while Peak XV Partners, formerly Sequoia Capital India and Southeast Asia, led the financing. The company did not disclose the amount raised.
Bridging fiat and stablecoins
The addition of Ripple and Circle, two of the most prominent players in blockchain-based and stablecoin payments, highlights Tazapay’s growing role in linking fiat systems with digital asset infrastructure. Circle, the issuer of USD Coin (USDC), and Ripple, the firm behind the XRP (XRP) Ledger, are expected to help Tazapay strengthen its fiat-to-stablecoin settlement rails in emerging markets.
The Singapore-based company already processes more than $10 billion in annualized payment volume and claims 300% year-over-year growth. It offers coverage across alternative payment methods, cards, virtual accounts, payouts, and stablecoin settlements.
Regulatory expansion
Tazapay, which already holds licenses in Singapore, Canada, and the EU, plans to accelerate licensing efforts in the U.S., UAE, Hong Kong, and Australia with the help of its new funding. The business also plans to apply for a Singaporean license for Digital Payment Tokens.
With the help of new alliances with GMO VenturePartners and Norinchukin Capital, the business, which has already achieved operational breakeven, plans to expand into markets like Japan.
Tazapay was founded in 2020 and has since gained a reputation as a very reliable and regulated platform for B2B marketplaces, multinational corporations, and fintechs. With backing from Ripple and Circle, the company is expected to play a major role in the integration of traditional banking and blockchain-based payments.