Singapore’s Tazapay, a cloud-based trade management platform for small- and medium-sized businesses (SMBs) to safely conduct cross-border commerce, has raised $3.2 million, it announced in a press statement on Tuesday.
The funding was led by Sequoia Capital India’s Surge — a bi-annual rapid scaleup programme for startups in Southeast Asia and India — and Saison Capital, the corporate venture capital arm of Japan-based Credit Saison. Tazapay is part of the fourth cohort of Surge.
“With the pandemic accelerating digitalisation and e-commerce, the trust gap has only widened for SMBs… hampered by travel restrictions and unable to safely identify local partners to work with. We project that the market for protected B2B payment solutions for cross-border trade will increase by 25 per cent per annum in the next five years. The current market size is estimated at $500 billion across Southeast Asia and India and we are well-positioned to bridge this gap and help businesses accelerate with ease,” said Tazapay co-founder and CEO Rahul Shinghal.