Tazapay, a Singapore-based fintech firm that offers cross-border payments, has garnered an investment of $16.9m in its Series A round.

Sequoia Capital Southeast Asia led the fundraise, which was also joined by EscapeVelocity, PayPal Alumni Fund and angel investor Gokul Rajaram.

Tazapay’s current investors, such as Foundamental, January Capital, RTP Global and Saison Capital also took part in the funding round.

The payment firm intends to use the proceeds to accelerate the expansion of its business in Asia and other regions, including Middle East and Europe.

As part of the expansion, Tazapay aims to apply for payment licenses in key markets to augment its payment network globally.

The firm also plans to further develop its core capabilities and include additional local payment methods into its portfolio to better serve customers in various segments, including cross-border e-commerce, education technology (EdTech) as well as software-as-a-service (SaaS) and travel.

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By GlobalData

Tazapay enables businesses to gain access in more than 170 markets under its card coverage and 85 markets under its local payments collection coverage.

Using the latest investment, the firm will further increase its real-time local collection channels to more than 100 by the year-end.

Tazapay CEO and co-founder Rahul Shinghal said: “After Surge, we are thrilled to have Sequoia Capital Southeast Asia show faith and conviction in our business by leading and participating in this round.

“We also welcome EscapeVelocity and PayPal Alumni Fund who are joining us as new investors.

“These partners will help us realise our vision to be the foremost cross border infrastructure for global platforms as we double down on growing our market presence and consolidating every real-time banking network in the world under one API.”