Mobile banking app builder raises $9m to ride Asia’s fintech boom

Photo credit: Tagit announced today it has raised US$9 million in a “strategic growth investment” coming from Japan’s SRA group through its Singapore subsidiary SRA IP Solutions Asia Pacific. IT-focused SRA develops products like enterprise systems and systems integration applications. It also works with tech like the cloud, big data, mobile, and more.

Tagit is mostly known for its Mobeix platform, which enables banks and enterprises to build digital applications. Several regional and international banks have created apps using the platform, including CIMB, Citibank, DBS, POSB, Standard Chartered, UOB, and Maybank.

Tagit will use the funding to staff up and expand to Japan.

The company has offices in India, Malaysia, Indonesia, and Canada. It’s one of the first Singaporean businesses to receive the Accreditation@IDA nod, an initiative by the Infocomm Development Authority (IDA) designed to help startups clinch contracts with bigger companies. It was also included in the Forrester Wave Mobile Banking Solutions Report, Q4 2015, as one of the “five most significant software providers” in the mobile banking solutions space.

Tagit will use the funding to staff up in Malaysia and Indonesia, where the company says there is growing demand for its services. SRA’s expertise in Japan will also allow the firm to expand to that market and acquire new clients. In addition, it will boost its products to tackle more fintech and financial applications.

“Tagit sees a significant opportunity in the high-growth digital banking and Smart City sectors, where we have an extensive track record of successfully delivering pioneering digital solutions. Our partnership with SRA will enable us to accelerate growth in these verticals, while expanding our reach to markets and verticals where SRA has a strong presence,” said Tagit CEO Sandeep Bagaria in a statement.

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Converted from Singapore dollars. US$1 = S$1.37