Why these ex-Grab, Stripe, StanChart execs banded together to start a company

In this Q&A series, we suss out the opportunities, thinking, and motivations behind some of Asia’s promising startups. You can also catch our full startup coverage here.

Trust is crucial when building business relationships, but doing so is difficult during a pandemic since company representatives can’t meet in person and deal with businesses in multiple regions.

In a bid to solve that issue, Rahul Shinghal, who was previously an executive at US payments platform Stripe, joined hands with Arul Kumaravel, former vice president of engineering at super app Grab, and Saroj Mishra, ex-regional head of Southeast Asia at global bank Standard Chartered, to launch Tazapay in April 2020.

The startup conducts background checks on potential business partners for small and medium-sized enterprises (SMEs) and sets up a digital escrow to protect their payments.

(From left) Arul Kumaravel, co-founder and CTO of Tazapay, Rahul Shinghal, co-founder and CEO of Tazapay, and Saroj Mishra, co-founder and COO of Tazapay / Source: Tazapay

What’s the problem that your startup is trying to solve?

Shinghal: It can be hard to feel confident about a new international trade partner, particularly if they are unable to meet in person. This leads to a significant number of deals falling through, slowing the growth of businesses as well as local and regional economies.

International trade still remains paper-based, and Tazapay is committed to helping SMEs digitalize their processes.

How is your startup solving the problem?

Tazapay provides SMEs with fast and simple background checks on potential business partners by holding funds securely until both parties have confirmed and fulfilled their obligations of the trade.

We also offer digital tools that allow SMEs to streamline their processes and move faster with deals. For example, we can conduct a background check in just 24 business hours.

Who is your target customer?

Any SME that wants to boost its international trade opportunities, especially the ones with under US$5 million in annual turnover and fewer than 20 employees. Most of these companies trade in products like apparel and fashion, medical and personal protective equipment, and other finished products.

Why is this the right time for your startup?