Tazapay eyes global push, targets net profit by 2029

Rahul Shinghal, the co-founder and CEO of fintech company Tazapay, is targeting to hit net profit by 2029. Driving this goal is the business’ rising customer base and the stronger market demand for its products, especially stablecoin-enabled payments.

Stablecoins have become a “major growth driver” for Tazapay, one that can help it triple its revenue by 2025, Shinghal said in an interview with Tech in Asia earlier this year.

Now, he says the company is on track to hit this goal.

Its latest audited financial statement for the twelve months ending March 2025 (FY2025) shows that Tazapay doubled its revenue year on year to US$12.4 million. It also narrowed its loss before taxes by 7.1% to US$4.3 million during the period.

Shinghal tells Tech in Asia that the firm’s top-line growth comes as its customer base has doubled to 3,000 in FY2025. Its integration of stablecoins into its cross-border payments platform drove the rise in user numbers and has boosted transaction speed significantly, he continues.

The company is now processing US$15 billion in annualized payment volume, based on revenues for the month of October, and is currently operationally breakeven.

(From left) Tazapay founding team members Aayush Singhania, Kanupriya Sharda, and Rahul Shinghal / Photo credit: Tazapay

Meanwhile, revenue coming from its core product, which enables ecommerce firms to accept cross-border payments at checkout, grew 2x in its latest financial year, as the firm onboarded more merchants and as transaction volumes increased.

In its financial statement, Tazapay breaks down its revenue into two markets: Singapore and Canada. Its latest statement shows that it generated US$11 million in revenue from its operations in the city-state, with the rest coming from its North American arm.

Now, Shinghal says the company is eyeing international expansion, fueled by a series B funding round it raised from investors including Peak XV last August. While the size of the round wasn’t disclosed at the time, Tazapay’s latest financial statement reveals that the company secured a total of US$12.5 million.

Mid-market focus

Founded in 2020, Tazapay provides a platform for businesses to manage cross-border collections and payouts. It supports local payment methods in over 80 markets, providing multicurrency accounts and offering a digital escrow to secure transactions.

Some of the company’s clients include online supermarket Le Petit Depot, freight shipping marketplace Freightos, and sports-focused hospitality brand DreamSetGo.

On the platform, its clients can accept B2B payments from overseas using stablecoins like USDC and USDT, which Tazapay can convert into fiat currency. This skirts traditional multiday settlement delays.

In FY2025, the firm served more mid-market and enterprise clients than in the previous period, Shinghal says. It also secured “better pricing arrangements” from payment partners, as the company has scaled its reach. This lowered processing costs and narrowed the business’ losses for the financial year, he adds.

An “emerging markets anchor”