Tazapay aims to triple revenue in 2025 with stablecoin bet

In 2023, cross-border payments platform Tazapay raised US$17 million in a series A round led by VC firm Sequoia Capital India & Southeast Asia, which later rebranded to Peak XV Partners.

At the time, Tazapay said it would use the funds raised to expand its infrastructure and geographic reach.

This appears to have fueled growth for the Singapore-based startup, whose revenue soared more than 3x to US$6.2 million in its financial year ended March 2024 (FY 2024).

This spurt in revenue growth, however, did not flow through to its bottom line as Tazapay’s loss before tax widened by 16%.

Nonetheless, co-founder and CEO Rahul Shinghal maintains that the company is “seeing the impact of operating leverage.” As a percentage of revenue, its loss for financial year 2024 narrowed to 73% from 199% the year before.

3x in 2025?

In any case, Shinghal tells Tech in Asia that Tazapay “broke even in December 2024 and expects to be burn neutral in 2025.” Revenue hit US$3.5 million in Q4 2024 alone, giving the company an annualized run rate of US$14 million.

Tazapay aims to boost revenue by 3x this year on the back of stablecoins becoming a “major growth driver,” he says.

The payments firm was founded in 2020 by Shinghal, Arul Kumaravel, and Saroj Mishra, who were executives at companies like Stripe, Microsoft, and Standard Chartered Bank.

Tazapay co-founders and executives (from left) CTO Arul Kumaravel, CEO Rahul Shinghal, and COO Saroj Mishra / Photo credit: Tazapay

Tazapay’s expertise lies in cross-border payments, supporting local payment methods across 100 countries. The firm primarily serves companies in the travel, fintech, ecommerce, online gaming, and software-as-a-service industries.

Tazapay also offers global business accounts in 35 countries and payouts across more than 70 markets.

In 2024, the company launched multicurrency wallets for merchants to collect and hold over 60 currencies, which can then be paid out globally in real time. It also secured a major payment institution license from the Monetary Authority of Singapore, allowing it to offer services including merchant acquisition, payments, and e-money issuance.

Crypto comeback

Stablecoins are among the payment methods supported on Tazapay, and Shinghal is optimistic about the digital currency. The company recently acquired a license for stablecoin processing in Canada, expanding its geographic reach.

Shinghal expects growth in stablecoin usage to drive Tazapay’s next phase of revenue growth.