Instant money movement platform TabaPay has received backing from the SoftBank Vision Fund 2, the world’s largest tech-centric investment fund.
The investment, announced in a news release Tuesday (March 1), “validates TabaPay’s vision and expansion of products and services to power future growth,” the company said.
TabaPay, based in Mountain View, California, said it processes more than a million transactions a day, with a compound annual growth rate of 111% to 153% in dollar volume between 2018 and 2021.
FinTechs use its platform to process domestic and cross-border payments and payouts.
Read more: Mastercard And TabaPay On Accelerating Instant Payments
TabaPay offers clients direct access to 15 banks, 14 networks, numerous geographies and products and features in a single application programming interface (API). The company said the investment, which was of an undisclosed amount, will help fuel its commitment to new industry verticals and help speed its global expansion.
“The internet has reduced frictions in the payments system, but consumer preferences have evolved and they now expect optionality and speed in their transactions,” said Munish Varma, managing partner at SoftBank Investment Advisers.
“Tabapay has built a single, unified API that allows instant payments across any payment method, on any device, anywhere,” Varma said. “The company has generated impressive traction working with leading FinTech brands across sectors including challenger banks and lenders, and we believe they are well placed to become a leading payments infrastructure for the digital age.”
Read more: Online Grocer Weee Raises $425M
Earlier this week, SoftBank Vision Fund 2 led a $425 million in late-stage funding round for online grocer Weee, bringing the startup’s total capital raised to $800 million. Weee said it plans to use the new funding to invest in warehouse automation, expand its customer base and move its grocery and food delivery offerings into new regions.
The fund has also invested $330 million this year into Gousto, a meal-kit service based in the U.K., valuing the firm at $1 billion.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More