The French digital banking startup TagPay has raised €25 million in an investment round led by NY-based Long Arc Capital, as per Tucker on EU-Startups.
Key Takes:
- French digital banking start-up TagPay (Skaleet) raised €25 million in an investment round led by Long Arc Capital (French 25m Long Arc Capitaltuckereustartups)
- TagPay provides complete services to startups and banking systems to help them launch financial products
- The company aims to transform outdated Core Banking System (CBS) technology into a low-cost, fast, and scalable system.
- Currently, TagPay provides services such as card and account management, SEPA, KYC, and General Ledger
- Operating successfully in Africa, Europe, and Latin America
- TagPay plans to grow in the European market, work with 50 financial companies and serve 30 million customers while adapting to local market specifics
In a recent funding round led by a New York-based equity firm Long Arc Capital, TagPay, now Skaleet, has successfully bagged €25 million to help build human capital and launch new and improved financial products in order to match the rising demand in fintech. [French Tagpay 25m Long Arc]
TagPay (now Skaleet) is a SaaS (Software as a service) that enables startups to launch new financial services for the masses. TagPay provides complete services (as they call it suites) to startups as well as banking systems to help them scale and secure their financial products.
The Core Banking System (CBS) is slow, outdated, and unnecessarily expensive. According to TagPay, the company is on the verge of transforming this old technology into a low-cost and open architecture which will improve its speed and make it a lot more convenient to scale, as per the demand.
The French company is already providing sustainable solutions to businesses and customers; features such as card and account management, SEPA, KYC, and General Ledger are some of the most significant as of today. TagPay’s new and improved CBS allows companies to build scalable solutions and follow agility so that they can only worry about their offerings and financial products, while the rest is taken care of by TagPay’s CBS.
Even though TagPay is a start-up at the time of this investment, it is noted that mundane startups struggle with growth, not to mention huge funding. Currently, TagPay is operating successfully across Africa, Europe, and Latin America, as reported by Charlotte Tucker on EUStartups.
Vincent Fleury, a Long Arch Capital Partner on TagPay and Next-Gen CBS
“As financial institutions begin to see the benefits of next-generation Core Banking Systems, TagPay is demonstrating their full potential by offering a configurable and connectable banking environment that meets the highest security standards. We are delighted to support them in this new phase of growth”
TagPay, after having received the 25 million euros funding, now has plans to grow in the European market. They want to work with about 50 financial companies and serve over 30 million customers. TagPay will also adjust to the unique features of different markets. [French 25M Long Arc Capital Tucker/EUStartups]
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