UK-based cross-border payment platform Kapaga has raised £1.5m in a funding round led by Tiger Global.
Contributions also came from angel investors, including Chris Adelsbach, Andreas Mihalovits, and Mark Ransford.
The FinTech company, which has a team of over 20 employees, will use the funds to expand its operations across the EU later this year. It plans to release mass global payment services and virtual cards in the coming months.
Launched in 2021 by Katya Dorofejeva, the company offers a variety of B2B payment services aimed at SMEs and startups. It claims the cloud architecture gives companies transparency and efficiency in streamlining cross-border payments so they can easily send and bill money to 190 countries, in multiple currencies. It currently has over 150 clients.
Kapaga claims many SMEs lack access to a modern payment infrastructure or a rejected by traditional financial services.
Its cross-border platform can automate customer onboarding and streamline international payments.
Kapaga CEO Katya Dorofejeva said, “We are excited to offer our customers an unrivalled experience when it comes to accessing a reliable and transparent tool for cross-border payments.
“Our value lies in our ability to remove hurdles when it comes to opening business bank accounts and offering payment services at a fraction of the cost versus high street banks and legacy providers. We aim to board and activate customers in under 48 hours, start to finish. All of this is now available through one application and one dashboard to stay in control of your payments.”
Tiger Global has had a busy year of investing into FinTech. It recently joined the $300m Series D funding round of Southeast Asia-focused payments infrastructure platform Xendit. The company, which stylises itself as the “Stripe of Southeast Asia”, has annualised transactions of 200 million and a total payments value of $15bn.
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