US-Based Circle To Acquire Peak XV-Backed Tazapay
Existing backer and US-based crypto platform Circle Internet Group has signed a definitive agreement to acquire Peak XV Partners-backed B2B…
Circle Internet Group, a US-based crypto platform, has entered into a definitive agreement to acquire Tazapay, a B2B cross-border payments startup backed by Peak XV Partners. The specifics of the deal, estimated at nearly $400 Mn, remain undisclosed. According to CoinGape, this all-stock transaction is expected to conclude in 2027, contingent on customary closing conditions and regulatory approvals.
The acquisition aims to bolster Circle's objective of constructing the infrastructure layer for global digital finance. Circle's CEO, Jeremy Allaire, explained that integrating USDC with Tazapay's banking relationships, local payout systems, and institutional clientele will hasten worldwide USDC adoption. Circle, founded in 2013 by Allaire and Sean Neville, specializes in payments and financial services infrastructure utilizing blockchain and stablecoins.
Its primary product, USDC, is a dollar-linked stablecoin. Tazapay, established in 2020 by Rahul Shinghal, Aayush Singhania, and Kanupriya Sharda, delivers cross-border payments infrastructure for businesses. The Singapore-based firm provides a single API for collecting funds, holding them in various currencies, converting them, and making payments to suppliers globally.
Tazapay reports an annualized payment volume exceeding $25 Bn, partnerships with over 60 banks and fintech companies, and local payout systems in more than 100 markets. Impressively, around 60% of Tazapay's transaction volume already features stablecoins. This acquisition follows Tazapay's $36 Mn Series B round in 2023, which included Circle, Peak XV Partners, GMO Venture Partners, and January Capital.
The deal grants an exit for Peak XV, which made its initial investment in the startup in 2023. However, Tazapay is not the first non-Indian startup to join Peak XV's portfolio. Since splitting from Sequoia Capital in 2023, Peak XV has continued investing in Southeast Asia (SEA) and other opportunities beyond the region. Peak XV's current portfolio includes companies like Supabase, PostHog, and Vapi, which primarily target the US enterprise market.
The VC firm has also backed numerous overseas fintech companies such as Funding Societies, SUNRATE, Shift, Tabby, and Qoala.
Written by urgent.news from Inc42's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
