We are thrilled to announce that we raise €25 million, only 4 years after launching our next-gen Core Banking System solution. It is a pretty big step for us, our teams, and our clients because it's our largest funding! 🚀
For this funding, we are welcoming a global investor: Long Arc Capital (“Long Arc”) is an American private equity firm based in New York and dedicated to building and scaling breakthrough businesses offering innovative technological solutions. Long Arc brings a full set of resources to help TagPay: strategic advice, human capital, expertise on product and technology development topics.
Yves Eonnet, Hervé Manceron, and Société Générale remain shareholders, proving the commitment they placed in TagPay and bringing sustainable support in its future evolution.
“The regulatory evolution, the new expectations of end-customers, and the disruption in financial services make the modernization of “Core Banking System" a necessity,” said Yves Eonnet, CEO of TagPay. “Today, thanks to its open and agile architecture system, TagPay is the reference solution to face this emergency. We’re glad to have the support of Long Arc Capital, whose financial and human support will allow us to change dimension in the next 3 years.”
Our next-gen Core Banking System
We provide financial institutions with a next-gen “Core Banking System”. Our product transforms the legacy CBS, often considered as expensive and slow, into scalable technology platforms with an open architecture and low total cost of ownership. It allows financial institutions to focus on innovation and improve the customer experience. With a quick-release speed, our solution provides to new market players everything they need in business features (KYC, AML-CFT, General Ledger, etc.) and customer features (account management, card management, SEPA, etc.). Our CBS allows financial institutions to become an agile and scalable player with better innovation abilities. Thus, they can focus on building their offerings and the distribution of their financial products. Since its launch in 2016, more than twenty financial institutions (retails banks, digital banks, payment institutions, and e-money institutions) have chosen TagPay to support them in their digitization. 📱
Vincent Fleury, Partner at Long Arc added: “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”.
Enriching our offering
We will hasten the developments of our technological platform while remaining faithful to our continuous delivery process. TagPay will enrich its offer of products, services, and partners, but we will communicate soon on this topic to give you more details.
Accelerate our growth with an international expansion
Since its launch, TagPay has well-established in 3 continents: Africa, LATAM, and Europe. Today, we are proud to have around twenty clients that have chosen our solution to build their financial institutions. With this funding, we will go further to accelerate our growth in the European market. Our goal is to extend our customer base to around fifty financial players, to manage bank accounts for over 30 million end-customers while adapting to the local specificities of different markets. 🌍
All of this couldn’t be done without an incredible team. We are looking to recruit more talents and plan to double our workforce in the next 18 months. We want to strengthen our sales, product, R&D teams that help us grow in new markets. So feel free to share our job offers with your network. 👨💼
In the next few months, we will make sure to enlighten you on these changes so you can follow our progress daily. We want to thank everyone who has been supporting us, trusting us on this journey. Without you, we wouldn’t be here. Thank you all. 🙏
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Innovation. FinTech. Digital Banking. Neobanks. Open Banking. Core Banking System. Cloud.
News • January 12, 2021
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TagPay, the technological partner you need to build your financial institution.
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