French Tagpay has been the most popular online payment service. This payment option is also available via mobile payment.
Long Arc Capital, an investment firm based in New York, led the latest round for funding of TagPay. The fund raised EUR25 million. Long Arc Capital, a New York-based private equity firm, will assist TagPay with strategic advice as well as human capital. Financial institutions continue benefiting from the startup's open-source, scalable Core Banking System technology.
TagPay's mission is to transform the Core Banking System (CBS) into scalable technology platforms with low total costs and open architecture.
French Tagpay Long arc Capitaltuckereustartups was created in 2016. It has been used by over 20 financial institutions (retail, digital, and e) to digitize their operations.
The company intends to use the funding to expand its European business, increase its customer base to around fifty financial institutions and adapt to local market needs.
Yves Bonnet, CEO at TagPay, notes: “With the rise of mobile and m-banking, we have seen an increase in the number of consumers who do not own a bank card or have access to the banking system. These users are a potential target of neo-banks and other FinTech companies.”