French startup TagPay raises $30.4 million

The French startup TagPay, a software editing company, has raised $30.4 million in a new funding round. The round was led by Long Arc Capital, an American private equity firm. Long Arc with its resources will help TagPay in strategic advice, human capital, expertise on product and technology development topics, the company reports. 

Founded in 2005 by Yves Eonnet and Hervé Manceron, TagPay provides financial institutions with a next-gen “Core Banking System.” TagPay’s next-generation Core Banking System is a cloud-native based solution that enables financial institutions to imagine, configure, and integrate new products or user experiences through an open, flexible, and scalable architecture. TagPay offers a banking environment that meets the highest security standards.

With this funding the company will go further to accelerate its growth in the European market. TagPay is aimed to extend its 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. To date, TagPay is established in 3 continents: Africa, LATAM, and Europe.