Tazapay posts US$21.19 million revenue as annual loss grows

Singapore cross-border payments company Tazapay reported a 71% revenue increase for the financial year ended March 2026, but its net loss grew to US$7.36 million. DealStreetAsia reported the figures from audited accounts filed with Singapore’s Accounting and Corporate Regulatory Authority.

FY2026 revenue was US$21.19 million, against US$12.42 million a year earlier. The previous year’s net loss was US$4.28 million. Gross profit increased 77% to US$11.60 million, with gross margin reaching 54.8%, compared with 52.9% in FY2025.

The margin improvement was outweighed by rising operating costs. Expenses totalled US$19.52 million, a 72% increase from US$11.33 million. Staff costs, covering salaries, allowances and bonuses, reached US$7.61 million, versus US$4.59 million. Share-based payment expenses rose from US$535,732 to US$2.48 million.

Fees linked to transactions generated US$19.87 million, representing nearly 94% of revenue, while subscriptions brought in US$612,628. Singapore continued to be the company’s main revenue source.

Cash and bank balances stood at US$29.03 million on 31 March 2026, compared with US$4.31 million a year earlier. Financing activities brought in US$30.85 million during the year, reflecting fundraising. Operations recorded a net cash outflow of US$4.28 million, after generating US$1.69 million in FY2025.

In September, USDC stablecoin issuer Circle Internet Group agreed to buy Tazapay through an all-stock deal valued at US$400 million. Circle is to purchase every outstanding Tazapay share that neither it nor its affiliates already owns, with shareholders receiving Circle Class A common shares.

Completion is expected in 2027, subject to customary closing conditions and approvals from regulators, including the Monetary Authority of Singapore. The deal is intended to bring together Circle’s USDC network and Tazapay’s banking connections and local payout infrastructure.