TagPay, a France-based provider of a scalable and open core banking system technology specifically for financial service providers, announced on Tuesday it secured a €25 million investment from Long Arc Capital. TagPay reported that through the investment, Long Arc Capital takes a majority stake in the company.
Founded in 2005, TagPay states it offers a “new generation” core banking system that is hosted in the cloud and mobile-centric. The system enables to build digital banks and financial institutions around the world.
“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.”
TagPay previously raised €7 million through its previous campaign. By 2023, the company noted it is seeking to double its banking customer base while multiplying the number of end-customers provided with secure digital banking services. Speaking about the investment, Yves Eonnet, CEO of TagPay, stated:
“The regulatory evolution, the new expectations of end customers and the disruption in financial services makes the modernization of core banking systems a necessity. Today, thanks to its open and agile architecture system, TagPay is the premier solution to address these challenges. We are very happy to have the support of Long Arc Capital, whose financial and operational support will allow us to grow rapidly over the next 3 years.”
Vincent Fleury, Partner at Long Arc added:
“As financial institutions begin to see the benefits of next generation core banking systems, TagPay will demonstrate its full potential, 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.”
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