TagPay, a French SaaS company that developed a core banking system, has raised €25 million from Long Arc Capital. The New York-based firm joins Société Générale, Yves Eonnet and Hervé Manceron as shareholders.
The Paris-based business was founded in 2005 but only recently developed the modern SaaS offering that drives its growth today. Since the product’s launch in 2016, over twenty financial institutions (retail and digital banks, payment institutions, and e-money institutions) have opted in from Europe, Africa and Latin America. CEO Yves Eonnet says the new funding will help the company “change dimension in the next three years.” The company wants to grow its customer base to around fifty financial players and to reach over 30 million end-customers — goals that will require doubling the team’s headcount. TagPay says it will focus this growth spurt within European markets.