Founded in 2005, TagPay is a French FinTech company that offers a next generation Core Banking System (CBS) technology. Its mission is to provide a cost-efficient solution that transforms legacy systems into scalable open-architecture platforms that can allow financial institutions to innovate and offer their customers new, personalised digital products.
The Regulatory Evolution, New Expectations of End-Customers and Disruption in the Financial Services Marketplace makes the modernization of Core Banking Systems a necessity for many financial institutions. Yves Eonnet, CEO of TagPay, says: “To meet these new expectations and to stay ahead in the competition, banks need a new generation core banking system.
With a cloud-native platform, TagPay’s CBS helps banks and financial institutions to launch and deploy new financial services quickly, while meeting customer requirements. It also enables financial service providers to deliver a secure and reliable end-to-end customer experience across all channels, including the mobile phone.
A Global Platform to Manage Financial Services
With more than 30 financial institutions as clients, TagPay’s cloud-native platform is a global solution that enables banks and financial institutions to manage their payments, credits and savings in a highly secure and agile way. It is based on Near Sound Data Transfer and provides the highest possible level of scalability, flexibility and performance.
As part of its international expansion strategy, TagPay has just announced a EUR25 million investment from NYC-based Long Arc Capital, who is taking a majority stake in the company. The round will be used to strengthen the sales, product and technical teams as well as to accelerate its growth in Europe.
Societe Generale Group, which already invested in TagPay two years ago, will remain a minority shareholder and partner. This partnership aims to help Societe Generale develop mobile digital banking in Africa and support the development of TagPay on the digital banking market.
The company is headquartered in Boulogne-Billancourt, France and employs 45 people. The French fintech is working with 27 banks in 18 emerging countries, mostly in Africa.
By partnering with Onepoint, this FinTech aims to offer a turnkey solution to enable traditional banks to modernise their account management processes and improve their services for the end customer. Using the digital banking platform of TagPay and the expertise of Onepoint, this assistance service will include the development and implementation of a customised customer process, change management, training employees, and other operational aspects.
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Yves Eonnet, 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.”
To address this challenge, the company created a solution that allows banks to manage their accounts in a more efficient and secure way. This is the basis of their solution and a key aspect of its success.
Currently, TagPay has a network of more than 20 financial institutions as clients and more than 7 million end-user accounts. Moreover, the company plans to double its banking customer base while multiplying by five the number of end-customers provided with secured digital banking services by 2023.
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