France-based TagPay, which offers a open core banking system for financial service providers, has collected €25m in its latest funding round.
The round was backed by private equity firm Long Arc Capital, which takes a majority stake in the company. In line with the deal, TagPay co-founders Yves Eonnet and Hervé Manceron will retain their positions of CEO and COO, respectively.
With the round closed, TagPay will use the capital to strengthen its sales, product and technical teams, as well as fund additional growth efforts.
By 2023, the company is hoping to have doubled its banking customer base as well as getting five-times as many end-customers serviced.
The FinTech offers next-gen core banking systems for financial institutions. Its platform enables financial institutions to digitise their services and improve the customer experience.
TagPay CEO Yves Eonnet said, “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.â€
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