Tagit Locks in More than $8 Million in New Funding

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Mobile technology solutions provider Tagit has raised $8.75 million (S$12 million) in funding from Japanese IT specialist, SRA Group. The investment will help both companies grow their market exposure in Asia. Tagit is headquartered in Singapore and was founded in 2004.

Tagit CEO Sandeep Bagaria said the investment would help speed growth in sectors like digital banking and “Smart City” technology. In addition to leveraging the partnership to pursue opportunities in Japan and North Asia, Tagit plans to use the financing to add to its staff in Malaysia and Indonesia.

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Pictured (left to right): CIO Parikshit Paspulati and CPO Neelima Subramanyam demonstrated Mobeix Open Platform at FinovateAsia 2012 in Singapore.

Tagit builds open-architecture, mobile banking and ecommerce platforms for FIs and other businesses. The company’s signature solution, Mobeix is a mobile middleware platform that helps migrate web-based services to the mobile environment. With customers including Axis Bank, Citibank India, Maybank Singapore, and the Royal Bank of Canada, Tagit demoed its technology at FinovateAsia 2012 in Singapore. Tagit was recognized as a “leader” by Forrester in their Q4 2015 Mobile Banking Solutions report, and was one of the first companies to be accredited by the Accreditation@IDA programme sponsored by the Infocomm Development Authority of Singapore (IDA).

Deal Street Asia’s analysis of the deal suggested that SRA Group’s investment in Tagit was part of a trend of Japanese companies preferring investment in Southeast Asia over China. The article cited a 2014 report that cited Japan as the second biggest investor in the 10 ASEAN nations for the previous three years, a sum that was triple the amount invested in China over the same time. The investment was made via SRA Group’s Singapore subsidiary, SRA IP Solutions (Asia Pacific) Pte Ltd.

Finovate Alumni News

On Finovate.com

  • “Tagit Locks in More than $8 Million in New Funding”

On FinDEVr.com

  • “Symbiont to Help Delaware Embrace the Blockchain”

Around the web

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– December 1, 2014

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  • FreeAgent named “Practice Software Product of the Year” at 2014 British Accountancy Awards.
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  • Crain’s Cleveland Business features Segmint in the hot fintech market.
  • Maybank Singapore updates Tagit-powered mobile banking app.
  • Bank Technology News Report: TD Bank to Use Moven’s Money Management Software.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– July 31, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgA discussion of “next gen PFM” at The Financial Brand features insights from Melanie Flanigan of Yodlee.
  • Xendpay announces mobile wallet service in Indonesia.
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  • QuantConnect overhauls core backtesting technology to increase speed by 10x.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– May 28, 2014

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  • Maybank Singapore and Tagit win Best Single Country Mobile Banking Project Award in 8th Asian Banker Tech Awards.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– January 20, 2014

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  • My Manisku Pte Ltd., the company behind TradeHero, selected for Microsoft Ventures Accelerator’s fourth class.
  • The Martin Lewis Money Show talks about P2P lending and Zopa.
  • Tagit-powered Maybank Mobile Money wins Best MCommerce solution ward from Mob-Ex.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– November 21, 2013

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  • Michigan-based ECCU introduces a responsive designed website powered by Banno.
  • MyBankTracker reports: SimpleTuition’s SmarterBank to Shut Down Due to Low Participation.
  • International Business times considers how Holvi and TransferWise are revolutionizing banking.
  • Tagit powering Maybank P2P m-payment Service in Singapore.
  • BancVue’s Kasasa wins Five 2013 MarCom Awards.
  • Betterment CEO Joe Stein talks about the online RIA industry with RIA Biz.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Tagit Introduces Juice, Turning Mobile Phones into Smart Wallets in Mauritius

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Remember Tagit

Last year at FinovateAsia, the mobile technology innovator demoed its Mobeix Open Platform, which helps enterprises build and launch apps on their own (for info on the upcoming FinovateAsia event this November, by the way, check out our information page here.)

Well Tagit is back with more news today, announcing that it is bringing its mobile banking technology to the more than one million people living on the island nation of Mauritius.

The new app, called Juice, was the product of a partnership between Singapore-based Tagit and the Mauritius Commercial Bank (MCB). Juice will enable banking customers to make cardless cash withdrawals, check balances, and perform other common financial tasks without having to visit a bank branch.
Some of the features of the new Juice app include:
  • Juice Cash: Withdraw cash from Juice-enabled merchants by transferring money to them via smartphone
  • Juice ATM: Send money to others who can then pick up the cash at Juice-enabled ATMs
  • Juice Payment: Use smartphone as a credit card to make person-to-merchant payments
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Founded in 2004, Tagit provides mobile banking and commerce application platforms to financial institutions and enterprises looking to extend their online businesses through mobile channels. Tagit has customers in 10 nations in Asia, the Middle East, and North America, and won the Emerging Enterprise Award in 2012.
Mauritius has been ranked first in the World Bank’s Ease of Doing Business report for African economies for five years in a row. With no exploitable natural resources, the country’s population is mostly employed in the service sector, including tourism and financial services. Tagit CEO Sandeep Bagaria praised the country’s “100% mobile penetration” as a primary reason for expansion into the Mauritius market.

Finovate Alumni News– June 24, 2013

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  • Tagit to expand in the Philippines by offering mobile-banking application software to banks.
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  • Acculynk announces RuPay debit cardholders in India can make online purchases using the card.
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  • NordFX and Currensee launch partnership as former joins Trade Leaders Investment Program.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Tagit Platform Now Available to 120 Million Mobile Users Through Smartlink Deployment

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Asia-based mobile banking solutions provider, Tagit, recently announced the launch of its first aggregated mobile banking service with Smartlink, a payment switch operator.

When Smartlink deploys mobile services with its Vitenam-based member banks, they will deploy Tagit’s Mobeix platform to more than 40 million cardholders and 120 million mobile users.

Introducing this aggregated service will help Tagit expand its userbase and presence throughout Asia. Vietcombank, Smartlink’s largest member bank, is the first bank to launch Tagit’s mobile banking service.

To learn more about Tagit, watch its FinovateAsia 2012 demo.