[DigitalToday reporter Chi-gyu Hwang] Payment infrastructure firm Tazapay has completed a $36 million Series B extension investment round, The Block reported on Wednesday. The round was led by Circle Ventures. Tazapay plans to accelerate licensing and market entry in emerging markets.

Coinbase Ventures and CMT Digital joined as new investors in the round, and existing investors Peak XV Partners, GMO VenturePartners and January Capital also participated.

Tazapay plans to use the funds to expand licences in the UAE, the EU and Hong Kong. It currently holds licences in Singapore, Canada, Australia and the United States. It provides cross-border payment infrastructure in more than 70 countries for B2B firms, marketplaces, fintechs, neobanks and web3 companies.

Tazapay plans to use the funds raised in the round to accelerate market entry in Asia, Latin America, the Middle East and the Americas, and to step up development of AI-based payment infrastructure.

Tazapay is building a digital-native payment system for real-time, capital-efficient settlement as demand rises for payment infrastructure that supports stablecoin-to-fiat settlement. Circle Ventures Vice President Brian Schultz (브라이언 슐츠) said, "For stablecoins to be adopted in cross-border commerce, regulated and trusted infrastructure is needed," and added, "Tazapay is building these capabilities in emerging markets and meeting requirements essential to enterprise stablecoin-to-fiat settlement."