Tazapay increased its revenue by 71% in the financial year ended March 2026, although its net loss widened over the same period.
The Singapore-based cross-border payments firm, which Circle agreed to acquire in September, disclosed the results in audited financial statements filed with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), as reported by DealStreetAsia.
Revenue reached US$21.19 million in FY2026, compared with US$12.42 million a year earlier. Net loss widened to US$7.36 million from US$4.28 million, while loss before tax increased to US$6.97 million from US$4.12 million.
Gross profit rises as operating expenses increase
The company’s gross profit grew 77% to US$11.60 million, while cost of sales increased 64% to US$9.59 million, below the rate of revenue growth. Gross margin consequently improved to 54.8% from 52.9% in FY2025.
However, higher operating expenses offset the improvement. Operating expenses climbed 72% to US$19.52 million from US$11.33 million. Staff-related expenses, including salaries, allowances and bonuses, increased to US$7.61 million from US$4.59 million.
Share-based payment expenses also rose to US$2.48 million from US$535,732, while legal and professional fees more than tripled to US$1.85 million.
Transaction fees account for nearly 94% of revenue
Transaction-based fees remained Tazapay’s largest revenue source, generating US$19.87 million, or nearly 94% of total revenue. Subscription revenue contributed US$612,628.
The company also recorded US$702,312 in incentive and referral income from Canada, although Singapore remained its primary revenue source.
Fundraising boosts cash position
Tazapay’s cash and bank balances reached US$29.03 million as of 31 March 2026, up from US$4.31 million a year earlier. The increase came alongside financing cash inflows of US$30.85 million during the financial year, reflecting the company’s fundraising activity.
However, Tazapay recorded a net cash outflow of US$4.28 million from operating activities, compared with a positive operating cash flow of US$1.69 million in FY2025.
Circle Acquisition Awaits Regulatory Approval
NYSE-listed Circle Internet Group, the issuer of the USDC stablecoin, agreed in September to acquire Tazapay in an all-stock transaction valued at US$400 million.
Under the agreement, Circle will acquire all outstanding Tazapay shares not already held by it or its affiliates. Tazapay shareholders will receive Circle Class A common shares as consideration.
The transaction is expected to close in 2027, subject to customary closing conditions and regulatory approvals, including from the Monetary Authority of Singapore (MAS).
Circle first invested in Tazapay in August 2025.
In March, Circle Ventures led an extension of Tazapay’s Series B financing, bringing the total round size to US$36 million.
The acquisition is intended to combine Circle’s USDC stablecoin network with Tazapay’s banking relationships and local payout infrastructure.
Featured image credit: Edited by Fintech News Singapore, based on image by Tazapay
