TagPay announces €25 mn investment by Long Arc Capital
By Megha Bhattacharya
French core banking system technology provider TagPay has today announced a €25 million investment by Long Arc Capital. The investment will see NYC-based Long Arc Capital take a majority stake in TagPay. Société Générale remains a minority shareholder and a longstanding partner.
“The regulatory evolution, the new expectations of end customers and the disruption in financial services makes the modernization of core banking systems a necessity,” said Yves Eonnet, CEO of TagPay. “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.”
TagPay provides a cost-efficient, next-gen core banking system to financial institutions. The company’s product aims to transform once costly and inefficient legacy systems into scalable, open-architecture platforms, that allow financial institutions to innovate and improve customer experience. Founded in 2005 by Yves Eonnet and Hervé Manceron, the company is based in Boulogne-Billancourt and has 35 employees.
Vincent Fleury, Partner at Long Arc added, “As financial institutions begin to see the benefits of next-generation core banking systems, TagPay will demonstrate its full potential, offering a configurable and connectable banking environment that meets the highest security standards. We are delighted to support them in this new phase of growth.”
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