Connecting more than a billion people to the financial grid for the first time, mobile money allows more people to be reached more quickly, securely and efficiently than ever before. The mobile money revolution has also changed the limit’s of what is possible with cross border flows, particularly in frontier markets. Informal remittances are estimated to be almost as large as those through formal channels: more than 7x since 2002. The formal $540B remittance market is the largest source of capital for low and middle income countries, surpassing foreign direct investment and official development assistance, combined. The new capital will allow the team to expand to additional diaspora communities, invest in product development and hire new talent to further improve the quality of service. The company enables remittances for some of the most underserved markets globally. Taptap Send provides individuals with a simple, convenient platform to send cross-border payments instantly and without fee 1. Taptap Send’s total funding now exceeds $80 million. We try our best to fact check and bring the best, well-researched and non-plagiarized content to you.NEW YORK-( BUSINESS WIRE)- Taptap Send, a community focused cross-border financial platform, today announced a $65M Series B funding round led by Spark Capital, with participation from Unbound and previous leads Reid Hoffman and Canaan Partners, along with Slow Ventures, Breyer Capital, Wamda Capital, Flourish Ventures, and additional investors from the Middle East, Africa, Asia and Latin America. ”- Brendan Dickinson, General Partner at Canaan Partners.įor more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay. This approach is strongly resonating with customers, as Taptap Send’s massive growth has been 90+% organic. Thus, it becomes economically viable to transfer smaller payments – and in doing so, increases the total amount of remittances delivered. As a result, it is nearly the most affordable player in the market. Taptap Send gives the maximum amount of cost savings possible to the customer. As people turn toward e-wallets and digital money, it brings a chance for remittance enterprises to build a unique magical experience by directing funds to those wallets directly. What the Investors have to say: “The company features a nuanced, yet impactful strategy that Michael has administered to enable to be cost-effective in every market they enter. We are earning profit as our company expanded five times last year.”- Michael Faye, Founder of Taptap Send. What the Founder has to say: “Taptap Send is exploiting the recent structural change witnessed in the digital money market and other distribution networks to supply what is estimated to be the fastest and best-price product for customers. Taptap Send assists payments in fifteen African nations, including Senegal, Mali, Guinea, Ghana, Cameroon, the Ivory Coast, Kenya, Madagascar, Zambia, DR Congo, Morocco, and the Republic of Congo. The startup runs the business from eight countries home to a massive proportion of migrants, such as the United Kingdom, Belgium, Canada, France, Italy, etc. In other words, providing reasonable prices will attract more individuals. Economies of scale is another aspect on which the startup’s business model depends. In its place, it takes a share of foreign exchange using a tech stack that enables it to give cheaper exchange rates to its customers. Purpose of the funding: The company plans to deploy the proceeds from the recent investment to support and expand the scope of its no-fee international money transfer service.įounded in 2018 by Michael Faye, a development economist and former United Nations official, Taptap Send’s business model works by charging no commission or other transfer fees. The company is also backed by Helios Investment Partners and many other firms. Investors: The Series A investment round featured Canaan Partners and LinkedIn Co-founder Reid Hoffman as the lead investors, including other undisclosed investors. Taptap Send, a UK-based remittance-service app that lets people send money back home to Africa and Asia instantly for free, has raised US$13.4 million in a Series A investment round led by Canaan Partners on 24 June 2021.
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