Michael Faye, co-founder and CEO of Taptap Send We’re committed to reducing global inequality by providing accessible, usable financial tools to individuals who need them most.” “With the pandemic pushing more than a hundred million people into extreme poverty and countless others into economic hardship, the importance of capital and the ease of moving it where it’s most needed has rarely been greater. While the World Bank predicted a 25% decline in remittances since the onset of COVID, Taptap has seen more than 8x growth during this time, the team has more than doubled to 100+ with an additional 13 receive markets launched including Bangladesh, Cameroon, DRC, Ethiopia, Kenya, Madagascar, Morocco, Nepal, Nigeria, Pakistan, Republic of the Congo, Sri Lanka, and Vietnam beyond those previously offered: Côte d’Ivoire, Ghana, Guinea, Mali, Senegal and Zambia. Reflecting this need, there has been an acceleration of the shift to simple, digital, mobile solutions. But it also made traditional box-store solutions even more difficult to access. Plus Taptap Send is building products to capture this opportunity, providing senders peace of mind with a secure and affordable solution, and recipients with an accessible, convenient way to receive this capital.ĬOVID has not only had a devastating impact on many recipient communities. And connecting over 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. And informal remittances are estimated to be almost as large as those through formal channels: more than 7x since 2002. The formal $540 billion 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 funding round 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. Plus the company enables remittances for some of the most underserved markets globally. Taptap Send provides individuals with a simple and convenient platform to send cross-border payments instantly and without fee. Taptap Send’s total funding now exceeds $80 million. Taptap Send - a community-focused cross-border financial platform - recently announced a $65 million 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. Taptap Send - a community-focused cross-border financial platform - recently announced a $65 million Series B funding round.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |