Taptap Send reportedly bags $65M as part of its Series B funds reserved for its development scheme to duly manage money remitted by customers to be transferred within or outskirts the defined border around the world. The startup remittance company intends to dedicate these funds to developing Taptap Send continuously as well as introducing its remittance platform to the underserved marketplace.
While serving developed countries or communities, Taptap Send does not charge a dime as a means to encourage more users. Remitting money across the border is a soluble system that requires innovation for development purposes — a developed platform attracts more users per the World Bank’s theory that estimates billions of dollars have been sent across borders all through 2021.
Taptap Send is a standalone remittance system that can be integrated with other remittance platforms aiming to be the easiest platform for use in the remittance industry. Taptap Send also takes a cut per the exchange rate — recipients do not have to add a fee to access the money sent to their wallets, nor do recipients have to customize their wallets to accept cash sent from other platforms or another part of the world
These funds will place Taptap Send amongst the big remittance companies in the industry such as Western Union, RIA Money, MoneyGram, etc. Taptap Send is yet to decide its plans to either go public or remain private — its major priority is to duly manage customers’ finance which could be locally funded or international wise.
“There are 1,000 parts to get right and when you do you can deliver more value to users via price, speed, and reliability,” per Taptap Send CEO, Micheal Faye’s comment during the Series B fundraising sessions. Michael also shared a vote of thanks to Venture Capitalists that contributed to the growth of its services. The Series B fundraising was led by Spark Capital and other VC joined the list including Breyer Capital, Flourish Venture, Wamda Capital, and Unbound. The Reid Hoffman and Canaan Partners that led Taptap Send Series A fundraising with $13.4M.
Taptap Send continues to attract investors because of its lucrative performance — even at the time of the pandemic when the fintech industry faced its dip, Taptap Send continued to manage finance across borders. Spark Capital confirmed the remittance platform will promote high-end technology in Africa and beyond the continent.