Cross-border payments platform Taptap Send raises $65m in Series B round
Cross-border remittance platform Taptap Send has raised $65 million in a Series B funding round.
Taptap Send CEO Michael Faye
The round was led by Spark Capital and saw 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’s total funding now exceeds $80 million.
The platform allows users to send cross-border payments instantly and without fees, enabling remittances for some of the most underserved global markets.
The cash will be used to fuel further expansion, develop new products, and hire new talent.
Taptap Send says the $540 billion remittance market surpasses foreign direct investment and state aid for low and middle-income countries. The informal remittance market is estimated to be just as large.
Thanks to the spread of mobile phones, more than a billion people are now able to move money through mobile and digital-first solutions.
Underlining this, Taptap Send says that while the World Bank predicted a 25% decline in remittances since the onset of the pandemic, the company has seen more than 8x growth.
“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,” says Michael Faye, co-founder and CEO of Taptap Send.
