Cross-border financial platform Taptap Send has reeled in $65m from a Series B funding round led by Spark Capital.
The round also saw participation from Unbound, Reid Hoffman, Canaan Partners, Breyer Capital, Slow Ventures, Wamda Capital, Flourish Ventures and a range of other unnamed investors from the Middle East, Africa, Asia and Latin America. Following this Series B, Taptap has raised a total of $80m since its inception.
Founded in 2019, Taptap helps immigrant communities by helping them send money to their friends and family back home.
The company’s mobile app allows immigrants to send the money within minutes at an affordable rate to Asia and Africa, with little to no fees for most of the countries.
According to Taptap, the new funding will allow it to expand to further communities, invest in product development and hire new talent to improve its service quality.
Taptap Send Africa head Mawutor Abraham said, “I left Ghana 17 years ago as an economic migrant. The plan was to make money to send home and eventually go back to help build the economy of Ghana. When I found Taptap, I realized I had the opportunity to do that now and to build something to improve the lives of my people: my little family, my wider family, my village of Peki, my country of Ghana, my continent of Africa and my world.
“Taptap is the fastest, easiest, safest, and lowest-cost solution I’ve used and I am proud to be spending my time to make the product even better and bring it to others who also want to send money to their loved ones.”
Taptap CEO and co-founder Michael Faye added, “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. We’re committed to reducing global inequality by providing accessible, usable financial tools to individuals who need them most.”
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