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 fee1. Taptap Send’s total funding now exceeds $80 million. NEW YORK, December 20, 2021- 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. “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,” Abraham said in the release.Spark Capital leads new round to fuel expansion of mobile cross-border financial flows, benefiting those who need it most Mawutor Abraham, the head of Taptap Send Africa, said that he left Ghana 17 years ago with the hope of making enough money to send home and rebuild Ghana - but when he found Taptap Send, he saw things differently. Read more: Europe to Account for 28% of Cross-Border eCommerce’s Trillion-Dollar Sales in 2022 “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,” Faye said in the announcement. The fresh infusion of capital will enable Taptap Send to build out to more communities, put money into product development and bring more talent on board. See also: New Study: Crypto Emerging as a Favored Form for Cross-Border Remittances The company’s mobile app enables immigrants to send the money at an affordable rate to Asia and Africa within minutes, with little to no fees for most of the countries. The new capital brings Taptap’s funding so far to a total of $80 million since its launch in 2019 by co-founders Paul Niehaus and Michael Faye, who serves as CEO. 20) that it has raised $65 million in a Series B funding round led by Spark Capital.Īdditional participants in the funding round included Unbound, Reid Hoffman, Canaan Partners, Breyer Capital, Slow Ventures, Wamda Capital and Flourish Ventures, with other unnamed investors from the Middle East, Africa, Asia and Latin America also participating. Cross-border FinTech platform Taptap Send announced Monday (Dec.
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