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. Taptap Send’s total funding now exceeds $80 million. Taptap Send provides individuals with a simple, convenient platform to send cross-border payments instantly and without fee 1. The company enables remittances for some of the most underserved markets globally. 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 mobile money revolution has also changed the limits of what is possible with cross border flows, particularly in frontier markets. 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. Taptap Send is building products to capture this opportunity, providing senders peace of mind with a secure, affordable solution, and recipients with an accessible, convenient way to receive this capital. Reflecting this need, there has been an acceleration of the shift to simple, digital, mobile solutions. Whereas 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. Taptap Send, a borderless team focused on supporting communities on their most important cross-border financial needs, getting capital into the hands of those that most need it. Our no-fee, instant remittance products help users send money to family and loved ones in the most convenient, reliable, and priced way possible.