View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
December 22, 2021

Remittance firm Taptap Send lands $65m Series B investment

By Shalini mani

New York-based cross-border financial platform Taptap Send has secured $65m in Series B financing, bringing its total capital raised till date to more than $80m.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

Spark Capital led the fundraising, with Unbound and previous leads Reid Hoffman and Canaan Partners among the participants.

The round was also joined by Wamda Capital, Breyer Capital, Flourish Venture, Slow Ventures, as well as additional investors from the Middle East, Asia, Latin America and Africa.

Founded in 2018, Taptap Send platform allows individuals to send cross-border payments instantly to some of the most underserved markets around the world.

The company plans to utilise the fresh capital to expand to additional diaspora communities, accelerate its product development and expand its workforce.

Taptap Send co-founder and CEO Michael Faye said: “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.”

Taptap said that it has witnessed more than eight-fold growth since the onset of the Covid-19 pandemic.

During this time, the firm more than doubled its employee headcount to over 100 and expanded its services to additional 13 receive markets including Cameroon, DRC, Bangladesh, Ethiopia, Madagascar, Morocco, Kenya, Nepal, Nigeria, Republic of the Congo, Pakistan, Sri Lanka, and Vietnam.

Previously, the firm enabled remittances to Côte d’Ivoire, Ghana, Guinea, Mali, Senegal and Zambia.

Spark Capital investor James Kuklinski said: “We’ve looked at a lot of fintech companies in the space, and think Taptap’s team and community-led approach are best in class. We couldn’t be more excited to be joining them on our mission to bring low-cost, accessible, cross-border financial products to underserved diaspora populations around the world.”

Earlier this year, African cross-border payments firm Chipper Cash raised $100m in a Series C round.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International