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.
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.
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“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.