UK startup Taptap Send raises $…

UK startup Taptap Send raises $… post thumbnail image

The platform is worth $715 million, according to media reports.

Instant money transfer platform Taptap Send has raised $65 million in Series B funding, says TechCrunch.

  • The round was led by investment firm Spark Capital. Investment firm Unbound, Reid Hoffman, Canaan Partners, Slow Ventures, Breyer Capital, Wamda Capital, Flourish Ventures, as well as several unnamed investors from the Middle East, Africa, Asia and Latin America also took part.

  • Considering the latest round, the total amount raised by the startup totals more than $80 million, according to Crunchbase. In 2020, the company raised $13.4 million in a venture funding round.

Source: Crunchbase.

  • Taptap Send’s rating has not yet been reported. According to TechCrunch, that’s about $715 million.

  • The Taptap Send mobile app helps immigrants transfer money home. Immigrants can send money without commission from the UK, Europe, USA and Canada to 22 countries in Africa and Asia. Among them are Nigeria, Cameroon, Kenya, Vietnam, Ethiopia, Senegal, Bangladesh, Nepal and others.

  • Startups make money on exchange rate differences. During the pandemic, Taptap Send’s business grew eightfold, the portal reports with a link to the company’s message. The platform’s founders relied on the rapid development of mobile technology and the availability of mobile phones “even in the poorest communities.”

  • By 2021, the volume of cross-border remittances to poor countries will be about $589 billion, according to the World Bank. This is 7.3% more than in 2020.

Startup competitors in the market for instant cross-border transfers are American fintech startup with Russian roots B9, Indian neobank Zolve, and banking app MAYORITY for immigrants.

Read also: Banks of Russia have recorded a record volume of transfers from Russia to the CIS in 6 years.

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