It has built its whole tech stack from the ground up and says that this lets it pass on lower exchange rates to its customers, typically lower than others that might be serving the same markets. The company's business model works by way of charging no commission or any other fees for transfers, instead making a cut on foreign exchange. Taptap Send is among the startups that is trying to approach the promise of tech with this in mind, and with a view to bucking that trend. Of course, that doesn't mean that other, less wealthy demographics don't exist, or don't also need new technology but building for them is usually less lucrative and more risky. or regions like Western Europe: There is a lot of money there, and specifically consumers and businesses with the kind of income that allows them to invest in new technologies and simply to do more. There is a reason that a lot of companies launch and build services in countries like the U.S. The Series A was co-led by Canaan Partners and Reid Hoffman, with other unnamed investors also participating. We try our best to fact check and bring the best, well-researched and non-plagiarized content to you.The 15 receiver countries include some of the poorest countries in the world that are the hardest to service, plus emerging markets with some of the poorest populations - DR Congo, Mali and Madagascar among them - while the eight originator countries include some of the most common places to which people from these countries emigrate - United Kingdom, Belgium, Canada, France and Italy among them. ”- Brendan Dickinson, General Partner at Canaan Partners.įor more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay. This approach is strongly resonating with customers, as Taptap Send’s massive growth has been 90+% organic. Thus, it becomes economically viable to transfer smaller payments – and in doing so, increases the total amount of remittances delivered. As a result, it is nearly the most affordable player in the market. Taptap Send gives the maximum amount of cost savings possible to the customer. As people turn toward e-wallets and digital money, it brings a chance for remittance enterprises to build a unique magical experience by directing funds to those wallets directly. What the Investors have to say: “The company features a nuanced, yet impactful strategy that Michael has administered to enable to be cost-effective in every market they enter. We are earning profit as our company expanded five times last year.”- Michael Faye, Founder of Taptap Send. What the Founder has to say: “Taptap Send is exploiting the recent structural change witnessed in the digital money market and other distribution networks to supply what is estimated to be the fastest and best-price product for customers. Taptap Send assists payments in fifteen African nations, including Senegal, Mali, Guinea, Ghana, Cameroon, the Ivory Coast, Kenya, Madagascar, Zambia, DR Congo, Morocco, and the Republic of Congo. The startup runs the business from eight countries home to a massive proportion of migrants, such as the United Kingdom, Belgium, Canada, France, Italy, etc. In other words, providing reasonable prices will attract more individuals. Economies of scale is another aspect on which the startup’s business model depends. In its place, it takes a share of foreign exchange using a tech stack that enables it to give cheaper exchange rates to its customers. Purpose of the funding: The company plans to deploy the proceeds from the recent investment to support and expand the scope of its no-fee international money transfer service.įounded in 2018 by Michael Faye, a development economist and former United Nations official, Taptap Send’s business model works by charging no commission or other transfer fees. The company is also backed by Helios Investment Partners and many other firms. Investors: The Series A investment round featured Canaan Partners and LinkedIn Co-founder Reid Hoffman as the lead investors, including other undisclosed investors. Taptap Send, a UK-based remittance-service app that lets people send money back home to Africa and Asia instantly for free, has raised US$13.4 million in a Series A investment round led by Canaan Partners on 24 June 2021.
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