TAG Innovation’s total funding now stands at $17.6M. Here are the top-line bullets you need to know.
TAG Innovation, a mobile wallet and digital banking provider, has raised $12M in seed funding. The round drew participation from Canaan Partners, Liberty City Ventures, Banana Capital, MANTIS Venture Capital, and Addition.
HOW’S THE COMPANY PERFORMING?
- Pakistan-based TAG Innovation offers virtual and physical debit cards, mobile wallets, digital banking, money transfers, online payment of utility bills, and mobile recharges, among several other products and services.
- The company, which currently operates in Pakistan, received approval from the State Bank of Pakistan to operate as an Electronic Money Institution in November 2020.
Source: TAG Innovation
WHY DOES THE MARKET MATTER?
- The global digital banking market is projected to grow at a CAGR of 8.9% to reach a value of $1.6T by 2027, according to Research Dive.
- 3.6B individuals — roughly 1 out of every 2 adults — will use digital banking services across mobile and desktop platforms, by 2024.
- Global shutdowns and branch closures stemming from the outbreak of Covid-19 are spurring the adoption of digital banking.