The company has raised $65M in Series B funding to accelerate product development. Here are the top-line bullets you need to know.
Taptap Send, a cross-border money transfer platform, has raised $65M in a Series B round that drew participation from Spark Capital, Slow Ventures, Breyer Capital, and Unbound, among others.
How’s the company performing?
- UK-based Taptap Send helps users initiate, manage, and receive instant cross-border payments without paying any additional fees.
- Amid the Covid-19 pandemic, the company has grown more than 8x.
- The startup is currently supported by a team of more than 100 employees.
- Taptap Send currently operates across 20 countries, including Bangladesh, Ethiopia, Nepal, Morocco, Madagascar, Ghana, Senegal, Zambia, and Pakistan.
Source: Taptap Send
Why does the market matter?
- The global digital remittance market is expected to reach $42.5B by 2028, growing at a CAGR of 13.3%, according to Grand View Research.
- The high costs and slow speeds associated with traditional remittance processes have increased the demand for digital money transfer solutions.
- The adoption of mobile banking services has accelerated amid pandemic-related lockdowns and social distancing regulations.