Tap Send, the creator of a remittances app of the identical title, revealed it has raised $65 million in a Series B funding spherical. The fintech agency plans to use the funds to construct a less expensive and quicker cross-border cash switch platform.
Remittances to Overlooked Countries
The fintech startup behind the remittances app, Tap Send, just lately mentioned it has raised $65 million in a Series B funding spherical. According to the startup, the funds raised can be used to bolster remittances to probably the most ignored international locations in Africa and Asia.
As said in a Techcrunch report, Tap Send’s newest capital increase — which surpassed the Series A complete increase of $13.4 million — was led by Spark Capital. Other individuals in the spherical included Unbound, Reid Hoffman, Canaan Partners, Slow Ventures, Breyer Capital, Wamda Capital, Flourish Ventures, and extra unnamed traders.
Market Said to Be Crowded
In feedback following the funding spherical, Tap Send co-founder and CEO Paul Niehaus defined why his agency selected to give attention to remittances though this now seems to be an overcrowded market. Niehaus defined:
It’s fairly simple to say remittances are crowded, however you may have mentioned that for social networking or videoconferencing earlier than TikTok or Zoom got here alongside. Remittances are a deceptively easy product on the floor, with an exceedingly sophisticated execution underneath the hood. There are 1,000 elements to get proper and while you do you possibly can ship extra worth to customers through price, velocity and reliability.
Following this newest funding spherical, Tap Send has now raised greater than $80 million which interprets to a valuation of $715 million in accordance to Pitchbook knowledge.
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