Tap Send, the creator of a remittances app of the same name, revealed it has raised $65 million in a Series B funding round. The fintech firm plans to use the funds to build a cheaper and faster cross-border money transfer platform.
Remittances to Overlooked Countries
The fintech startup behind the remittances app, Tap Send, recently said it has raised $65 million in a Series B funding round. According to the startup, the funds raised will be used to bolster remittances to the most overlooked countries in Africa and Asia.
As stated in a Techcrunch report, Tap Send’s latest capital raise — which surpassed the Series A total raise of $13.4 million — was led by Spark Capital. Other participants in the round included Unbound, Reid Hoffman, Canaan Partners, Slow Ventures, Breyer Capital, Wamda Capital, Flourish Ventures, and additional unnamed investors.
Market Said to Be Crowded
In comments following the funding round, Tap Send co-founder and CEO Paul Niehaus explained why his firm chose to focus on remittances even though this now appears to be an overcrowded market. Niehaus explained:
It’s quite easy to say remittances are crowded, but you could have said that for social networking or videoconferencing before TikTok or Zoom came along. Remittances are a deceptively simple product on the surface, with an exceedingly complicated execution under the hood. There are 1,000 parts to get right and when you do you can deliver more value to users via price, speed and reliability.
Following this latest funding round, Tap Send has now raised more than $80 million which translates to a valuation of $715 million according to Pitchbook data.
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Crowdfunding, Africa finetch, Africa fintech, cross border remittances, Paul Niehaus, Series B, social networks, Tap Send, tiktok