Tap Send is the founder of the Tap Send remittances platform. It has announced it raised $65M in Series B funding. Funds will be used by the fintech firm to create a faster, cheaper cross-border money transfer platform.
Send money to countries that are not often mentioned
Tap Send, a fintech startup that offers remittances, announced recently it had raised $65 Million in Series B funding. The startup claims that the money raised will go towards boosting remittances to Africa’s most under-recognized countries.
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. Unbound and Reid Hoffman were among the other participants.
According to Market, There is a Crowd
Paul Niehaus (Co-founder, CEO of Tap Send) explained the reasons why his company decided to focus its efforts on remittances in comments that followed the funding round. 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. Although remittances seem simple on the outside, the inside is complex. It is difficult to find the right parts, and you’ll be able deliver better value for users through speed, price and reliability.
Tap Send raised $80 million in this round of funding, which is equivalent to $715 million according Pitchbook data.
What are your thoughts on Tap Send’s perceived market valuation? Let us know your thoughts in the comment section below.
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