Taptap Send, a UK-based remittance-service app that lets people send money back home to Africa and Asia instantly for free, has raised US$13.4 million in a Series A investment round led by Canaan Partners on 24 June 2021.
Investors: The Series A investment round featured Canaan Partners and LinkedIn Co-founder Reid Hoffman as the lead investors, including other undisclosed investors. The company is also backed by Helios Investment Partners and many other firms.
Purpose of the funding: The company plans to deploy the proceeds from the recent investment to support and expand the scope of its no-fee international money transfer service.
About Taptap Send
Founded in 2018 by Michael Faye, a development economist and former United Nations official, Taptap Send’s business model works by charging no commission or other transfer fees. In its place, it takes a share of foreign exchange using a tech stack that enables it to give cheaper exchange rates to its customers. Economies of scale is another aspect on which the startup’s business model depends. In other words, providing reasonable prices will attract more individuals. The startup runs the business from eight countries home to a massive proportion of migrants, such as the United Kingdom, Belgium, Canada, France, Italy, etc. Taptap Send assists payments in fifteen African nations, including Senegal, Mali, Guinea, Ghana, Cameroon, the Ivory Coast, Kenya, Madagascar, Zambia, DR Congo, Morocco, and the Republic of Congo.
What the Founder has to say: “Taptap Send is exploiting the recent structural change witnessed in the digital money market and other distribution networks to supply what is estimated to be the fastest and best-price product for customers. We are earning profit as our company expanded five times last year.”- Michael Faye, Founder of Taptap Send.
What the Investors have to say: “The company features a nuanced, yet impactful strategy that Michael has administered to enable[it] to be cost-effective in every market they enter. As people turn toward e-wallets and digital money, it brings a chance for remittance enterprises to build a unique magical experience by directing funds to those wallets directly. Taptap Send gives the maximum amount of cost savings possible to the customer. As a result, it is nearly the most affordable player in the market. Thus, it becomes economically viable to transfer smaller payments – and in doing so, increases the total amount of remittances delivered. This approach is strongly resonating with customers, as Taptap Send’s massive growth has been 90+% organic.”- Brendan Dickinson, General Partner at Canaan Partners.
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