Cross-border remittance platform, Taptap Send recently raised $65 million in a Series B funding round to expand its operations. The company is planning to use the funds to make the process of global remittances secure and efficient.
The funding round, which was led by Spark Capital, saw participation from Unbound. Moreover, Reid Hoffman and Canaan Partners also joined the financing. Earlier this year, Taptap Send raised $13.4 million in the Series A round co-led by Reid Hoffman and Canaan Partners.
Despite the recent challenges caused by the coronavirus pandemic, the overall volume of cross-border remittances has increased sharply. According to an estimate by the World Bank, approximately $589 billion will be sent through cross-border remittances during 2021, which is an increase of almost 7.3% compared to the last year.
“With the pandemic pushing more than a hundred million people into extreme poverty and countless others into economic hardship, the importance of capital and the ease of moving it where it’s most needed has rarely been greater,” says Michael Faye, Co-Founder and CEO of Taptap Send. “We’re committed to reducing global inequality by providing accessible, usable financial tools to individuals who need them most.”
According to the company, the latest funds will help the company’s expansion into new markets. Moreover, Taptap Send aims to enhance its team in the near future.
Growth
With growing remittances, the need for an efficient cross-border payment system has increased since the start of 2021. As a result, Taptap Send has expanded its services to several countries, including Mali and Madagascar.
"We’ve looked at a lot of fintech companies in the space, and think Taptap’s team and community-led approach are best in class,” said investor James Kuklinski of Spark Capital in a statement. “We couldn’t be more excited to be joining them on our mission to bring low-cost, accessible, cross-border financial products to underserved diaspora populations around the world.”
