Cross-border FinTech platform Taptap Send announced Monday (Dec. 20) that it has raised $65 million in a Series B funding round led by Spark Capital.
Additional participants in the funding round included Unbound, Reid Hoffman, Canaan Partners, Breyer Capital, Slow Ventures, Wamda Capital and Flourish Ventures, with other unnamed investors from the Middle East, Africa, Asia and Latin America also participating.
The new capital brings Taptap’s funding so far to a total of $80 million since its launch in 2019 by co-founders Paul Niehaus and Michael Faye, who serves as CEO.
The company’s mobile app enables immigrants to send the money at an affordable rate to Asia and Africa within minutes, with little to no fees for most of the countries.
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The fresh infusion of capital will enable Taptap Send to build out to more communities, put money into product development and bring more talent on board.
“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,” Faye said in the announcement. “We’re committed to reducing global inequality by providing accessible, usable financial tools to individuals who need them most.”
Read more: Europe to Account for 28% of Cross-Border eCommerce’s Trillion-Dollar Sales in 2022
Mawutor Abraham, the head of Taptap Send Africa, said that he left Ghana 17 years ago with the hope of making enough money to send home and rebuild Ghana — but when he found Taptap Send, he saw things differently.
“When I found Taptap, I realized I had the opportunity to do that now and to build something to improve the lives of my people: my little family, my wider family, my village of Peki, my country of Ghana, my continent of Africa and my world,” Abraham said in the release.
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