Tap Send, the creator of a remittances app of the identical identify, revealed it has raised $65 million in a Series B funding spherical. The fintech agency plans to use the funds to construct a less expensive and quicker cross-border cash switch platform.
Remittances to Overlooked Countries
The fintech startup behind the remittances app, Tap Send, lately stated it has raised $65 million in a Series B funding spherical. According to the startup, the funds raised shall be used to bolster remittances to probably the most ignored international locations in Africa and Asia.
As acknowledged in a Techcrunch report, Tap Send’s newest capital elevate — which surpassed the Series A complete elevate of $13.4 million — was led by Spark Capital. Other members in the spherical included Unbound, Reid Hoffman, Canaan Partners, Slow Ventures, Breyer Capital, Wamda Capital, Flourish Ventures, and further unnamed buyers.
Market Said to Be Crowded
In feedback following the funding spherical, Tap Send co-founder and CEO Paul Niehaus defined why his agency selected to concentrate on remittances although this now seems to be an overcrowded market. Niehaus defined:
It’s fairly simple to say remittances are crowded, however you possibly can have stated that for social networking or videoconferencing earlier than TikTok or Zoom got here alongside. Remittances are a deceptively easy product on the floor, with an exceedingly sophisticated execution below the hood. There are 1,000 components to get proper and whenever you do you possibly can ship extra worth to customers through value, velocity and reliability.
Following this newest funding spherical, Tap Send has now raised greater than $80 million which interprets to a valuation of $715 million in accordance to Pitchbook knowledge.
What are your ideas on Tap Send’s perceived market valuation? Tell us what you suppose in the feedback part beneath.
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