Overview

Taptap Send facilitates mobile money transfers across borders, primarily serving individuals in the UK, EU, US, Canada, and UAE who want to send money to family and friends in Africa, Asia, the Caribbean, and Latin America. Users can complete transactions easily by providing the recipient's name and mobile number, allowing funds to be deposited instantly into the recipient's mobile money wallet. This process eliminates the need for physical visits to money transfer agents and significantly reduces waiting times for recipients. Taptap Send operates in the remittance market, focusing on the transfer of money by foreign workers to their home countries. The company generates revenue through transaction fees and favorable exchange rates, making it a cost-effective alternative to traditional money transfer services. Taptap Send's goal is to provide a fast, secure, and affordable way to send money internationally, using technology to streamline the transfer process.

Simplify's Take

What believers are saying

• Increased mobile wallet adoption in emerging markets boosts demand for Taptap Send's services.
• Taptap Send's $65M Series B funding supports expansion and innovation efforts.
• Strategic partnerships, like with CompareRemit, expand Taptap Send's market reach.

What critics are saying

• Regulatory compliance issues in Ghana could disrupt Taptap Send's operations.
• Reliance on promotions may not ensure long-term customer retention.
• Integration challenges with partners like CompareRemit could hinder anticipated synergies.

What makes Taptap Send unique

• Taptap Send offers instant deposits into mobile wallets, enhancing user convenience.
• The platform requires only a recipient's name and mobile number for transactions.
• Taptap Send provides competitive rates compared to traditional money transfer services.

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Funding

Total Funding

$78.4M

Above

Industry Average

Funded Over

2 Rounds

$65,000,000

Series B

Sep 2021

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.

Series B Funding Comparison

Above Average

Industry standards

Ind Avg. $35M

$4M

$30M

$45M

$65M

$65M

$100M

View all funding stages