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Tap Send, the creator of the remittance app of the same name, revealed that it has raised $65 million in Series B financing. The fintech company plans to use the funds to build a cheaper and faster cross-border remittance platform.
Send money to neglected countries
Tap Send, the fintech startup behind the money transfer app, recently stated that it has raised $65 million in Series B funding. According to the startup, the funds raised will be used to support remittances to the most neglected countries in Africa and Asia.
As stated in Techcrunch Report, Tap Send’s latest financing-exceeding the total funding of Series A by $13.4 million-was led by Spark Capital. Other participants in this round of financing include Unbound, Reid Hoffman, Canaan Partners, Slow Ventures, Breyer Capital, Wamda Capital, Flourish Ventures and other unnamed investors.
It is said that the market is very crowded
In comments after the financing round, Tap Send co-founder and CEO Paul Nihaus explained why his company chose to focus on remittances, even though the market now seems overcrowded. Nihouse explained:
It can be said that remittance is very crowded, but before TikTok or Zoom appeared, you can say that it was used for social networking or video conferencing. Remittance is a seemingly simple product on the surface, but its execution behind the scenes is extremely complicated. There are 1,000 parts that need to be handled correctly, and when you handle them correctly, you can provide users with more value through price, speed, and reliability.
According to data from Pitchbook, after the latest round of financing, Tap Send has now raised more than 80 million U.S. dollars, which is equivalent to a valuation of 715 million U.S. dollars.
What is your opinion on Tap Send’s perceived market valuation? Tell us what you think in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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