Tap Send, creator of the transfer app of the same name, announced that it has raised $ 65 million in a Series B funding round. The fintech company intends to use the funds to build a more cost-effective and faster platform for cross-border money transfers.
Transfers to overlooked countries
The fintech startup behind the Tap Send remittance app recently announced that it raised $ 65 million in a Series B funding round. According to the startup, the funds raised will be used to support remittances to the most overlooked countries in Africa and Asia.
As stated in a techcrunch report, Tap Send’s most recent capital increase – which exceeded the Series A total raise of $ 13.4 million – was led by Spark Capital. Other participants in the round were Unbound, Reid Hoffman, Canaan Partners, Slow Ventures, Breyer Capital, Wamda Capital, Flourish Ventures and other unnamed investors.
Market should be overcrowded
In post-funding comments, Tap Send co-founder and CEO Paul Niehaus explained why his company focused on remittances, even though it seems like a crowded market now. Niehaus stated:
It’s pretty easy to say that remittances are crowded, but you could have said that for social networking or video conferencing before TikTok or Zoom hit the market. Transfers are a deceptively simple product on the surface, but extremely complicated under the hood. There are 1,000 parts you need to get right and when you do you can add value to users through price, speed, and reliability.
Following this latest round of funding, Tap Send has now raised more than $ 80 million, which corresponds to a valuation of $ 715 million, according to Pitchbook data.
What do you think of Tap Send’s perceived market valuation? Let us know what you think in the comments below.
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Source: Crypto News Austria