Taptap Send builds a cross-border remittance service that charges no transfer fees and earns revenue through foreign-exchange margins. Its product is designed for ease of use and reliability, integrating with existing local mobile-money wallets so recipients need not install new apps or learn new processes. The company focuses on some of the world's most underserved receiving markets and currently supports about 20 countries, including Bangladesh, Cameroon, DRC, Ethiopia, Kenya, Madagascar, Morocco, Nepal and Nigeria. Taptap Send says its business grew eight-fold during a challenging period for the industry. The founders previously built GiveDirectly and Segovia (the latter was acquired by Crown Agents Bank in 2019), and the team says it spun the product out from that prior work. The company is actively expanding to add more recipient markets and deepen its presence in developing economies. Taptap Send operates a no-fee mobile money transfer platform that enables people in eight origin countries to send remittances to recipients in 15 countries, including DR Congo, Mali and Madagascar. The company charges no commission or transfer fees, instead earning revenue via foreign-exchange margins and says its built-from-scratch tech stack allows it to offer lower exchange rates to customers. It will use the newly raised capital to continue expanding its geographic scope and the services it provides. Founder Michael Faye, a development economist and serial entrepreneur who previously started GiveDirectly and Segovia, has focused the product on low-income emerging-market users and C2C remittances. Taptap Send reported business grew fivefold in the last year, is posting a gross profit, and says 90+% of its growth has been organic. The company has publicly committed to the UN goal of sub-3% remittance pricing, though it has not yet reached that target.

Total raised

$78M

Funding rounds

2

Latest round

Series B

Latest activity

Dec 2021