Creator of app for remittances to Africa and Asia raises $ 65 million in Series B round – Crowdfunding Bitcoin News

Tap Send, the creator of a money transfer app of the same name, revealed that he raised $ 65 million in a Series B funding round. The fintech company plans to use the funds. to create a cheaper and faster cross-border money transfer platform.

Transfers to neglected countries

The fintech startup behind the remittance app, Tap Send, recently said it raised $ 65 million in a Series B funding round. According to the startup, the funds raised will be used to bolster remittances to the most unknown countries in Africa and Asia.

As noted in a Techcrunch report, Tap Send’s latest capital raise – which topped the total Series A raise of $ 13.4 million – was led by Spark Capital. Other participants in the round included Unbound, Reid Hoffman, Canaan Partners, Slow Ventures, Breyer Capital, Wamda Capital, Flourish Ventures and other anonymous investors.

Crowded market

In comments following the fundraising round, Tap Send co-founder and CEO Paul Niehaus explained why his company has chosen to focus on remittances, even though it now appears to be a crowded market. Niehaus explained:

It’s easy enough to tell that remittances are overcrowded, but you could have said it for social media or video conferencing before TikTok or Zoom arrived. Remittances are a deceptively simple product on the surface, with extremely complicated execution under the hood. There are 1000 coins to be obtained and when you do, you can deliver more value to users through price, speed and reliability.

As a result of this latest funding round, Tap Send has now raised over $ 80 million, which translates 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 section below.

Terence zimwara

Terence Zimwara is an award winning journalist, author and writer from Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

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