![]() ![]() ![]() We couldn’t be more excited to be joining them on our mission to bring low-cost, accessible, cross-border financial products to underserved diaspora populations around the world.”įor more details on this update, check here. “We’ve looked at a lot of fintech companies in the space, and think Taptap’s team and community-led approach are best in class. Thats why youll find us sponsoring iftars at your local masjid, supporting charities in Pakistan, and hiring Pakistani community members for our team. Investor James Kuklinski of Spark Capital remarked: Taptap Send puts the community first Were a community-based business, which means that supporting the Pakistani diaspora is key to everything we do. “With the pandemic pushing more than a hundred million people into extreme poverty and countless others into economic hardship, the importance of capital and the ease of moving it where it’s most needed has rarely been greater.” Michael Faye, co-founder and CEO of Taptap Send, said: The importance has never been greater: COVID has “not only had a devastating impact on many recipient communities but also made traditional box-store solutions even more difficult to access,” the update noted. Canada is sending another 40 million in aid to organizations that are helping Palestinians in Gaza after pausing funding to the UN’s relief agency in the. Taptap Send is creating products to “capture this opportunity, providing senders peace of mind with a secure, affordable solution, and recipients with an accessible, convenient way to receive this capital,” the announcement added. The mobile money revolution has also “changed the limits of what is possible with cross-border flows, particularly in frontier markets,” the announcement noted.Ĭonnecting over a billion people to the financial grid for the first time, mobile money allows more consumers to be reached “more quickly, securely and efficiently than ever before,” the update explained. Informal remittances are “estimated to be almost as large as those through formal channels: more than 7x since 2002,” the update revealed. Taptap Send has 5 employees across 4 locations and 13.4 m in total funding. The announcement also mentioned that the formal $540B remittance market is the “largest source of capital for low and middle income countries, surpassing foreign direct investment and official development assistance, combined.” The capital injection should allow the team to further expand “to additional diaspora communities, invest in product development and hire new talent to further improve the quality of service.” The Fintech firm enables remittances for some of ‘the most underserved markets globally,’ according to a release. TapTap Send Payments Co is licensed as a Money Transmitter by the New York Department of Financial Services. See here for information on how Taptap Send is regulated in each country that it operates in. Taptap Send offers individuals an intuitive, convenient platform to perform cross-border transactions instantly and without fees. Taptap Send is regulated and authorised to conduct money transmission in multiple countries around the world. ![]()
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