![]() ![]() Although this might not mean better margins, it would result in a higher volume of transactions and more returns overall. That is, offering better rates will drive more users. The startup’s business model also relies on the economics of scale. Instead, it makes a cut on foreign exchange with the help of a tech stack that lets it pass on lower exchange rates to its customers. ![]() The company says it does not charge any commission or fees for transfers. Taptap has raised money to expand the scope of its no-fee international money transfer service. Taptap Send is also backed by the Omidyar Network and Helios, according to a statement on its website. The Series A was co-led by Canaan Partners and LinkedIn co-founder, Reid Hoffman, along with participation from other unnamed investors. The startup plans to add more countries soon. Meanwhile, the 15 receiver countries Taptap Send supports payments into are predominantly African – including Senegal, Mali, Guinea, Ghana, Cameroon, the Ivory Coast, Kenya, Madagascar, Zambia, DR Congo, Morocco, and the Republic of Congo. Currently, it provides a mobile money transfer service from eight countries, some of which host a significant number of migrants, such as the United Kingdom, Belgium, Canada, France, Italy, etc. The New York-based startup was founded in 2018 by Michael Faye, a development economist and former United Nations official. Taptap Send, a mobile-based remittance service that lets people send money to Africa and Asia for “free”, on Thursday announced a $13.4 million Series A raise to support its service expansion. ![]()
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