Cross-border fintech startup Taptap Send has announced the completion of a $65 million Series B funding for operational expansion.

According to the company, several top investors participated in the funding round, which include Slow Ventures, Breyer Capital, Canaan Partners, Flourish Ventures, Wamda Capital Unbound, and Reid Hoffman.

Apart from these partners, other unnamed investors from Asia, Africa, the Middle East, and Latin America also joined the party. Following the additional capital, Taptap’s funding is now a total of $80 million since it was launched in 2019 by Michael Faye and Paul Niehaus, who are Taptap’s Co-founders.

Taptap Wants To Expand Its Project Development Plans

Taptap Send says the addition of the new funds will enable the platform to reach out to more communities and expand its product development plans, bringing more talents into the board.

“We’re committed to reducing global inequality by providing accessible, usable financial tools to individuals who need them most,” Faye stated.

Faye added that the pandemic has not helped matters, as more than a hundred million people have been pushed into poverty and economic hardship. However, the importance of remittance is to move funds to a place where it is most needed. This will help to minimize the economic impact of the pandemic while providing a more convenient way for people to receive funds from overseas.

Head of Taptap Africa, Mawutor Abraham, stated that the platform is offering something unique to the community.

The company says the additional fund will be used to make the process of global remittances efficient and more secure.

The Remittance Industry Grows Despite The Impact Of The Pandemic

Taptap Send has previously raised funds for projects earlier this year. At the time, the platform completed a $13.4 million Series A round, which was co-led by Canaan Partners and Reid Hoffman. Although the COVID-19 pandemic has caused some challenges, there has been an improvement in the overall volume of cross-border remittances.

The World Bank recently estimated that about $589 billion will be sent via cross-border remittances during 2021, which is an increase of about 7.3% over the figure recorded last year.

Taptap Send also wants to use the additional funds to expand into new markets and enhance its team soon.