Taptap Send, a venture-backed fintech startup that lets immigrants send money back home to emerging markets instantly has launched in Kenya.
Taptap Send’s app-based solution which is also live Ghana, Madagascar, Senegal, Mali, Zambia, Guinea, Ivory Coast. Cameroon and Bangladesh allow users to send money at no fee. Users can send money to their loved ones instantly and affordably straight to M-Pesa wallets or bank accounts.
Since launching in summer 2018, Taptap Send says it has already moved hundreds of millions of dollars and reached hundreds of thousands of customers.
Global remittances account for over $500 billion annually, most of which moves back into developing countries. But the market is dominated by traditional services that are expensive, can take days to arrive, and have limited reach in rural areas.
‘’We’re helping people to send that money instantly and securely at a fraction of the cost’’
In addition to Reid Hoffman, Taptap Send is also backed by Canaan, Flourish Ventures, Helios and others.
The startup also announced that it is hiring a lead to coordinate the launch of Taptap Send in the Europe-Kenya corridor. The lead will be expected to create a launch strategy for the startup and execute against it. They also conduct customer research; execute partnerships and events; set up offline and online advertising campaigns; and source and direct community ambassadors.