Venture-backed startup, Taptap Send which allows immigrants to send money 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.
The new service will allow users to send money to their loved ones instantly and affordably straight to MPesa wallets or bank accounts.
Taptap Send is a venture-backed start-up with investors including Reid Hoffman, the Omidyar Network, and Helios. Since launching in back 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.
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.