"It's quite easy to say remittances are crowded, but you could have said that for social networking or videoconferencing before TikTok or Zoom came along," said Michael Faye, the CEO who co-founded the company with Paul Niehaus. At a time when the global economy has been under pressure, Taptap Send saw business grow eight-fold, the company said. The company's hook is that it charges no fee for the transfer (it makes its cut via foreign exchange rates), and believes that its service is the easiest on the market to use, and it integrates with whatever mobile money wallets are already being used locally, meaning recipients do not have to add anything extra to their devices, or learn any new techniques, to be able to receive money via the service. In one development of that theme, today, Taptap Send - one of the startups building tools to manage these money transfers - is announcing $65 million in growth funding as it continues its mission to enable remittances specifically to the most overlooked countries. The World Bank estimates that some $589 billion will be sent this way in 2021, according to research from the World Bank, up 7.3% on 2020, as parts of the global economy started to claw back growth after a tough 2020 due to COVID-19. Cross-border remittances - when people living and working abroad send money back home to friends and family - continues to be a huge part of how those living in developing countries, off the global financial grid, can be helped.
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