While migrant workers in the UK have traditionally relied on banks and other financial institutions to send money to their families back home, the rise of app-based remittance platforms is changing the game. London-based fintech startup Taptap Send is leading the way, providing an affordable, instant money transfer service for immigrants in the UK and across Europe. Their mission is to make sending money home as easy and affordable as sending a text message.
Given the vast volume of remittances sent back to Africa each year, the potential of companies like Taptap Send to disrupt this sector is significant. As of summer 2018, the fintech has already moved hundreds of millions of dollars and reached hundreds of thousands of customers. So, is app-based remittance the future of immigrant financial services in the UK?
Key takeaway:
- Taptap Send provides an instant, affordably priced money transfer service for immigrants.
- Since summer 2018, the fintech has moved hundreds of millions of dollars for hundreds of thousands of customers.
- Currently, Taptap Send supports payments to over ten countries, with plans to expand further.
- App-based remittance has the potential to significantly disrupt the financial services industry, particularly for immigrant workers, by offering a more accessible and affordable alternative to traditional banks.
Unlike traditional banks, Taptap Send has levelled the playing field for immigrant workers by offering a mobile first, user-friendly platform. Their unique model eliminates expensive fees often associated with cross-border transactions. Moreover, the startup differentiates itself by focusing on the customer experience, with dedicated customer support and a user-friendly app. Their digital solution directly addresses the needs and challenges of their primary user base – the hardworking immigrants who are often charged an arm and a leg to send money back home.
Perhaps the most significant differential of Taptap Send lies in their global vision, which aims to extend beyond the borders of Europe to facilitate remittances into countries including Bangladesh, Kenya, Vietnam, and the DRC. With plans to expand their services to even more countries, the versatility and inclusive growth strategy of Taptap Send reflects a commitment not only to their customers but also to driving global financial inclusion.
The rise of fintech startups like Taptap Send reflects an evolving financial landscape, one where digital and app-based solutions are poised to take centre stage in the coming years. For migrant workers and their families, these developments promise greater accessibility, affordability, and ease in managing cross-border finances. Taptap Send may well represent the next wave of financial services that are more in tune with the needs and aspirations of a digital and increasingly mobile global population.
With their innovative, customer-centric approach and ambitious global vision, Taptap Send stands at the forefront of app-based remittance services. As they continue to grow and expand, we can expect to see more startups following suit, signalling a promising future for digital financial services. Interested individuals can follow their journey on Twitter, Facebook, and Linkedin, or visit their website at http://taptapsend.com
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