However, it can gradually expand to other major immigrant markets for Bangladesh such as the Middle East and Malaysia.Remittances - specifically when people in developed countries send money to family or friends in emerging markets - continue to be a huge lever to help those in more challenging economies survive and improve their lot. The company believes having better rates will drive more users, which in turn might not mean better margins but a higher volume of transacting and more returns overall.Īccording to the hiring post, the company will initially focus on the US to Bangladesh remittance market - the US as a sender/originator country and Bangladesh as a receiver country. However, sending remittances remains expensive to the extent that the UN has set a goal for remittance pricing and commissions to be no higher for any company than 3% of the total sent.Īnd to that end, Bangladesh is a perfect market for Taptap.Īccording to TechCrunch, Taptap has built its whole tech stack from the ground up and it passes on lower exchange rates to its customers, typically lower than others that might be serving the same markets. Remittance remains one of the major sources of foreign currency for Bangladesh with some estimates suggesting over 10 million Bangladeshis currently living and working abroad. Mobile financial services such as bKash have played an excellent role in making it easier to send and receive money over the years, with the country’s first unicorn entering the remittance market a few years back and is currently one of the major players for Bangladeshi immigrants across the Middle East and Malaysia. Industry insiders said remittance is a huge market globally and immigrants from across countries face a myriad of challenges when it comes to sending money home. Bangladeshi immigrants from the EU, UK, US, and Canada can now send money using Taptap Send to bKash mobile and bank transfers to any bank in Bangladesh. It has partnered with bKash and almost all banks in the country. The fintech startup has been providing services in Bangladesh since July 2022, and according to media reports, the company apparently sees further growth opportunities in the country. Congo, Pakistan, Nepal, Ethiopia, Nigeria, Mozambique, Cambodia, Haiti, Tunisia, Uganda, and Lebanon with more countries on the pipeline, according to Taptap’s website. It currently operates in the UK, EU, US, and Canada, and supports payments into Senegal, Mali, Guinea, Ghana, Cameroon, the Ivory Coast, Kenya, Madagascar, Zambia, Bangladesh, Vietnam, DR Congo, Morocco, Sri Lanka, Rep. The company’s mission statement is to “Reduce inequity by helping immigrants move money home by becoming the leading cross-border fintech for immigrants.” Taptap is a money transfer app with which users can send money internationally, catering to the remittance market- allowing users to send money home instantly with no additional fee as well as saving money in the process.Īs per the company, it does not want to charge users and instead has developed a business model where it generates revenue by making a cut on foreign exchange instead of charging commission or any other fees for transfers. You’ll quickly understand the customer and community, build an initial strategy, execute on growth tactics, track and report on their success, and iterate over time to ensure that we hit our growth targets,” the job description reads.įounded in 2019 by Michael Faye, the startup looks to take advantage of the growing trend of mobile money services and other distribution networks to offer cost-effective and faster money transfer services.Ī development economist, Michael’s previous two startups prior to Taptap: GiveDirectly and Segovia were also in the fintech space. “Your role will be to lead the launch of Taptap Send in the remittance market from the US to Bangladesh. Taptap Send, a US-based expat-focused fintech company that provides a no-fee international money transfer service for expats, has apparently been working to expand its services in Bangladesh.Īccording to a post on the talent recruiting software company Lever's website, Taptap is currently looking for a candidate to fill the position of Growth Launcher for the US -Bangladesh market.īased on a three-month contract, the company is hiring to play the role of leading the launch of Taptap Send in the remittance market from the US to Bangladesh.
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