US start-up seeks to tap Bangladesh’s remittance market


Taptap Send, a US-based, expat-focused fintech company that provides a cost-free international money transfer service for expats, has apparently been working to expand its services in Bangladesh.

According to an article posted on the website of talent recruitment software company Lever, Taptap is currently looking for a candidate to fill the position of growth launcher for the US and Bangladeshi market.

Based on a three-month contract, the company is hiring to spearhead the launch of Taptap Send in the US-to-Bangladesh remittance market.

“Your role will be to lead the launch of Taptap Send in the US to Bangladesh remittance market. You will quickly understand the customer and community, develop an initial strategy, execute growth tactics, track and report on their success, and will iterate over time to ensure we meet our growth goals,” the job description reads.

Founded in 2019 by Michael Faye, the startup seeks to leverage the growing trend of mobile money services and other delivery networks to offer cost-effective and faster money transfer services.

A development economist, Michael’s two previous startups before Taptap: GiveDirectly and Segovia were also in the fintech space.

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 at no additional cost and with no extra charges. save money in the process.

According to the company, it does not want to charge users and has instead developed a business model where it generates revenue by minting currencies instead of charging commissions or any other transfer fees.

The company’s mission statement is to “reduce inequality by helping immigrants move money home by becoming the leading cross-border fintech for immigrants.”

It currently operates in the UK, EU, US and Canada, and supports payments to Senegal, Mali, Guinea, Ghana, Cameroon, Ivory Coast, Kenya, Madagascar, Zambia, Bangladesh, Vietnam, DR Congo, Morocco, Sri Lanka, Rep. Congo, Pakistan, Nepal, Ethiopia, Nigeria, Mozambique, Cambodia, Haiti, Tunisia, Uganda and Lebanon with more countries on the pipeline, according to Taptap’s website.

The fintech startup has been providing services in Bangladesh since July 2022 and, according to media reports, the company apparently sees new growth opportunities in the country.

It has partnered with bKash and almost every bank in the country. Bangladeshi immigrants from EU, UK, US and Canada can now send money using Taptap Send to bKash mobile and bank transfers to any bank in Bangladesh.

Industry insiders said remittances are a huge market globally and immigrants from all countries face myriad challenges when it comes to sending money. at their home.

Mobile financial services such as bKash have played a great 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 ago and is currently one of the main players for Bangladeshi immigrants across the Middle East and Malaysia.

Remittances remain one of the main sources of foreign exchange for Bangladesh, with some estimates suggesting that more than 10 million Bangladeshis currently live and work abroad.

However, sending remittances remains expensive as the UN has set a target that the price and fees for remittances should not exceed for a company 3% of the total sent.

And to that end, Bangladesh is a perfect market for Taptap.

According to TechCrunch, Taptap has built its entire technology stack from the ground up and it passes on lower exchange rates to its customers, usually lower than others who might serve the same markets.

The company believes that better rates will attract more users, which may not mean better margins, but higher transaction volume and more returns overall.

According to the recruiting position, the company will initially focus on the remittance market from the United States to Bangladesh – the United States as the sending/originating country and Bangladesh as the receiving country.

However, it may gradually expand to other major immigrant markets for Bangladesh, such as the Middle East and Malaysia.


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