Tapp Commerce Nabs $9 Million, Expands P2P Mobile Network in Asia
June 14, 2016
A Finland-based startup enabling the unbanked to engage in e-commerce secured a $9 million funding round, led by Australian investment firm Amma Private Equity. The company, which provides a commerce network of individuals unbanked consumers can “tap” to pay for goods online, said it will use the funds for expansion in Asia. Tapp Commerce has focused on emerging markets where there is high smartphone penetration but low bank account adoption. In addition to Indonesia, where Tapp first rolled out in 2015, the company will use the new capital infusion to expand existing operations in the Philippines and carry through on plans to open in Thailand and Vietnam in the third quarter of this year.
Users download the app and deposit cash into the network at banks, ATMs, convenience stores or local Tapp agents. They then become part of Tapp’s P2P network and can make purchases or act as an agent and exchange cash for digital credits.
“We provide an innovative peer-to-peer commerce network that allows parties to transact and move value between each other,” said Tapp Commerce CEO Warren Sample. “This allows people without bank accounts or credit cards to use cash instead to pay for goods and services, by moving that value online. This person can also play the role of ‘cash-in’, or mobile ATM, for moving other people’s value into the network.”