Payment Firm Tapi Receives $22 Million From Latest Funding Round
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Tapi, a payment processor based in Argentina, has announced the conclusion of its latest funding round. The company said it received $22 million from the round. Tomas Mindlin, Tapi’s Chief Executive Officer and Co-founder, said the firm will use the new funds to boost its expansion into Mexico.
Tapi Aims To Process $400 Million In Payments This Year Across Five Countries
According to the report, Tapi handles payments for major Latin American platforms like Mercado Pago. It also processes payments for cryptocurrency exchange Lemon. The firm expects to process payments worth about $400 million this year across the five countries it works in. This estimate is four times more than what it processed last year.
The company raised $9 million after concluding a seed round in 2022. Mindlin believes Mexico will become the company’s fastest-growing market within two years.
Mindlin stated that Tapi will be collaborating with FinTechs, which has a high chance of growing significantly. He revealed that the firm aims to change cash to digital payments and help with the highest financial inclusion, so Mexico is a vital area for its initiatives. He believes that in a year, 80% of the people with bank accounts in Mexico will use Tapi’s services.
Mindlin chose to refrain from discussing how much his company is worth. The company has around 70 employees, mainly in Argentina. He also stated that the total payment volume is expected to increase five times before the year concludes, reaching 10 million transactions each month.
The report revealed that the name “Tapi” is a mix of two things. The first part comes from Mindlin’s first project, a digital wallet named TAP. The second part comes from API, which stands for Application Programming Interface. This technology runs the current company’s system.
Tapi Is Set To Add Advanced Digital Payment Options For Mexican Shoppers
A new report discovered that almost half of shoppers in Mexico don’t use digital features when shopping in stores. This isn’t because they like it that way but because stores in Mexico need to provide the digital tools that customers want. The report shows that 62% of shoppers search for digital options that stores still need to install.
Tapi is working to add advanced digital payment options for Mexican shoppers. These new features will make shopping better for customers and encourage more people to use digital payments in the area.
Shoppers in Mexico aim to get digital shopping features because they help save money and improve their in-store experience. They also like to add digital tools to their regular store shopping, a method known as Click-and-Mortar™ shopping.
