Argentina-headquartered payments processing Fintech Tapi has reportedly acquired $22 million in capital from key investors.
The Fintech firm will use proceeds from the Series A investment round in order to help with its business expansion efforts into Mexico. This, acocring to statements from company Co-founder and Chief Executive Officer Tomas Mindlin who revealed the plans during a Bloomberg News interview this past Friday (July 12, 2024).
As mentioned in the update, Tapi says that it processes payments for large LatAm-based consumer platforms such as Mercado Pago and digital currency exchange Lemon.
The Fintech firm expects to handle about $400 million in payments durint 2024 in the five nations in which it operates, which is reportedy 4x the volume it processed in the past year.
Tapi reportedly secured $9 million in capital via a seed funding round back in 2022. Mindlin revealed that he now expects that Mexico will be the firm’s fastest-growing market in the coming years.
Mindlin remarked:
“We’re going to be working with the FinTechs that are going to grow the most, continue to do the most financial inclusion and transform cash to digital payments, so Mexico is very important for us. I’d say in a year from now we’ll have 80% of the banked population in Mexico working with our infrastructure.”
Bloomberg noted that Mindlin did not provide any additional insights/comments regarding the exact valuation of his firm, which has around 70 workers on its payroll, based mostly in Argentina.
However, he reportedly said that aggregate payment volume is set to increase as much as 5x by the end of the calendar year to 10 million transactions on a monthly basis.
The update also mentioned that Tapi’s actual name is a combination of Mindlin’s first startup initiative, a digital wallet known as TAP, and API (which stands for application programming interface), the underlying tech supporting his current firm’s system.
