Payment processor based in Argentina Tapi reportedly raised $22 million in new funding.
Company to Use Series A Funding to Fuel Expansion in Mexico, Co-Founder/CEO Thomas Mindlin said in a Bloomberg News article interview Friday (July 12).
According to the report, Tapi processes payments for large Latin American consumer platforms like Mercado Pago and cryptocurrency Lemon exchange. The company plans it will process approximately $400 million in payments this year in the five countries in which it operates, four times the amount processed last year.
Tapi raised $9 million in a 2022 funding round. Mindlin told Bloomberg it plans that Mexico be the company fastest growing market over the next two years.
“We will work with the FinTechs that will grow the most, continue to do the most financial inclusion And transform cash into digital payments, so Mexico is very important for us,” Mindlin said. “I would say that in a year, 80% of Mexico’s banked population will be working with our infrastructure.”
Bloomberg reports that Mindlin declined to comment on the valuation of its company, which has about 70 employees, mostly in Argentina. He added that total payments volume is expected to quintuple by the end of the year to 10 million transactions per month.
The report states that Tapi’s name is a combination of Mindlin’s first startup project, a digital wallet called TAP, and the API (application programming interface), the technology that supports the current sound system. business.
PYMNTS examined the digital payments landscape in Mexico as part that the national edition of “Global Digital Shopping Index 2024” a series of reports commissioned by Visa Acceptance Solutions to explore the digital capabilities that are resonating in various parts of the world.
This report revealed that almost half of consumers buy in store without using any digital shopping features. It’s not because they prefer it that way. Rather, it’s because Mexican merchants aren’t offering the features shoppers want, with 62% of consumers looking for digital features that aren’t yet available. there.
The reason Mexican shoppers want digital shopping features is because often they enable them to save money and improve their overall in-store experience.
In other words, just as PYMNTS Intelligence discovered when examining consumer behavior in Brazil, the United Kingdom and the United States. And elsewhere — these local shoppers also like to enhance their physical shopping adventures with digital features: one approach Otherwise known as Click-and-Mortar™ shopping.
