International

Tapp Commerce Secures $9M To Expand P2P Payments

Peer to Peer

Tapp Commerce, the peer-to-peer commerce exchange network that traces its roots to Finland but has been targeting expansion in Asia, said on Sunday (June 12) that it has garnered $9 million to help fund growth initiatives.

The firm said via release that the latest funding brings the cumulative investment in the firm to date to just under $13 million. The latest growth initiatives have centered on the Tapp Market mobile app, and in pushing into Indonesia and the Philippines, the app has witnessed what management said amounted to “exponential” growth. The company continues to eye Southeast Asia through growth in Thailand, Vietnam and the Philippines.

Tapp Commerce management stated that its Market product helps people, through P2P, that do not necessarily have bank accounts buy goods and services online. Through the Market platform, sales agents, who are billed as micro-entreprenuers, help with prepaid electric bills, for example. The service is available on Android, having been used across Southeast Asia by as many as 3 million buyers, according to the release.

“We are extremely proud of what we have been able to achieve with our initial seed funding and in demonstrating substantial proof points about our business and its unique model in the market,” Warren Sample, chief executive officer, said in a statement accompanying the release. “We are here for good, referring to the building of a long-term sustainable business but one which also ensures we leave our users better off today than we found them yesterday. Innovative business models, which empower and incentify the individual's success, ensures that, as our customers and users win, so shall Tapp. It’s simple math.”

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