The future of cheaper remittance for Overseas Filipino Workers (OFWs) becomes more sure as international payment solutions app TANGGapp closed a $2.5 million seed funding round.

Leading the round were global consumer tech venture capital funds leaders, Goodwater Capital and TEN13, in addition to regional investors, including North Fifth Asia, and investors from the Philippines, Manila Angel Investors’ Network (MAIN) and Foxmonth.

Established by Harvard alumnus Rebecca Kersch in 2020, TANGGapp sought to address the common problems with remittances, especially among OFWs. A half-Filipina, Kersch attempts to turn her app into Venmo among the unbanked and migrant workers, beginning in the Philippines.

Derived from the Filipino word “tanggap,” which means to “receive,” TANGGapp also partly gets its name from the acronym of its first five letters, TANGG—“Tap And Go Global”—signifying the app’s focus on international transactions.

Giving users the ease of transferring money, the app is making money transfer as easy as sending a text to another. All while charging nothing and requiring only a low $5 minimum.

With the ability to connect and conduct seamless transactions with most local banks and e-wallets, the app is looking at covering at least 90 percent of the adult population. And with a 48 percent repeat usage rate, TANGGapp is displaying a surge in its organic growth.

Apart from the success of its recent seed funding round, TANGGapp is also getting attention across the globe for being recognized as a company to watch for, via Forbes Asia’s 100 To Watch List for 2023.

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