In the UK, for example, we’re an electronic money institution (EMI) regulated by the Financial Conduct Authority (FCA), not a bank. Keeping your money safe is our top priority, and we wanted to remind you of how we do this. Curious to follow Segovia and see the impact.Yes! Taptap Send is regulated and authorised to conduct money transmission in multiple countries around the world, uses state-of-the-art encryption technology to protect your payments and data in line with GDPR requirements and is fully PCI compliant. ![]() Money is a very useful tool and access to it is not simply a matter of hard work. I then, had it delivered via courier from the capital city to my local in 4 days. Walking down the street with my Capital One Visa in my pocket (which isn't all that useful in Madagascar) still makes me hyper-aware that I am privileged, to have access to borrowing money or even requesting a cash advance from a machine, simply because on American soil I have "good credit." I just bought flea medicine for my dogs with MVola (Telma) mobile money here in Madagascar after withdrawing money from ATM linked to my USA based bank. Those of us that come from cultures with access to lending and to credit cards, are provided for and privileged in way that is in many ways invisible to us. Not only could people receive money from family members, it made it possible, for example, for us to pay health aides and others working on local projects. When I worked in Haiti previously, Digicel Mobile money was a blessing in rural communities. Some of the comments on this piece lead me to believe that not everyone understands that mobile money isn't *giving* free money but rather giving people who don't, for example, have bank accounts or access to a bank or credit, the ability to get money. This feedback is private to you and won’t be shared publicly. Mark contributions as unhelpful if you find them irrelevant or not valuable to the article. I am excited to see the next phase of growth for both organizations. I’m proud to have journeyed alongside Michael, Paul and board member Chris Schroeder, who has brought his unique experience and perspective as both a technology executive and emerging market investor and mentor. Moving forward, the team will need to navigate the challenges of explosive growth, including understanding whether and when to “blitzscale.” So far, so good: Taptap is establishing strong new benchmarks for remittance company growth while focusing on corridors that others have neglected. Taptap aims to slash the cost to individual users when sending money home. This will enable it to focus on managing its own rapid growth. Meanwhile, Segovia's consumer remittance team, Taptap Send, will be spun out as a separate company. Michael will join CAB’s board to work with Albert to fully leverage the synergies between the two organizations. They bring scale, strong relationships throughout Africa, and strengths in areas such as FX and B2B payments services that will perfectly complement Segovia’s world-class tech. CAB and its CEO Albert Maasland are extremely well-aligned with Segovia’s vision. That’s why I’m excited about the deal Segovia announced this week to accelerate both its enterprise and consumer efforts.Īs part of the deal, the enterprise part of Segovia’s business will be acquired by Crown Agent’s Bank, a trusted leader in emerging market payments that has both a rich history and a rapid growth trajectory. Now, the core infrastructure the company built is being used in a wide range of use cases, including everything from international agribusinesses working to digitize their supply chains to individual migrants sending money back to their relatives at home. Such an undertaking is not for the faint of heart, but the paths to scale in both instances were compelling - so Segovia pursued this opportunity. ![]() In addition, it has done so while simultaneously building both an enterprise business and a consumer payments business. Over the last four years, Segovia has made great progress in making this vision a reality. Together with an exceptional team, they set out to make it much easier. (And as a venture capitalist, I know the same!) But their experiences also taught Michael and Paul how difficult it can be to move money into and around emerging markets. That’s the simple, powerful vision that Segovia CEO Michael Faye and his co-founder Paul Niehaus pitched me in 2015, and the reason I was excited to lead their Series A round with a personal impact investment from my foundation.įrom their experiences building the innovative nonprofit GiveDirectly together, Michael and Paul learned how transformative money can be for people long on creativity and short on capital. The best way to combat global poverty at scale is to put money directly into the hands of millions of people who have very little of it.
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