Key Highlights:
- TANGGapp, a Filipino startup, aims to assist nearly 2 million Overseas Filipino Workers (OFWs) with more affordable remittance options.
- Founded by Rebecca Kersch in 2021, the app recently secured $2.5 million in seed funding.
- Investors include Goodwater Capital, Foxmont Capital Partners, and Manila Angel Investors Network.
In a significant move that could revolutionize the remittance landscape for Overseas Filipino Workers (OFWs), Filipino startup TANGGapp has recently raised $2.5 million in seed funding. This comes as a boon for the nearly 2 million OFWs who were recorded in 2021, according to a report by the Philippine Statistics Authority.
The startup, founded by Rebecca Kersch, a Filipino of Dutch and American descent, was launched in 2021 with the primary aim of making it more affordable for OFWs to send money back to their families in the Philippines. The name TANGGapp stands for Tap and Go Global App, and it also draws inspiration from “tanggap,” the Filipino word for “receive.”
Transitioning to the funding details, the startup has attracted investment from several notable firms, including Goodwater Capital, Foxmont Capital Partners, and Manila Angel Investors Network. The funding is expected to be channeled into expanding the app’s features and scaling its operations.
The issue of high remittance fees has long been a pain point for OFWs, often termed as the “modern-day heroes” of the Philippines for their sacrifices and contributions to their families back home. TANGGapp aims to alleviate this financial burden by offering a more cost-effective way to wire money.
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Moreover, the startup’s recent funding signifies growing investor confidence in fintech solutions aimed at addressing real-world problems. It also highlights the potential for technology to play a pivotal role in the financial well-being of marginalized communities.
As the Asia Pacific region grapples with economic uncertainties and geopolitical risks, initiatives like TANGGapp offer a glimmer of hope for OFWs, who are a significant economic force for the Philippines through their remittances.
In summary, TANGGapp is not just a fintech startup; it’s a socially impactful venture aiming to make a tangible difference in the lives of millions of OFWs. With its recent funding, the startup is well-positioned to scale its operations and possibly extend its services to other countries with high numbers of OFWs, thereby amplifying its impact.
