“It’s quite easy to say remittances are crowded, but you could have said that for social networking or videoconferencing before TikTok or Zoom came along,” said Michael Faye, the CEO who co-founded the company with Paul Niehaus. “Remittances are a deceptively simple product on the surface, with an exceedingly complicated execution under the hood. There are 1,000 parts to get right and when you do you can deliver more value to users via price, speed and reliability.” He notes that a lot of the remittance services have been less than reliable, another area to improve for those looking to be more competitive.

https://techcrunch.com/2021/12/20/taptap-send-raises-65m-to-build-cross-border-remittances-focused-on-the-most-underserved-markets/#:~:text=In%20one%20development%20of%20that,to%20the%20most%20overlooked%20countries.