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South Africa, Fintech
Tpaga is a mobile wallet for unbanked consumers in Latin America. Over 300 million people in Latam do not have access to credit cards nor bank accounts, but they do have a cellphone. Tpaga is enabling consumers to receive and spend money through their cellphone, and allowing businesses to sell to unbanked individuals. Tpaga was born within a really successful startup, Tappsi (Largest taxi app in north Latam), as they needed to find a way to allow their passengers to pay the ride through the app (like Stripe) and also pay taxi drivers their share of the ride. These drivers were unbanked, so there was no way to pay them by depositing this money into a bank account. Tpaga´s vision is to empower taxi drivers, cleaning ladies, truck drivers, delivery boys, door-to-door catalog sales reps, and pretty much everybody in the “informal economy” so they can receive money online, and for the first time in their lives have the advantages of basic financial inclusion (pay bills, buy online, etc).
Juan and Andrés are Endeavor entrepreneurs, were selected at Y Combinator´s Summer 2017 batch (only 5 Colombian companies have been selected by YC in their history), and have raised over US$3 million in seed funding from a few of the most important Fintech VC´s in the world
About Tappsi: Listed by Fast Company as one of the “World’s Most Innovative Companies” in 2015, Tappsi is Colombia’s most downloaded taxi app, servicing 1.5 times more rides than its closest competitor, including Uber. Passengers can freely download the app to request a ride from carefully screened taxi drivers, who pay a small monthly fee to access up to 30% more passengers. In a country notorious for its “paseo millonario” (“millionaire rides”) in which cab drivers pick up accomplices to rob and kidnap wealthy passengers, Tappsi has earned a reputation for safety and convenience through market-specific tactics, regulation-friendly practices, and first-of-its-kind platform innovations and features.
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