Australia-based AMMA Private Equity has led a $9m financing round in Finnish mobile payment app Tapp Commerce.
The company said it will use the new capital to expand its operations in Southeast Asia for users without a bank account or credit card.
Tapp’s new round brings the total amount invested in the company to $12.9m. It claims its consumer app, Tapp Market, allows people without bank accounts or credit cards to buy goods and services online via a network of sellers in emerging markets.
With the new capital, Tapp said it will strengthen and expands its operations in Indonesia, Philippines, Thailand and Vietnam, with an eye to also open up Myanmar by the end of 2016.
The new funds will also be used in consumer acquisition efforts and evolving Tapp platform services.
CEO Warren Sample said, “Tapp Commerce is building the next generation financial plumbing for emerging markets and transitioning that cash economy online.
“Tapp’s innovation comes from taking real world economics & commerce models (e.g. how people operate in the real world), removing the friction in transacting & mapping those into a digital format. This is where technology, business, and social responsibility intertwines with financial inclusion to form up the intersection economy.”
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