TapTap Send vs. Lemfi: Comparing Two of the Most Competitive International Money Transfer Providers
TapTap Send and Lemfi are two prominent players in the international money transfer market, particularly in Africa. Our snapshot of the rates when this analysis was done highlights trends that have been consistent over an extended period. With our extensive historical data, updated multiple times daily, we provide a detailed comparative analysis of these two providers.
TL;DR:
- Lemfi has a slight edge in Africa-specific transfers, but TapTapSend offers broader service coverage.
- Both companies are well-funded and regulated, enjoying high customer ratings.
- Ultimately, the choice depends on specific user needs, such as corridor availability and rate competitiveness.
Market Reach and Service Coverage
TapTap Send offers extensive service coverage, facilitating remittances from regions including the UK, EU, US, Canada, and UAE to countries in Africa, Asia, and the Caribbean. Established in 2018, TTS operates in some 20 recipient countries, aiding financial inclusion in some of the world's poorest or least developed regions. Lemfi, founded in 2020, focuses on facilitating money movement for Africans in North America and Europe. Operating in Canada and expanding to the UK and the US, Lemfi plans to serve over 10 African countries and Europe.
Comparative Data Analysis
The table below compares the transfer rates and fees between TapTap Send and Lemfi across various corridors on a random day. The highlighted figures showcase Lemfi's slight yet significant lead in Africa-specific transfers. This is representative of the general pattern.
| Fee | Rate | Receives | Corridor | Receives | Rate | Fee |
|---|---|---|---|---|---|---|
| £0.00 | XOF785.00 | XOF353,250 | GBP - XOF | XOF342,000 | XOF760.00 | £0.00 |
| £0.00 | XOF785.00 | XOF353,250 | GBP - XOF | XOF343,800 | XOF764.00 | £0.00 |
| £0.00 | XAF785.00 | XAF353,250 | GBP - XAF | XAF351,000 | XAF780.00 | £0.00 |
| £0.00 | GH₵19.90 | GH₵8,955.00 | GBP - GHS | Does not serve this corridor. | ||
| £0.00 | KSh169.00 | KSh76,050 | GBP - KES | KSh75,712 | KSh168.25 | £0.00 |
| £0.00 | ₦2,016.00 | ₦907,200 | GBP - NGN | ₦904,500 | ₦2,010.00 | £0.00 |
| £0.00 | $1.25 | $561.60 | GBP - USD | Does not serve this corridor. | ||
| £0.00 | FRw1,630.00 | FRw733,500 | GBP - RWF | Does not serve this corridor. | ||
| £0.00 | XOF785.00 | XOF353,250 | GBP - XOF | XOF343,800 | XOF764.00 | £0.00 |
| £0.00 | TSh3,621.00 | TSh1,629,450 | GBP - TZS | TSh1,597,500 | TSh3,550.00 | £0.00 |
| £0.00 | USh4,775.00 | USh2,148,750 | GBP - UGX | USh2,092,500 | USh4,650.00 | £0.00 |
| £0.00 | XOF620.00 | XOF279,000 | USD - XOF | XOF266,850 | XOF593.00 | £0.00 |
| £0.00 | XOF620.00 | XOF279,000 | USD - XOF | XOF267,750 | XOF595.00 | £0.00 |
| £0.00 | XAF620.00 | XAF279,000 | USD - XAF | XAF279,000 | XAF620.00 | £0.00 |
| £0.00 | GH₵15.35 | GH₵6,907.50 | USD - GHS | Does not serve this corridor. | ||
| £0.00 | ₹84.05 | ₹37,822 | USD - INR | ₹37,350 | ₹83.00 | £0.00 |
| £0.00 | KSh130.50 | KSh58,725 | USD - KES | KSh58,950 | KSh131.00 | £0.00 |
| £0.00 | ₦1,560.00 | ₦702,000 | USD - NGN | ₦699,300 | ₦1,554.00 | £0.00 |
| £0.00 | $1.00 | $450.00 | USD - USD | Does not serve this corridor. | ||
| £0.00 | FRw1,280.00 | FRw576,000 | USD - RWF | Does not serve this corridor. | ||
| £0.00 | XOF620.00 | XOF279,000 | USD - XOF | XOF270,000 | XOF600.00 | £0.00 |
| £0.00 | TSh2,800.00 | TSh1,260,000 | USD - TZS | TSh1,237,500 | TSh2,750.00 | £0.00 |
| £0.00 | USh3,721.00 | USh1,674,450 | USD - UGX | USh1,633,500 | USh3,630.00 | £0.00 |
Funding and Customer Reviews
Both Lemfi and TapTap Send are well-funded and regulated companies. Lemfi raised $33 million in its Series A funding round in 2023, with notable investors including Left Lane, Y-Combinator, and Global Founders Capital. TapTap Send, on the other hand, raised $65 million in its Series B funding round in 2021, with investors like Unbound, Reid Hoffman, and Canaan Partners. Lemfi is registered with the Financial Conduct Authority (FCA) in the UK, and with the Financial Transactions and Report Analysis Centre of Canada, while TapTapSend is authorized by the Financial Conduct Authority in the UK and licensed in the US, Canada, and Dubai.
Both companies enjoy high customer ratings. TapTap Send slightly leads on Trustpilot with a 4.6/5 rating compared to Lemfi’s 3.9/5. On mobile platforms, Lemfi enjoys higher ratings, with 4.8/5 on the Apple AppStore and 4.7/5 on Google Play Store, compared to TapTapSend’s 4.7/5 and 4.8/5, respectively.
Conclusion
Emerging money transfer services like Lemfi and TapTap Send are transforming the remittance landscape, especially in regions with high transfer costs like Africa. While Lemfi leads in Africa-specific transfers by a narrow margin, TapTap Send’s extensive coverage and robust service offerings make it a strong contender. Ultimately, the choice between these providers will depend on specific user needs, such as corridor availability and rate competitiveness.