With the aim of providing Filipinos overseas with a channel to send money to families in the Philippines, Rebecca Kersch, the Filipina tech founder and team builder brings her team to the Philippines to develop a remittance app called TANGapp.
T-A-N-G stands for Transact and Go. TANGapp is derived from the Tagalog word tanggap or receive.
“At TANGapp, we believe that digital mobile payment services can improve for Filipinos,” Kersch said. “Whether they are one of the 4.5 million Filipinos working in the United States or the millions of unbanked in the Philippines, every Filipino deserves access to the ever-growing international digital economy.
Through TANGapp, families overseas can send money to the Philippines in minutes with the live exchange rate. Money transfers cost 3% for the sender, regardless of the amount. Receivers can then link their bank account or e-wallet directly to receive money into their account.
The live exchange rates feature, which is updated hourly, ensures that senders and recipients can make the most out of their remittances. Transfers, which can go as low as $10, are almost in real-time.
“Get full transparency on your transaction as there is no foreign exchange (FX) mark-ups or secret costs,” TANGapp said in a media advisory.
TANGapp also allows app users to transfer money from accounts outside the Philippines to their local bank accounts. The app enables users to buy load or top up their phones.
TANGapp said it has an average month-on-month growth rate of 35%, with over 40% being repeat users.
According to TANGapp, it raised $1.5 million in pre-seed funding from 17 angel investors in 2021 and is currently raising its $2.5 million seed round from Venture Capital Firms as well as angel investors.