Tap Global Group plc, a digital finance platform, has partnered with Moorwand, a UK FCA-regulated Electronic Money Institution (EMI).
The collaboration allows Tap to integrate Moorwand’s Banking-as-a-Service (BaaS) platform, enabling it to offer customers GBP accounts with Sort Codes and Account Numbers, as well as EUR accounts with individual International Bank Account Numbers (IBANs). This partnership is crucial for the company’s vision of launching a fintech superapp that connects traditional fiat financial systems with the digital asset economy.
Enhanced Platform Capabilities
The integration will eliminate the reliance on external bank accounts for funding, providing Tap’s users with dedicated IBANs and account numbers to receive peer payments and fund their accounts independently. This places Tap at the center of users’ financial activities, enhancing engagement and increasing assets under management.
Another advantage is improved payment infrastructure, which facilitates faster transactions and single euro payments. By enabling quicker deposits and withdrawals without external bank assistance, Tap aims to boost user trust, reduce friction, increase transaction volume, and enhance platform reliability.
This partnership marks a significant step in Tap’s strategy to unlock direct third-party payments. The feature will be phased out for select customers before a full launch, supporting users in receiving salary and other payments directly into their Tap account.
As a UK-based crypto-native fintech company, Tap aims to bridge the gap between everyday earnings and the digital asset economy. This new capability ensures that user funds flow through Tap from the outset, positioning it as the primary financial account for a new generation of users. This will drive an upward cycle of increased assets on the platform, deeper engagement, and enhanced customer loyalty.
The partnership significantly upgrades Tap’s product from a specialized crypto application to a full-fledged financial account, accelerating its journey towards becoming a holistic digital banking alternative. Moorwand provides the regulated infrastructure essential for Tap’s growth in this direction.
