Tap

Private Markets Secondary Trading Infrastructureusetap.com

Tap is a New York-based market infrastructure platform for the LP secondaries market, combining a vertically integrated transaction platform (data room, bidding, settlement, analytics), proprietary market data, and sell-side advisory services to serve institutional investors, GPs, and secondaries funds globally.

Company typePrivate
Founded2019
HeadquartersNew York, United States
Headcount11–50
GTM typeB2B
OfferingSoftware

What Tap does

Tap (Tap Technologies Inc.) is a New York-based market infrastructure provider for the LP secondaries market, founded in 2019 and operating as a private, venture-backed company with 11-50 employees. The company combines a vertically integrated transaction platform with proprietary market data and a sell-side advisory practice, targeting Limited Partners, General Partners, specialized secondaries funds, wealth managers, private capital advisors, and law firms. Its core platform comprises four modules: a multi-party Data Room, a real-time Bidding system that manages multi-party multi-round processes, a Settlement & Transfer solution with compliance and money-movement monitoring, and Transaction Analytics that uses AI to extract fundamental fund and company-level data (including GP marks and capital structures). Complementing the platform are standalone data products (Real-Time Valuations, Data Feed, Portfolio Data) and an advisory service covering fund sales, structured sales, NAV lending, and GP stake liquidity.

Tap monetizes through transaction fees on secondary trades executed via its platform and through advisory fees on sell-side mandates, with securities distribution handled through a partnership with Finalis Securities LLC, a registered FINRA/SIPC broker-dealer. Distribution combines a self-serve digital platform (app.usetap.com) with a direct institutional sales motion, reaching a self-reported global investor network of $500B in AUM that includes Hamilton Lane, Lexington, Ardian, Pantheon, Blackstone, Coller Capital, Goldman Sachs, Ares, BlackRock, J.P. Morgan, Bloomberg, and State Street. As of Q1 2024, the team reports 250+ completed transactions and $10B+ in total transaction volume (including transactions directly advised at prior firms), positioning Tap as a growing infrastructure layer in the private-markets liquidity stack.

Tap firmographics

Firmographics

Name: Tap
Legal name: Tap Technologies Inc.
Website: https://usetap.com
Company type: Private
Founded year: 2019
Operating status: Operating
Headcount range: 11–50 employees
Short description: Tap is a New York-based market infrastructure platform for the LP secondaries market, combining a vertically integrated transaction platform (data room, bidding, settlement, analytics), proprietary market data, and sell-side advisory services to serve institutional investors, GPs, and secondaries funds globally.
Ownership category
akta.pro rank

Tap industry classification

Industry

Product category: Private Markets Secondary Trading Infrastructure
NAICS: Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)
SIC: Investment Advice (6282)
akta.pro primary industry: LP Secondaries — Buyout Funds (FSAHALAA)
akta.pro secondary industries: LP Secondaries — Growth Equity Funds (FSAHALAC), GP-led Secondaries — Fund Restructurings / Tender Offers / Recaps (FSAHALAK), Tender Offers & Liquidity Solutions (LP & GP-led) (FSANAFAE), Secondaries Fundraising & Liquidity Intermediation (LP Stakes/GP-led) (FSAEALAG)

Keywords

LP secondaries platform
Private market infrastructure
Fund secondary transactions
Private fund valuations
Secondaries advisory services

Where Tap is headquartered

Location

Headquarters

HQ city: New York
HQ country: United States
HQ region: North America

Offices1 record

Markets served

Tap business model

Business model

GTM type: B2B
Offering type: Software
Cost components: Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

Transaction-based fees: Tap generates revenue through transaction fees associated with secondary market trades executed on its platform. The company acts as market infrastructure provider facilitating LP secondaries transactions.
Advisory services: Sell-side advisory services provided to institutions seeking liquidity solutions. Tap serves as a trusted advisor for institutions with various needs including fund sales, structured sales, NAV lending, and GP stake liquidity.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels1 record

Tap product offering

Product offering

Core offering

Tap provides market infrastructure for the LP secondaries market, enabling institutional investors to value and transact private fund interests. The offering combines a transaction execution platform (Data Room, Bidding, Settlement & Transfer, Transaction Analytics) with proprietary market data products (Real-Time Valuations, Data Feed, Portfolio Data) and sell-side advisory services covering fund sales, structured sales, NAV lending, and GP stake liquidity.

Product overview

Tap is a market infrastructure platform for the LP secondaries market, offering a unified platform with integrated transaction infrastructure and data products. The core platform modules include Data Room, Bidding, Settlement & Transfer, and Transaction Analytics, supported by data products for Real-Time Valuations, Data Feed, and Portfolio Data. Advisory services complement the platform for institutions seeking liquidity solutions. The platform serves Limited Partners, General Partners, Secondary Funds, Wealth Managers, Private Capital Advisors, and Law Firms through transaction types including Fund Sales, Structured Sales, NAV Lending, and GP Stake Liquidity.

Differentiator

Problem solved

Functional benefit

Brands

TAP Invest: Multi-asset investing platform enabling access to stocks, digital assets, precious metals, and multi-asset strategies.
TAP Wallet
TAP Registry

Products and services

Data Room

Quantifiable outcome

250+ completed transactions
+1 more outcomes

Companies that use Tap

Customer profile

Named customers12 records

Segments6 records

Ideal customer profiles3 records

Tap technology and API

Technology

Technology focussed Yes

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature7 records

Tap partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

Finalis Securities LLCcoreChannel Partner/ Reseller/ DistributorTap offers securities through Finalis Securities LLC, a registered broker-dealer and member of FINRA/SIPC. The Office of Supervisory Jurisdiction is located at 450 Lexington Ave, New York, NY 10017, +1 800-962-0418. Tap is not a registered broker-dealer, and Finalis Securities LLC and Tap are separate, unaffiliated entities.

Scale indicators3 records

Recent moves5 records

Expansion highlights3 records

Tap competitors and assessment

Company assessment

Direct peers

Forge Global: Forge operates a private company secondary trading platform and market for shares of late-stage private companies. It is directly comparable to Tap as a digital market infrastructure provider for secondaries, though Forge focuses on company-level shares while Tap focuses on LP fund interest secondaries.
Nasdaq Private Market: Nasdaq Private Market provides technology and services for liquidity solutions in private company shares and fund interests, including secondaries programs for issuers and investors. It directly competes with Tap in providing secondary market infrastructure, data, and transfer/settlement capabilities for institutional participants.
Hiive: Hiive (formerly Equidate) runs a private market secondary trading platform for company shares and fund interests, with bidding mechanisms and verified buyer/seller networks. Comparable to Tap as a technology-enabled secondary marketplace serving institutional and accredited participants.
EquityZen: EquityZen operates a secondary marketplace for pre-IPO company shares, facilitating transactions between investors and shareholders. It is comparable to Tap as a digital infrastructure provider for private market secondary transactions, though primarily company-level rather than LP fund-level.
Liquidity.io (Republic): Liquidity.io (acquired by Republic) operates a private company secondary marketplace for accredited investors, with bidding and transaction infrastructure. It is comparable to Tap as a digital secondary market venue for private market interests, though focused on company shares.

Broad incumbents

Carta: Carta is a broad private market infrastructure platform offering cap table management, fund administration, and secondary trading/liquidity services. It overlaps with Tap in the secondaries and LP-facing workflow but is a much larger, multi-product incumbent with adjacent services.
iCapital Network: iCapital is a large fintech platform providing institutional and wealth-manager access to private market investments, including secondary transaction support. Comparable to Tap as a private-markets platform serving wealth managers and institutional investors, but at much larger scale and broader scope.
Hamilton Lane: Hamilton Lane is a major private markets investment manager with deep secondaries capabilities (both LP secondaries and GP-led). Comparable to Tap as a Tap customer and as a much larger incumbent that itself operates in the LP secondaries market Tap serves, representing both a partner and a potential competitor.
Blackstone (Private Markets): Blackstone operates large-scale private equity, credit, and secondaries businesses (including Blackstone Strategic Capital) and is both a Tap customer and an incumbent in the broader secondaries ecosystem. Comparable as a major institutional counterparty in the same market Tap serves.

Emerging players

Moonfare: Moonfare is a digital private equity platform enabling wealth managers and individuals to access and transact private equity fund interests. Comparable to Tap in serving wealth managers seeking private market exposure through secondary channels, though more weighted toward primary fund access.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Tap financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Tap leadership team

Management profile

Number of profiles

Profiles1 record

Tap funding detail

Funding detail

Funding overview

Funding rounds1 record

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Tap M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tap

What does Tap do?

Is Tap a public or private company?

Tap is a private company. It is classified as venture growth investor backed and is currently operating.

When was Tap founded?

Tap was founded in 2019. It employs 11 to 50 people.

Where is Tap based?

Tap is headquartered in New York, United States, in the North America region.

How does Tap make money?

Two revenue lines are on record. Transaction-based fees are the primary driver. The others are advisory services.

Who are Tap's main competitors?

Direct peers on record are Forge Global, Nasdaq Private Market, Hiive, EquityZen and Liquidity.io (Republic). Broad incumbents are Carta, iCapital Network, Hamilton Lane and Blackstone (Private Markets). Moonfare is listed as an emerging player.

Does Tap have an API?

No public API is recorded for Tap.

What industry is Tap in?

Tap's product category is Private Markets Secondary Trading Infrastructure. Its primary akta.pro industry code is FSAHALAA, LP Secondaries — Buyout Funds, with a secondary code of FSAHALAC, LP Secondaries — Growth Equity Funds. Its NAICS code is 523940 and its SIC code is 6282.