Transak, a web3 payment and onboarding infrastructure provider headquartered in London, specializes in facilitating smooth transitions between traditional finance and cryptocurrencies. In an exciting update, Transak has successfully raised $20 million in a Series A funding round.
Transak Has Raised $20 million in Series A funding round
Transak, an infrastructure provider for web3 payments and onboarding based in London, specializes in facilitating smooth transitions between traditional finance and cryptocurrency assets. In a recent development, Transak has successfully raised $20 million in a Series A funding round.
The investment round was led by CE Innovation Capital, a Chinese venture capital firm, and attracted participation from several prominent web3 investors. Notable investors include SBI Ven Capital, Sygnum, Azimut, Third Kind Venture Capital, UOB Venture Management, Signum Capital (investor in Sending Labs, Jambo, and Polymer Labs), Animoca Brands, Genting Ventures, Istari Ventures, No Limit Holdings, Woodstock Fund, IOSG Ventures, KX, Axelar, Tokentus, and The Lao.
The funding round also saw investments from esteemed figures and angel investors in the web3 space, such as Jan Hammer from Index Ventures, Charles Delingpole from ComplyAdvantage, and Sandeep Nailwal from Polygon.
At CEiC, we’re strategically invested in propelling the Web3 ecosystem forward. Transak stands at the forefront of this revolution, wielding their On & Off Ramp solution as a potent instrument to usher in the next billion Web3 users. Their recent initiatives, such as Transak One and the NFT checkout offerings, are not just lowering the barriers to entry into Web3 – they’re redefining them
Bingze Gu, Partner at CE Innovation Capital
Company, fueled by the recent funding round, plans to expand its global reach and strengthen the development of its onboarding solutions, with a specific emphasis on web3 games and financial applications. This infusion of funds will enable Transak to enhance its capabilities and cater to a wider audience in these targeted areas.
About Transak
Founded in 2019 by Sami Start and Yeshu Agarwal, Transak emerged in response to the critical need for a solution that would enable web3 developers to onboard users with fiat currency. In early 2020, the company introduced its On-Ramp solution, a platform designed to support user onboarding.
By integrating Transak into their web3 platforms, developers can provide users from over 150 countries with a streamlined method to buy or sell crypto assets, simplifying the complexities of user KYC, risk monitoring, compliance, payment methods, and customer support.
While the On-Ramp solution has achieved significant success and continuous improvement, the journey to web3 adoption still presents challenges that necessitate further innovation to attract mainstream users. With the goal of delivering a comprehensive solution that offers a web2-like onboarding experience for web3, the company expanded its product line in 2022. Notably, the company launched the Off-Ramp solution for crypto-to-fiat transactions, Transak One for fiat-to-smart-contract operations, and a dedicated fiat-to-NFT checkout solution.
Currently, the company has established itself as the go-to solution for many leading web3 applications in the industry, including MetaMask, Coinbase Wallet, Splinterlands, and AAVE.
To access more startup news: cryptodataspace.com
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