The Web3 payments startup, Transak, has successfully raised $20 million in a Series A funding round led by CE Innovation Capital. The funding will support Transak’s global expansion efforts, focusing on building onboard solutions, financial applications, and Web3 games.
Co-founded by Sami Start and Yeshu Agarwal, Transak recognizes the need for Web3 developers to onboard users with fiat. Transak is a renowned global Web3 payment and onboarding platform that facilitates seamless transitions between traditional and crypto platforms.
The company simplifies the onboarding process and mitigates the complexities of KYCs, supporting over 160 cryptocurrencies across 75 blockchains.
The company is registered as a crypto asset firm with the Financial Conduct Authority (FCA) in the UK and is recognized as a virtual asset service provider (VASP) in Poland.
Transak aims to obtain additional licenses and expand its presence in regions like the Middle East, Southeast Asia, and other parts of the Asia Pacific.
Bingze Gu, Partner at CE Innovation Capital and lead investor in Transak, commended the company’s pioneering role in Web3 regulation. Transak’s services not only reduce barriers but actively reshape the Web3 landscape.
In the world of Web3, companies, and crypto players are seeking to transition Web2 users into the Web3 ecosystem. Transak’s payment and onboarding infrastructure simplifies the process of buying and selling crypto assets, making it more familiar for Web2 users. The platform takes care of KYC requirements, risk monitoring, compliance, payment methods, and customer support.
Transak’s product suite includes on-ramps and off-ramps for fiat-to-crypto conversions, a solution called Transak One for fiat-to-smart contract transactions, and a checkout option for converting fiat to non-fungible tokens (NFTs). The integration of Transak’s infrastructure enhances the user experience and facilitates the transition of more users into the Web3 world.
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