Transak, a web3 payments startup, raised $20M in Series A funding

Investors are showing interest in web3 crypto startups, despite the current macroeconomic climate. On May 30th, Transak, a web3 payments startup, announced that it had raised $20 million in a Series A funding round, led by CE Innovation Capital, an early-stage venture capital firm. This new capital will be used to continue the company’s global expansion, creating onboarding solutions, financial applications, and web3 games. Transak is a global platform that facilitates seamless transitions between traditional and crypto platforms, specializing in simplifying onboarding and risk mitigation of KYCs. The company supports over 160 cryptocurrencies across 75 blockchains and is registered as a crypto asset company with the Financial Conduct Authority (FCA) in the UK and a virtual asset service provider (VASP) in Poland. Transak is also seeking to establish its presence in other regions, such as Southeast Asia and the Middle East.

Bingze Gu, Partner at CE Innovation Capital and the lead investor in Transak, stated that Transak is a pioneer in Web3 regulation. He emphasized that their services go beyond reducing barriers and are actively reshaping the landscape of Web3.

Transak Onboarding More Users into Web3

As the Web3 world continues to make strong progress, several companies and crypto players are now looking to shift their Web2 users into Web3. However, the Web3 world of today needs to evolve further as it faces the challenges of clunky user interfaces that don’t feel organic to several Web2 users. A large number of infrastructure projects in the Web3 space are looking to correct this user experience problem.

Transak’s payment and onboarding infrastructure simplifies the process of buying and selling crypto assets and creates a more familiar experience for Web2 users. It takes care of Know Your Customer (KYC) requirements, risk monitoring, compliance, payment methods, and customer support. The product suite includes on-ramps and off-ramps for converting fiat currency to and from cryptocurrencies, a solution called Transak One for fiat-to-smart contract transactions, and a checkout option for converting fiat to non-fungible tokens (NFTs).

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