Transak raises $20M for web3 payments

The startup Transak, which provides Web3 payments, has raised $20 million in a Series A funding round. The round was led by early-stage venture capital firm CE Innovation Capital. The company plans to use the new capital to continue expanding globally and to improve onboarding solutions, including those for Web3 games and financial applications, according to a press release given to CoinDesk.

Many in the crypto industry believe that it is important to bring Web2 users into Web3, and some see this transition as the pathway to the next billion Web3 users. However, Web3 faces a widespread problem with clunky user interfaces that don’t feel natural to many Web2 users. A growing number of infrastructure projects aim to solve this issue.

Transak believes that a Web3 platform can integrate its payment and onboarding infrastructure to make it easier for users to buy and sell crypto assets in a way that feels more natural for Web2 users. The company handles Know Your Customer (KYC) requirements, risk monitoring and compliance, payment methods and customer support. Its product suite includes the on- and off-ramps needed to bring fiat in and out of crypto, a fiat-to-smart contract solution called Transak One, and a fiat-to-non-fungible token (NFT) checkout.

Transak was founded in 2019 by CEO Sam Start and CTO Yeshu Agarwal. According to the company, it supports onboarding from over 150 countries to more than 160 cryptocurrencies across over 75 blockchains. Clients using Transak solutions include crypto wallets MetaMask and Blockchain Wallet, as well as the open-source liquidity protocol Aave.

Transak is registered as a crypto asset firm with the U.K.’s Financial Conduct Authority (FCA) and is recognized as a virtual asset service provider (VASP) in Poland. The company plans to pursue additional licenses and establish presences in other regions, with priority on the Middle East and the Asia-Pacific region.

Other backers in the round included SBI Ven Capital, Sygnum, Azimut, Third Kind Venture Capital, UOB Venture Management, Signum Capital, Animoca Brands, Genting Ventures, Istari Ventures, No Limit Holdings, Woodstock Fund, IOSG Ventures, KX, Axelar, Tokentus, and The Lao, among others.

Edited by Stephen Alpher.

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