Quick take:
- Transak has raised $20 million as part of a Series A round led by CE Innovation Capital.
- The fundraising also attracted participation from SBI Ven Capital, Sygnum, Azimut, and Third Kind Venture Capital, among others.
- The web3 payments solutions provider said it will use the funds to scale web3 payments and develop infrastructure solutions.
Transak has completed a $20 million fundraising as part of a Series A round led by CE Innovation Group. The web3 payments solutions provider said it will use the funds to scale web3 payments and onboard infrastructure solutions.
The fundraising also attracted participation from SBI Ven Capital, Sygnum, Azimut, and Third Kind Venture Capital, among others.
Transak is a fiat on-/off ramp infrastructure platform allowing users to buy and sell crypto in any app, website or web plugin. Users can buy and sell over 160 cryptocurrencies on more than 75 cryptocurrencies through cards, bank transfers and other payment methods. The platform is currently available in over 150 countries.
The company’s software developer kit (SDK) can be adapted to multiple platforms and languages. It also offers a modular and enterprise-grade white-label API allowing developers to customise the user flow.
In March, Transak announced a partnership with leading Ethereum scaling solution Polygon to help onboard new users on the company’s zero-knowledge proof-based scaling protocol zkEVM.
At the time, Sami Start, CEO and founder of Transak highlighted the importance of Ethereum’s new solution and its ability to support infinite scalability as a key step to onboarding masses onto web3.
In April, the company also collaborated with DeFi-focused Layer 1 blockchain, Injective to enable fiat on-ramps into the Injective ecosystem. The partnership allows Injective community members to easily onboard into the Injective ecosystem by purchasing $INJ with fiat currencies from 150+ currencies.
Earlier this month, Transak also announced a partnership with Sui Network, the layer 1 blockchain founded by ex-Meta employees, enabling developers to onboard users from 150 countries through fiat on-ramps.
According to the company’s press statement on the latest funding, Transak will use the fresh capital to continue expanding its ecosystem, which signals more partnerships with leading blockchains.
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