London-based web3 payment and onboarding infrastructure provider Transak has raised $20 million in a Series A round led by Chinese VC, CE Innovation Capital.
The round was joined by SBI Ven Capital, Sygnum, Azimut, Third Kind Venture Capital, UOB Venture Management, Signum Capital, Jambo and Polymer Labs, Animoca Brands, Genting Ventures, Istari Ventures, No Limit Holdings, Woodstock Fund, IOSG Ventures, KX, Axelar, Tokentus, and The Lao.
Angel investors Jan Hammer of Index Ventures, Charles Delingpole of ComplyAdvantage, and Sandeep Nailwal of Polygon also participated in the round.
With the new funding, Transak will expand its global reach and strengthen the development of its onboarding solutions, with a particular focus on web3 games and financial applications.
“At CEiC, we’re strategically invested in propelling the Web3 ecosystem forward. Transak stands at the forefront of this revolution, wielding its On & Off Ramp solution as a potent instrument to usher in the next billion Web3 users. Its 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, said in a statement.
Transak was founded in 2019 by Sami Start and Yeshu Agarwal to address a pressing need for fiat on-ramp solutions for web3 developers to onboard web2 users. The company launched its on-ramp solution in 2020, enabling web3 platforms to onboard users by allowing them to buy and sell crypto from over 150 countries.
In January 2022, Transak celebrated an all-time high of $71 million in volume and hit a record of $3.3 million in organic transaction volume in one day. That year, the company expanded its product offerings with the introduction of an off-ramp solution for crypto-to-fiat transactions, Transak One for fiat-to-protocol onboarding, and a dedicated NFT checkout solution that allows users to purchase NFTs with fiat.
Transak now supports over 100 web3 platforms. Notable ones include Metamask, MobileCoin, Anchor Protocol, Decentraland, Moonbeam, Terra Station, Trust Wallet, Maiar, Zed, 1INCH, Cake DeFi, Beefy Finance, Splinterlands, Ledger Wallet and Bitcoin.com.
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