MIAMI, 30 MAY 2023 – Transak, a leading web3 payments and onboarding infrastructure provider, today announced the raise of $20M as part of its Series A funding round. The round was led by CE Innovation Capital and saw participation from many prominent web3 investors including 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.

How it Started?

Back in 2019, the two co-founders of Transak, Sami Start (CEO) and Yeshu Agarwal (CTO) identified a pressing need for a solution that would enable web3 developers to onboard users with fiat. Responding to this demand, in the February of 2020, Transak’s On-Ramp solution was launched. Today, this innovative platform supports onboarding from over 150 countries to more than 160 cryptocurrencies across a spectrum of 75+ blockchains. As of May 2023, Transak is the go-to solution for many of the industry’s leading web3 applications, like MetaMask, Coinbase Wallet, Splinterlands, and AAVE.

How Transak aims to solve web3 onboarding end-to-end?

While Transak’s On-Ramp solution has seen significant success and evolution, the pathway to web3 remains fraught with challenges, demanding further innovation to entice mainstream users. With the aim to deliver an end-to-end solution that brings web2-like onboarding experience to web3, Transak has expanded its product line in 2022.

This expansion included the introduction of an Off-Ramp solution for crypto-to-fiat transactions, Transak One for fiat-to-smart-contract operations, and a dedicated fiat-to-NFT checkout solution. With the current fundraise, Transak is actively enhancing its global coverage and fortifying the development of its onboarding solutions, with a particular focus on web3 games and financial applications.

Global Compliance Focus

Registered as a crypto asset firm with UK’s FCA and recognised as a VASP in Poland, Transak remains steadfast in its commitment to the ever-changing web3 related compliance landscape. With a view to ensuring that web3 initiatives can maintain their focus on innovation and development, Transak is poised to navigate the complexities of regional regulatory changes on their behalf. This involves plans to secure additional licenses and establish presences in strategically significant regions, including the Middle East and Southeast Asia, along with the Pacific Asian regions.

Funding Round

Despite challenging market conditions, Transak has shown remarkable resilience, raising $20M in its Series A round. This achievement is a testament to the strength of Transak’s business model and the robustness of its onboarding solutions.

“At CEiC, we’re strategically invested in propelling the Web3 ecosystem forward. Transak stands at the forefront of this revolution, wielding their On & Off Ramp solution as a potent instrument to usher in the next billion Web3 users. Their 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.” said Bingze Gu, Partner at CE Innovation Capital, the lead investor in Transak’s Series A.

The current round also saw investments from many leading web3 figures and angel investors like Jan Hammer of Index Ventures, Charles Delingpole of ComplyAdvantage and Sandeep Nailwal of Polygon.

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About Transak

Transak is a global web3 payment and onboarding infrastructure provider, facilitating seamless transitions between traditional finance and crypto assets.

Web3 platforms using Transak can embed the best way to onboard users by enabling them to buy or sell crypto assets from 150+ countries, as Transak abstracts away the complexity of user KYC, risk monitoring, compliance, payment methods and customer support.

Transak’s product suite includes robust fiat-to-crypto services (On/Off-Ramps), a fiat-to-smart-contract solution (Transak One), and a fiat-to-NFT checkout solution. As a regulated, non-custodial payments layer, Transak supports onboarding to 160+ crypto assets across 75+ blockchains. Trusted by over 350+ applications, including MetaMask and Coinbase Wallet, Transak is making web3 applications more accessible.

For more information, visit transak.com or follow us on twitter.com/transak