Web3 payment platform Transak has raised $20 million in a Series A funding round led by CE Innovation Capital. Other investors 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.
Transak is a global web3 payment and onboarding platform that enables transitions between traditional finance and crypto assets. The company says it “abstracts away” the complexity of onboarding and risk mitigation of KYC. Transak reports that it supports 160+ cryptocurrencies across 75 blockchains.
Co-founded by Sami Start (CEO) and Yeshu Agarwal (CTO), the two identified a need for Web3 developers to onboard users with fiat. Founded in 2019, today, the company claims to be the “go-to solution” for applications like MetaMask, Coinbase, and more.
Transak is registered in the UK as a crypto firm and has a VASP (virtual asset service provider) license in Poland. The company plans to pursue additional licenses and establish presences in other regions, including the Middle East and Southeast Asia, along with the Pacific Asian regions.
Lead investor Bingze Gu, Partner at CE Innovation Capital, said that Transak stands at the forefront of the Web3 regulation, claiming their services are not just lowering barriers to Web3 but “redefining them.”