Transak raises $20M in Series A for Web3 payments

  • Transak announced that it has raised $20 million in a series A funding round led by CE Innovation Capital.
  • Other investors who participated in the funding round included SBI Ven Capital, Sygnum, and Woodstock Fund, among others.
  • As an FCA-registered startup, Transak plans to use the funds to further develop onboarding solutions for Web3 and crypto.

Although venture capital funding for crypto projects slowed down in late 2022 and early this year, the industry still attracts notable investments as the industry’s sentiment improves. This is evident in the latest Series A funding round for Transak, a crypto payments startup.

Transak Secures $20 Million Series A Round

According to an announcement published by the firm on Tuesday, the platform secured $20 million in a funding round led by CE Innovation Capital, a venture fund that invests in FinTech startups worldwide.

Other leading crypto and Web3-focused investors who participated in the funding round include Animoca Brands, SBI Ven Capital, Sygnum, Zilliqa Capital, Woodstock Fund, and IOSG Ventures. Angel investors who also participated include Jan Hammer of Index Ventures, Sandeep Nailwal of Polygon, and Charles Delingpole of ComplyAdvantage.

Transak, which supports onboarding efforts for MetaMask, blockchain Wallet, and AAVE, among others, plans to use the capital injection to offer more end-to-end onboarding solutions.

CE Innovation Capital’s partner, Bingze Gu, commented on the funding round:

“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.”

The platform is registered with the UK’s Financial Conduct Authority (FCA) and is recognised as a VASP in Poland. According to details on its website, Transak’s operations support over 160 cryptocurrencies across more than 75 blockchain networks, including Ethereum, BNB Smart Chain, Polygon, Solana, and Ziliqa.

The startup also supports 28 local payment methods, including SEPA, Faster Payments, VISA, AstroPay, Cash App, Apple Pay, and Google Pay.