Transak, a crypto payment startup, announced that it has raised $20 million in Series A funding led by CE Innovation Capital, a venture fund that invests globally in FinTech startups. Other investors include SBI Ven Capital, Sygnum, Zilliqa Capital, Woodstock Fund, IOSG Ventures, Index Ventures, Sandeep Nailwal, Polygon, Charles Delingpole, and ComplyAdvantage.
The funds will be used to develop onboarding solutions for Web3 crypto and Web3. The venture capital funding of crypto projects has slowed down in 2022, but as sentiment improves in the industry, there are still notable investments in the ecosystem.
Transak is supported by a tool called MetaMask, and Coinbase Wallet, AAVE, and others plan to use this capital injection to offer a wider range of end-to-end solutions for onboarding. Transak is registered with the UK’s Financial Conduct Authority and is recognised in the US as an FCA.
The platform supports over 160 cryptocurrencies across more than 75 blockchain networks including Ethereum, BNB Smart Chain, Polygon, Solana, and Ziliqa. Transak also supports 28 local payment options, including SEPA, Faster Payments, VISA, Pay, Cash App, Apple Pay, and Google Pay.
Bingze Gu, partner at CE Innovation Capital, commented: “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.”