Ireland-based Trustap, a marketplace transaction platform, has secured $5.5 million in funding. The investment round was led by TX Ventures, a fintech venture capital fund focusing on Europe. Co-investors in the round include new investors SeedX, Partners Resolute, Aperture, and existing shareholders MiddleGame Ventures, which backed One Trading and &Open, ACT VC, Atlantic Bridge, and FurthrVC.
As per the company, it will invest in its platform to ensure it makes the most of the recent partnerships. Also, the company plans to add further product features to cater to the wide range of use cases it deals with across C2C and B2B marketplaces.
Krzysztof Bialkowski, Managing Partner of TX Ventures said: “Our view is that within the near-mid term, marketplaces will have to offer trusted payment solutions otherwise they will miss out on new business. Trustap, by providing escrow-like payment options and by lifting the operational burden off the shoulders of marketplaces, offers just that. The product is immensely scalable which is proven by the global presence of clients and the numerous categories Trustap facilitates among buyers and sellers.”
What does Trustap do?
Founded in 2016 by Conor Lyden in Ireland, Trustap enables marketplaces to run their transactions from end-to-end by becoming the merchant of record and managing payments, logistics, and customer support on their behalf. This approach increasing margins and overall revenues.
One of the key features is escrow-style payment, which helps buyers and sellers transact in full trust on the platforms. Powered by Stripe’s secure payment technology, Trustap secures the buyer’s money in a safe hold account until all the transaction milestones are met and the complaints period elapses. The money is then instantly released to the seller.
Customers and partnerships
Some of Trustap’s customers to date include market-leading platforms in Europe, the US & Asia including Mudah in Malaysia, Preloved in the UK, and Student Seats in the US. The company has partnerships in 27 countries in total and the products bought and sold on these marketplaces vary from smaller value items like electronics and tickets, all the way up to larger value items like vehicles and luxury goods.
In the past week, the company closed a multi-market deal with a clothing marketplace that adds another 5 countries from Central Eastern Europe to the tally.
“We have ambitious plans to become the market leader in trusted transactions worldwide, ensuring all users on Trustap-powered marketplaces can transact safely & efficiently. Our initial focus is on continuing to partner with the marketplaces that have the biggest market share in our supported geographies whilst aiming to cater for the longer tail of the market in the medium term” added Conor Lyden, founder and CEO at Trustap.
What do we think about Trustap?
The company provides safe payment solutions for marketplaces, enhancing trust and efficiency. Trustap’s platform manages payments, logistics, and customer support, increasing margins and revenues. With global partnerships and a scalable product, the company aims to become a market leader in trusted transactions.
