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Transak picks up $20M for its web3 payments and onboarding platform

Transak team
Photo credits: Transak

A London-based web3 payment and onboarding infrastructure provider, Transak facilitates seamless transitions between traditional finance and crypto assets. In a recent development, Transak has picked up $20 million in a Series A funding round.

The investment round was led by CE Innovation Capital, a Chinese VC, and saw participation from many prominent web3 investors, including SBI Ven Capital, Sygnum, Azimut, Third Kind Venture Capital, UOB Venture Management, Signum Capital that invested in Sending Labs, Jambo and Polymer Labs, Animoca Brands, Genting Ventures, Istari Ventures, No Limit Holdings, Woodstock Fund, IOSG Ventures, KX, Axelar, Tokentus, and The Lao.

Also, the round 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.

“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.

With the current fundraise, Transak will enhance its global coverage and fortify the development of its onboarding solutions, with a particular focus on web3 games and financial applications.

Simplifies onboarding using web3

Sami Start and Yeshu Agarwal founded Transak in 2019 as they identified a pressing need for a solution that would enable web3 developers to onboard users with fiat.

In early 2020, the company launched its On-Ramp solution, a platform supporting onboarding. 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 it abstracts away the complexity of user KYC, risk monitoring, compliance, payment methods and customer support.

While the 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 expanded its product line in 2022.

Apparently, the company launched Off-Ramp solution for crypto-to-fiat transactions, Transak One for fiat-to-smart-contract operations, and a dedicated fiat-to-NFT checkout solution.

Currently, Transak is the go-to solution for many of the industry’s leading web3 applications, like MetaMask, Coinbase Wallet, Splinterlands, and AAVE.

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