Juni 1, 2023

Web3 Payments Provider Transak Raises $20M in Series A Round

Von admin

• Transak, a web3 payments provider, announced it raised $20 million in a Series A round of funding.
• The round was led by CE Innovation Capital and also attracted investments from SBI Ven Capital, Sygnum, and Woodstock Fund among other investors.
• Transak plans to use the funds to further development of onboarding solutions for Web3 and crypto.

Web3 payments provider Transak raises $20M in Series A round

Transak announced it raised $20 million in a series A round led by CE Innovation Capital. The startup also attracted investments from SBI Ven Capital, Sygnum, and Woodstock Fund among other investors. An FCA-registered startup, Transak plans to use the funds to further development of onboarding solutions for Web3 and crypto.

Participating Investors

The round also attracted participation from leading crypto and Web3-focused investors, including Animoca Brands, SBI Ven Capital, Sygnum, Zilliqa Capital, Woodstock Fund, and IOSG Ventures. Angel investors included Jan Hammer of Index Ventures, Sandeep Nailwal of Polygon and Charles Delingpole of ComplyAdvantage.

Funds Usage

Transak plans to use the capital injection to offer more end-to-end onboarding solutions. Bingze Gu, partner at CE Innovation Capital commented: “At CEiC we’re strategically invested in propelling the Web3 ecosystem forward…They’re redefining them.“

FCA Registration

Transak 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 .

Conclusion
The platform has secured $20 million in a series A funding round that will be used to develop more end-to-end onboarding solutions for web3 projects while being regulated by Financial Conduct Authority (FCA).