Transak, a web3 payment platform, has successfully raised $20 million in a Series A funding round, with CE Innovation Capital leading the investment. Other notable investors in the round include SBI Ven Capital, Sygnum, Azimut, Third Kind Venture Capital, UOB Venture Management, Signum Capital, Animoca Brands, Genting Ventures, Istari Ventures, No Limit Holdings, Woodstock Fund, IOSG Ventures, KX, Axelar, Tokentus, and The Lao.
Transak operates as a global payment and onboarding platform in the web3 space, facilitating seamless transitions between traditional finance and crypto assets. The company aims to simplify the onboarding process and mitigate the complexity of KYC (Know Your Customer) requirements. Transak boasts support for over 160 cryptocurrencies across 75 different blockchains.
The company was co-founded in 2019 by Sami Start, who serves as the CEO, and Yeshu Agarwal, the CTO. Recognizing the need for web3 developers to onboard users with fiat currencies, Transak has positioned itself as the preferred solution for popular applications like MetaMask and Coinbase.
Registered as a crypto firm in the UK, Transak holds a virtual asset service provider (VASP) license in Poland. Looking ahead, the company plans to obtain additional licenses and expand its presence to other regions, including the Middle East, Southeast Asia, and the Pacific Asian markets.
Bingze Gu, a Partner at CE Innovation Capital, the lead investor in the funding round, praised Transak for its pioneering role in web3 regulation. He emphasized that the platform not only lowers barriers to entry in the web3 ecosystem but also redefines them, positioning Transak at the forefront of the industry.