Transak Secures $20 Million in Series A Funding Led by CE Innovation Capital for Web3 Payments Solutions

• ByStartupStory     |    May 31, 2023

Transak, a startup specializing in Web3 payments solutions, has successfully secured $20 million in funding for its Series A round, which was primarily led by CE Innovation Capital. Notable global investors in the Web3 sector, including 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, also participated in the funding round.

In addition to institutional investors, the funding round also attracted participation from prominent angel investors, including Jan Hammer from Index Ventures, Charles Delingpole from ComplyAdvantage, and Sandeep Nailwal from Polygon. The raised funds will be utilized by the startup to enhance its Web3 onboarding solutions and extend the global reach of its product offerings. Additionally, the capital will be allocated towards accelerating the development of products tailored to Web3 games and financial applications.

“At CEiC Innovation Capital, 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,” said a partner at CE Innovation, Capital Bingze Gu.

Chiming in, Polygon cofounder and investor Sandeep Nailwal said, “Being deeply involved in the blockchain space, I’ve seen firsthand the barriers to entry that many face when entering the Web3 world. Transak has consistently shown an impressive commitment to lowering these barriers, making it easier for everyone to participate in the digital economy… I am excited to see how Transak continues to drive forward the vision of a more decentralised and democratised digital world.”

Transak was established in 2019 by Sami Start and Yeshu Agarwal as a leading provider of Web3 payments and onboarding infrastructure. The company’s innovative platform facilitates seamless transitions between traditional finance and cryptocurrency assets. With Transak’s fiat-to-crypto payment gateway, businesses can effortlessly onboard users by facilitating the purchase or sale of crypto assets in over 150 countries.

Transak provides comprehensive solutions for businesses aiming to offer crypto products, including user KYC, risk monitoring, payment methods, and compliance services. The platform also facilitates the onboarding process for over 160 crypto assets across 75 blockchains, serving numerous B2B users through 350 applications. Notable clients, including MetaMask and Coinbase Wallet, have chosen Transak for their payment needs in the crypto space.

Transak, headquartered in Singapore and with a global presence, has strategically expanded its operations in India. The company has made significant investments in its India operations and has recruited executives from prominent Indian startups like Paytm and Flipkart to fuel its growth in the country. Transak has expressed its dedication to enhancing developer relations in India, aiming to empower the creation of innovative Web3 applications that cater to a global audience.

This development occurs amidst a challenging period for the crypto industry in India, characterized by stringent taxation policies and a perceived funding downturn affecting Indian startups. Additionally, regulatory scrutiny surrounding crypto exchanges like WazirX and ConSwitch Kuber has contributed to a decline in investor confidence.

Despite the scarcity of crypto deals, there have been sporadic announcements within the Web3 sector. Just last month, Huddle01, a company specializing in decentralized real-time communication (dRTC) networks, successfully raised $2.8 million in seed funding from Hivemind. Additionally, in March, pi Ventures, a domestic venture capital firm, secured INR 22 crore for its second fund, which it plans to allocate towards early-stage blockchain startups.

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