Transak, a startup specializing in Web3 payments solutions, has secured $20 million in funding for its Series A round, with CE Innovation Capital taking the lead as the main investor.
In addition to CE Innovation Capital, several prominent global Web3 investors participated in Transak’s Series A funding round. These investors 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, as per reported by Inc42.
“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.
In addition to institutional investors, angel investors such as Jan Hammer from Index Ventures, Charles Delingpole from ComplyAdvantage, and Sandeep Nailwal from Polygon also participated in the round.
The business plans to use the money to improve Web3 onboarding solutions and broaden the market for its goods. Additionally, the funds will be used to hasten the creation of goods for Web3 games and financial apps.
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 is a leading Web3 onboarding infrastructure provider. Its API-driven solutions enable web3 platforms to onboard users to 130+ crypto assets from 150+ countries, abstracting away the complexity of user KYC, risk monitoring & compliance, payment methods and customer support. Transak’s On/Off-Ramp widget can be integrated into an app in just a few lines of code. Transak is backed by top VCs, including Consensys, Animoca Brands and graduated from the Tachyon accelerator program.