Web3 payments firm 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.

While venture capital funding for crypto projects cooled off in late 2022 and earlier in the year, the ecosystem still attracts notable investments as sentiment across the industry improves. That has been reflected in the latest Series A round for crypto payments startup Transak.

Transak secures $20 million series A round

According to an announcement the firm published on Tuesday, the platform secured $20 million in a funding round led by CE Innovation Capital, a venture fund that invests in FinTech startups worldwide.

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.

Transak, which supports onboarding efforts for MetaMask, Coinbase Wallet and AAVE among others, 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. 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.”

The platform 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.

The startup also supports 28 local payment methods including SEPA, Faster Payments, VISA, AstroPay, Cash App, Apple Pay and Google Pay.