Payment firm Transak announced a $20 million Series A funding round led by CE Innovation Capital. SBI Ven Capital invested in the round together with investment partners digital asset bank Sygnum and Italian fund manager Azimut. UOB Venture Management and Animoca Brands also invested alongside many others.
Transak provides a crypto on and off-ramp directly built into wallets and web3 smart contract applications like lending protocol Aave. It links to numerous local fiat payment methods and supports 150 countries. For example, the Coinbase wallet uses Transak for local payment methods in the Philippines and Thailand. It also has integrations with Trust Wallet, Ledger, and Decentraland among 350 web3 applications.
The Transak solution is KYC compliant and has registrations with the UK and Polish (EU) regulators. With the latest funding, it plans to add several more licenses.
In a similar way to Magic – the wallet provider that just raised $52 million – Transak has enabled a more user friendly way for crypto newbies to get started. It automatically creates a wallet using a social login rather than explicitly generating seed phrases for wallet keys. Then the user can directly buy an NFT or crypto using a card or local payment method.
“With its innovative solutions and commitment to ease of access, Transak is an important partner in our effort to advance the Web3 gaming landscape toward mass adoption,” said Yat Siu, the Co-Founder and Executive Chairman of Animoca Brands.
