Transak, a global web3 infrastructure services start-up providing fiat-to-crypto payment rails, has raised $16 million in a new strategic funding round. The raise follows a $20 million Series A headed by Hong Kong-based venture capital fund CE Innovation Capital (CEIC) in 2023.
CEIC returned to support this latest round, which was led by Tether and IDG Capital, with added support from Primal Capital, 1kx, Protein Capital, KX VC, 3KVC, Genting Ventures, Fuel Ventures, and Umami Capital.
The Miami-headquartered company will use the funds to scale its platform, which combines fiat on and off ramps with virtual bank accounts, real-time liquidity routing, and full-stack compliance tools.
The Transak platform is currently used by over 450 applications to offer fiat to stablecoin conversion through local payment methods, bank transfers, cards, and virtual IBANs, and has processed over $2 billion in transaction volume to date. Other core services include a checkout function for purchasing non-fungible tokens (NFTs) directly with fiat currency, as well as multi-level know-your-customer (KYC) solutions.
Web3 onboarding was the initial concept behind Transak, which was founded by CEO Sami Start and CTO Yeshu Agarwal in 2019. The company went on to launch its on-ramp solution in February the following year.
“Stablecoins are no longer just a crypto asset. They are now the rails for global value transfer,” Start comments, stating that a scaled application requires “real infrastructure” over just liquidity. “That’s exactly what we’ve built, and this round helps us scale it globally,” he continues.
Transak currently holds regulatory approvals in the US, UK, EU, Canada, Australia and India, and states that an expansion into the Middle East, Latin America, and Southeast Asia is “actively underway”.
