Triple-A Raises $10 Million in Series A to Bridge the Gap Between Traditional Finance and Blockchain Payments

2023-10-25 07:58:49

Source: PexelsSingapore-based digital currency payments firm Triple-A has completed a $10 million Series A funding round

The round was led by returning investors Peak XV, formerly known as Sequoia India and Southeast Asia, with strategic support from Shorooq Partners, a venture firm focused on the MENA region, according to a report by TechCrunch

The funding comes approximately one year after Triple-A’s seed round, bringing the company’s total raised capital to $14 million.

Founded by Eric Barbier, the mastermind behind the cross-border payments platform Thunes, Triple-A aims to revolutionize the intersection between traditional finance and blockchain-based payments

The company offers white-label solutions for businesses, allowing them to seamlessly integrate cryptocurrency payments and receive fiat money in their bank accounts the following day.

Triple-A to Expand Operations in Key Regions

With the newly acquired funds, Triple-A plans to expand its operations in key regions such as the Middle East, North America, and South America

Additionally, the company intends to enhance its range of cryptocurrency solutions, further advancing its crypto payments and payout products

Currently, Triple-A supports ious cryptocurrencies, including Bitcoin, Lightning, Ether, Tether, and USD Coin.

Triple-A’s innovative payment solutions have gained significant traction, with over 20,000 businesses already utilizing its services

Notable clients include iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, as well as numerous large enterprises

Furthermore, the company’s streamlined onboarding process, which includes completing the KYC (know your customer) process and integration through APIs or no-code integration, has made it an attractive option for enterprises seeking compliance, regulation, and licensing.

Eric Barbier, CEO of Triple-A, believes that stablecoins are a game-changer in the payments industry

Stablecoins offer real-time settlements, providing a faster and more efficient alternative to traditional payment methods like SWIFT transfers

“Many businesses cannot afford to wait two to three days for a SWIFT transfer to clear, and that need for speed and efficiency ed me to build Triple-A,” Barbier said.

“With stablecoins, individuals and businesses worldwide, even in emerging countries, can now easily own and use a USD-denominated currency.”

Triple-A Secures Licenses From Regulators Worldwide

Triple-A has secured licenses from regulatory authorities worldwide, including the Monetary Authority of Singapore (MAS) and the Central Bank of France

The company is also registered with the United States Financial Crimes Enforcement Network (FinCEN) and plans to expand its regulatory framework globally.

Meanwhile, Triple-A faces competition from other companies offering cryptocurrency payment solutions, such as B2BinPay and CryptoProcessing by CoinsPaid

However, the company aims to set itself apart by prioritizing compliance and licensing, positioning itself as the most regulated payment institution for digital currencies worldwide.

“Compliance is a cornerstone for us, and we aim to be the most regulated payment institution for digital currencies worldwide. This is instrumental in onboarding businesses that prioritize compliance and wouldn’t have otherwise enabled crypto payments,” Barbier said

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