Newly launched crypto-to-fiat payment on-ramp Triple-A announced that it has raised $10 million in a Series A funding round led by Peak XV Partners (formerly Sequoia India and Southeast Asia) and MENA region-focused venture capital firm Shorooq Partners, alongside other undisclosed repeat investors.
The platform founded by Eric Barbier, the creator of cross-border payment infrastructure provider Thunes, offers white-label solutions for businesses that enable their clients to transact in or accept cryptocurrencies and receive the equivalent amount in fiat money in their bank accounts without causing any currency volatility risk.
Enterprise Crypto Payment Solutions Provider Triple-A Raises $14 Million In Capital
The latest round comes about a year after Triple-A raised $4 million in a seed round led by zVentures – the corporate venture capital arm of Razer, bringing the total amount raised so far to $14 million.
According to the fintech’s representatives, the new funding will be used to expand its operations to the Middle East, North America, and South America. Triple-A also has plans to incorporate new cryptocurrency and blockchain solutions into its crypto payments and payout products.
Triple-A, based in Singapore, has licenses that allow it to operate in Asia, Europe, and the US. The crypto payments firm is registered with the Monetary Authority of Singapore (MAS) as a payments institution and has also received a payments institution license from the Central Bank of France, enabling it to facilitate crypto payment transactions across all EU member states. Meanwhile, in the United States, the company is registered with the Financial Crimes Enforcement Network (FinCEN).
Speaking of the project, Barbier explained that his aim was to provide businesses with an “additional” and “more efficient” payment method using cryptocurrencies. He believes that crypto and blockchain technology not only protects businesses from risks of chargeback fraud but also streamlines B2B cross-border payments by settling transactions instantaneously, without the need for a middleman.
Stablecoins Allow For Real-Time Settlements Unlike The Slow And Aging SWIFT Network
Triple-A supports payments in cryptocurrencies like Bitcoin (BTC) on both the Bitcoin and Lightning Networks, Ether (ETH), and stablecoins such as Tether (USDT) and USD Coin (USDC). Barbier says stablecoins are a “major game-changer” in financial technology as they enable real-time settlements in comparison to traditional payment methods like SWIFT, which could take several days to clear transactions.
The founder and CEO explained that with the help of stablecoins, Triple-A allows individuals and businesses across the world to easily own and use a USD-denominated currency and not have to wait two to three days for a fund transfer to clear.
According to Barbier, Triple-A’s target customers are enterprises that prioritize compliance, regulation, and licensing but also want to pay in or accept payments in cryptocurrencies, while avoiding the risks associated with handling crypto transactions on their own.
Triple-A automatically completes the know-your-customer (KYC) procedure and onboarding within 2 business days once a client has provided all required documentation. The platform comes with two integration methods: API and no-code.
Businesses Can Use Triple-A To Pay Clients In USD-Denominated Digital Currencies
Its white-label business payment solutions include e-commerce payments and cryptocurrency payments within the creator economy of content creators, social media influencers, and freelancers. The platform also provides B2B solutions that businesses can use to pay vendors, contractors, and suppliers in different countries with cryptocurrencies. Payment service providers can also use Triple-A to offer crypto payments to merchants.
Currently, Triple-A is being used by more than 20,000 businesses worldwide, which includes merchants like iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, among others.
He says the company’s opportunity is among businesses that are seeking to accept cryptocurrency payments to cater to growing consumer demand and are also looking for an option to make cross-border payments in Bitcoin and other digital currencies.
Commenting on the investment, Peak XV vice president Aakash Kapoor said that blockchain-based digital infrastructure provides real value in cross-border payments in terms of speed and “liquidity of flows”. He added that Triple-A is building a “compliant” and “steady foundation” for a payment infrastructure rail that has the power to transform how global businesses transact money, including stablecoins and central bank-issued digital currencies (CBDCs), more efficiently.
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