Trustap, a payment firm centred in Cork, has garnered a $5.5 million investment to enhance product proliferation, in concordance with the company’s global expansion plan. The Series A funding round was principally spearheaded by TX Ventures and saw contributions from new investors like SeedX, Partners Resolute, and Aperture. FurthrVC, MiddleGame Ventures, Act, and Atlantic Bridge, who are existing investors, also backed this round.
The functions of Trustap extend from offering an omnichannel digital transaction platform to online and physical transactions, ensuring an unprecedented level of security for both buyers and sellers. The recent funding is expected to widen the scope of the product capabilities of the company, which primarily aims to address issues concerning trust preservation in peer-to-peer transactions.
In a statement, Conor Lyden, Trustap CEO, expressed delight over the successful funding round and appreciated the new investors who bring with them a diverse array of experience in their potential markets. He announced their plan to invest in go-to-market initiatives and explore potential product features to cover a broad spectrum of use cases across both consumer-to-consumer and business-to-business marketplaces.
Trustap’s landmark feature is its escrow-style transaction model. This model enables buyers to meticulously track every stage of the transaction with the assurance of secure money holding, released only after the completion of essential milestones. The sellers, on the other hand, are ensured transparency over the fund allocation, buyer identity confirmation and the facility to collect and ship items.
Krzysztof Bialkowski, the managing partner of TX Ventures, noted that in the foreseeable future, for marketplaces to attract new business, they must provide reliable payment solutions. Trustap offers these through escrow-like payments options, taking the operational load off marketplaces, which further adds to their scalability given their global client presence and the range of industries they facilitate between buyers and sellers.
Trustap has already enlisted customers such as Mudah in Malaysia, Preloved in the UK and Student Seats in the US, establishing partnerships in 27 nations. They have recently secured a multi-market partnership with a fashion marketplace, introducing an additional five European nations to their clientele.
Mr. Lyden conveyed his audacious strategies for Trustap, with the ultimate objective of becoming a global frontrunner in reliable transactions. He assured that users could conduct dealings safely and swiftly on platforms powered by Trustap. Their primary focus at present is to sustain collaborations with the most prominent marketplaces within the geographical regions they serve. Simultaneously, they are aiming to accommodate the demands of the larger part of the market in the intermediate term.