Irish fintech startup Trustap, an escrow-style payment platform, has secured $5.5 million in a funding round led by TX Ventures. This investment will enable Trustap to grow and expand globally, facilitating secure transactions for participants in online marketplaces.
- Founded in 2016 by Conor Lyden, Trustap develops an escrow-style payment solution dedicated to eliminating the risk of online scams. The platform caters to both online and face-to-face transactions.
- With offices located in Ireland, Croatia, the UK, and the US, Trustap operates in approximately 135 countries worldwide. The startup established key partnerships in 27 countries with companies such as Stripe and Amazon.
- Trustap claims that its platform has experienced a 500% YoY growth.
Details of the deal
- TX Ventures, a Zurich-based venture capital firm that invests in European fintech, insurtech, digital assets, and proptech startups, with ticket sizes ranging from $1 million to $5 million.
“The easy-to-implement solution, the underlying trends in the marketplace industry and the execution-driven team will play a pivotal role for Trustap to become the leading infrastructure provider for trusted payments around the globe. It is a special addition to our fintech portfolio,” Managing Partner of TX Ventures, Krzysztof Bialkowski, commented.
- Co-investors in the round include Schsan-based VC Seed X Liechtenstein AG, MiddleGame Ventures, a Luxembourg-based venture capital firm, investment management firm Partners RESOLUTE, aperture, Act Venture Capital, Atlantic Bridge, and Furthr VC.
- With the fresh funding, Trustap plans to further develop its go-to-market strategy and continue its global expansion, enabling online marketplace participants to transact with full trust.
