Triple-A Raises $10 Million to Enhance TradFi-Blockchain Payment Efficiency
Triple-A, a Singapore-based digital currency payments company, has raised US$10 million in a Series A fundraising round. Peak XV Partners (previously known as Sequoia India & South East Asia) led the round, while Shorooq Partners, one of the premier technology investors in the MENA region, provided strategic backing for the Round.
The company will channel the money towards creating solutions that bridge the gap between traditional financial services (TradFi) and blockchain-backed payments. This is in line with the company’s mission to create a more streamlined global payment network.
Bridging TradFi and Blockchain payments
Triple-A has prioritised regulatory compliance and has obtained operating licenses in various jurisdictions. The company is licensed as a Payment Institution by the Monetary Authority of Singapore (MAS). and it similarly has a Payment Institution License from the French Central Bank, allowing it to process payments in the wider EU block. In addition, it is licensed by the Financial Crimes Enforcement Network (FinCEN) of the United States.
The company is developing a full range of services to help businesses manage international money transfers with greater efficiency. It enables companies to make and receive payments in both fiat and cryptocurrency while cushioning them against volatility. In a digital currency market known for its volatility, this is an invaluable service that will go a long way towards bridging TradFi and blockchain-backed payments.
The company started off in 2017, and it is worth noting that many of Triple-A’s original backers participated in the latest funding round, signaling their confidence in the company and its leadership. There has been a growth in the number of requests from major companies for the company’s digital currency payment solutions, particularly as regards payment solutions for international B2B transactions.
Triple-A’s corporate client list is impressive. The company has recently formed a partnership with iStudio, Singapore’s largest Apple products reseller, to accept cryptocurrency payments at select iStudio outlets. With over 70 people on staff, the company has a global footprint, with operating offices in Singapore, Miami, Hong Kong, Paris, and Barcelona.