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Business Insider
4 days ago
- Business
- Business Insider
Transak Raises $16M Strategic Round from Tether and IDG Capital to Scale Stablecoin Payments Infrastructure
Transak, a global leader in fiat-to-crypto infrastructure, has raised $16 million in strategic funding to expand its stablecoin payments stack and scale operations across new markets. The round was led by Tether and IDG Capital, with participation from several other top-tier investors. With stablecoins rapidly becoming the transaction layer of the internet, powering remittances, payments, savings, and cross-border commerce, the next phase of adoption depends on compliant, localized, and developer-friendly infrastructure. Transak is at the center of this shift. 'Stablecoins are no longer just a crypto asset. They are now the rails for global value transfer,' said Sami Start, Co-Founder and CEO of Transak. 'But making them usable at scale requires more than just liquidity. It takes real infrastructure: compliance systems, KYC, fraud prevention, banking partnerships, and deep crypto market knowledge. That's exactly what we've built, and this round helps us scale it globally.' Trusted by over 450 applications, Transak enables users in more than 75 countries to move between fiat and stablecoins through local payment methods, bank transfers, cards, and virtual IBANs, all via a single API. The company has processed over $2 billion in transaction volume, with nearly 30 percent coming from stablecoin flows, and supports both retail and institutional use cases. 'Transak has built a robust and innovative platform that is making stablecoin access simpler, faster, and more reliable for people around the world,' said Paolo Ardoino, CEO of Tether. 'We believe stablecoins are rapidly becoming the backbone of digital payments, offering stability and efficiency that traditional systems often lack. By providing the critical infrastructure needed to support this transformation, Transak is accelerating adoption across both emerging and developed markets, bridging gaps in financial access, and enabling new opportunities for businesses and consumers alike.' Transak's platform combines regulated fiat on and off ramps, virtual bank accounts, real-time liquidity routing, and full-stack compliance tooling. This allows any app, whether a wallet, exchange, fintech, or DeFi platform, to offer seamless fiat to stablecoin conversion without handling the operational complexity themselves. The company holds regulatory approvals in key jurisdictions including the United States, United Kingdom, European Union, Canada, Australia, and India. Expansion into the Middle East, Latin America, and Southeast Asia is actively underway. The $16 million round also included participation from Primal Capital, 1kx, Protein Capital, CEiC, KX VC, 3KVC, Genting Ventures, Fuel Ventures and Umami Capital. Financial Technology Partners (FT Partners) served as Transak's exclusive financial and strategic advisor on this transaction, supporting the company through a strategic and highly selective raise About Transak Transak is the payments infrastructure for stablecoins and crypto. With its Virtual Account APIs and compliance-ready rails, Transak enables apps to onboard users, facilitate cross-border payments, and support multi-party payment flows, natively within their platforms. Integrated by 450+ apps and used by over 10 million users globally, Transak powers fiat-to-crypto and crypto-to-fiat transactions through bank transfers, cards, local payment methods, and stablecoins. Transak operates globally, with a base in Miami and offices in London, Bengaluru, Dubai, and Hong Kong.
Bloomberg
21-05-2025
- Business
- Bloomberg
Eric Trump Attends Groundbreaking Event for $1.5 Billion Vietnam Resort
Eric Trump attended a groundbreaking ceremony for the Trump Organization 's new $1.5 billion luxury resort complex in northern Vietnam even as the nation's leaders negotiate with the US administration to avoid a cripplingly high tariff. The project in Hung Yen province, which will feature five-star hotels, golf courses and residential estates, spans more than 990 hectares (2,446.3 acres) along the Red River, and is expected to be completed by 2029 at the latest. The complex is a joint development between the Trump Organization, local partners IDG Capital Vietnam, and a unit of Vietnamese developer Kinh Bac City Development Holding Corp., as well as other investors.
South China Morning Post
17-02-2025
- Business
- South China Morning Post
Shein faces investor pressure to slash valuation to US$30 billion: sources
Chinese fast-fashion retailer Shein is under pressure to cut its valuation to about US$30 billion, according to people familiar with the matter, having in the past been valued at more than three times that amount. Shein shareholders are suggesting that an adjustment is needed to help get its potential initial public offering (IPO) in the UK over the line, the people said, asking not to be identified because the talks are private. Shein has had a bumpy ride in its attempt to list, with questions raised over its supply-chain operations and labour practices amid mounting uncertainty over global trade relations and political tension. The company diverted its IPO application to London last year after its goal of listing in the US faltered. Representatives for Shein did not immediately respond to a request for comment. Founded in China but now based in Singapore, Shein became one of the world's most valuable start-ups thanks to its high-volume, low-cost fashion. Its investors include IDG Capital, Mubadala Investment, Tiger Global Management and HongShan Capital, formerly known as Sequoia Capital China. Shein and rival Temu, owned by PDD Holdings, have attracted customers in places such as the US with cheap products shipped directly from Chinese suppliers, a model that has proved popular as households struggle with the rising cost of living. They also pose a challenge to the likes of Amazon.
