Trustap scores $3.4 million for its digital transaction platform to offer hassle-free transactions
Fintech startup Trustap nets $3.4 million for its digital transactions for successful peer-to-peer transactions.
The startup was founded in 2016 by Coron Lyden. The funding round was led by MiddleGame Ventures along with participation from Atlantic Bridge. Early investors of the startup include Liam Casey, an early stripe investor. The funding will be used for the marketing of the startup and expanding to new target markets and launching new features.
How did the idea of Trustap come to life?
Although after the rapid growth of eCommerce platforms, the lack of trust between the buyers and sellers for peer-to-peer transactions continued to become plagued. This leads to inhibited transactions of over $220 billion annually. This continued decline was fueled by cash post-Covid and the increasing trend toward digital payments and eCommerce, the market witnessed 15% growth annually. Moreover, it also lead to preventing successful transactions between the buyers and unknown sellers.
However, considering this, the Trust founder came up with the idea of end-to-end digital transactions to overcome the lack of trust between buyers and sellers for successful peer-to-peer transactions. The fintech startup platform allows buyers to track the transaction at every step and does not release until the completion of the process.
A secured online payment gateway
As the finance industry is rapidly evolving with fintech technology with the aim to provide more successful and seamless transactions, fintech has changed the entire landscape of the finance sector. Moreover, it had also made the transition process easier and more approachable making people rely more on fintech applications. This entire process offers transparency to sellers about the transfer of the funds.
The chief executive officer and founder Coron Lyden shared:
“The funding will give us the ability to bring in more resources on the technical side. That’s one thing that has been a big focus for us, hiring more developers, and also building out our sales team, particularly in the U.S.”