Singapore-based digital currency payment institution Triple-A has announced their $10 million Series A funding round on Wednesday.
Leading the round are repeat investors Peak XV Partners (formerly known as Sequoia India & South East Asia), along with the strategic backing of Shorooq Partners, one of Middle East and North Africa (MENA)’s leading technology investors, Triple-A said in a statement.
A little over a year ago, the startup raised $4 million in seed funding, an investment that laid the foundation for its platform.
It is noted that several existing investors who recognized Triple-A’s potential early on also participated in the current Series A round, reaffirming their confidence in the company and team.
The firm is licensed by Monetary Authority of Singapore (MAS) as a payment institution.
The company also holds a payment institution license from the central bank of France, allowing them to execute payment transactions across all European Union (EU) member states.
The firm is also registered with the United States Financial Crimes Enforcement Network (FinCEN).
It said the firm will continue to strengthen their regulatory framework in countries across the globe to ensure merchants using Triple-A operate in a safe and compliant environment.
It is noted that the company’s mission is to build a more efficient global payment ecosystem by bridging the gap between traditional finance and blockchain backed payments.
The firm recently partnered with Singapore’s largest Apple products reseller, iStudio, to allow customers to pay using cryptocurrencies at selected iStudio stores.
Triple-A has also seen growing demand from enterprise clients seeking trustworthy and licensed digital currency payment solutions for purchases and cross-border business to business flows.
Triple-A has a diverse team of over 70 employees and maintains a global presence with offices strategically located in Singapore, Miami, Hong Kong, Paris and Barcelona.
“We believe that stablecoins and other digital currencies are transforming cross-border transactions, with instant, 24/7 transfers,
“Triple-A is building a full suite of products for businesses to receive, manage and transfer funds globally.” said Eric Barbier, Founder and Chief Executive Officer of Triple-A.
Barbier is a third-time fintech founder, having created immense value in both his prior companies including Thunes.
Barbier also serves on several boards of Fintech startups.
Joining Eric in the mission is veteran payments executive Elodie Trichet as Chief Operating Officer at Triple-A.
Trichet has decades of experience in payments, including executive roles at global payments company Adyen and fintech start-up Airwallex.
“Blockchain-based digital infrastructure provides real value in cross-border payments in terms of speed and liquidity of flows,” said Aakash Kapoor, Vice President at Peak XV.
According to him, these infrastructure rails including stablecoins and centrally backed digital currencies (CBDCs) have the potential to transform how global businesses transact money more efficiently.
“Licensed by major regulators in Singapore and Europe, Triple-A is building a compliant and steady foundation to enable this future,” he added.
Peak XV is a leading venture capital firm investing across India, Southeast Asia and beyond.
Over the last 17 years of its operations in the region, Peak XV has grown to manage over $9 billion in capital across 13 funds and invested in over 400 companies.