Conor Lyden, CEO and founder of Trustap.
Trustap provides marketplaces an embedded end-to-end transaction capability by managing payments, logistics and customer support on their behalf. One of the key features is escrow-style payment, which helps buyers and sellers transact in full trust on the platforms.
The Ireland-based company today announced that it has added $5.5 million in funding led by TX Ventures, a fintech venture capital fund focusing on Europe. Coinvestors in the round include new investors SeedX, Partners Resolute, Aperture and existing shareholders MiddleGame Ventures, ACT VC, Atlantic Bridge & FurthrVC. Trustap CEO Conor Lyden explained how this fundraise will help the company moving forward. “We are delighted to have closed this round and it’s great to have added new investors to our cap table who bring with them a wealth of experience in our core markets. Our plan is to invest in our go-to-market to ensure we make the most of some of the recent partnerships we have established. We will also look at adding further features to cater for the wide range of use cases we deal with across both C2C and B2B marketplaces.”
Some of Trustap’s customers to date include market leading platforms in Europe, the US & Asia such as Mudah in Malaysia, Preloved in the UK and Student Seats in the US. The company has partnerships in 27 countries in total and the products bought and sold on these marketplaces vary from smaller ticket items like electronics and tickets, all the way up to larger value items like vehicles and luxury goods. Users of these platforms can pay & ship to each other safely and the marketplaces themselves can offer these secure transactions without having to do any of the technical heavy lifting on their end. In the past week, the company closed a multi-market deal with a clothing marketplace that adds another 5 countries from Central Eastern Europe to the tally.
“We have ambitious plans to become the market leader in trusted transactions worldwide, ensuring all users on Trustap-powered marketplaces can transact safely and efficiently. Our initial focus is on continuing to partner with the marketplaces that have the biggest market share in our supported geographies whilst aiming to cater for the longer tail of the market in the medium term” Lyden added.
Krzysztof Bialkowski, Managing Partner of TX Ventures comments: “Our view is that within the near-mid term, marketplaces will have to offer trusted payment solutions otherwise they will miss out on new business. Trustap, by providing escrow-like payment options and by lifting the operational burden off the shoulders of marketplaces, offer just that. The product is immensely scalable which is proven by the global presence of clients and the numerous categories Trustap facilitates among buyers and sellers. 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.”