- October 27, 2023
- Posted by: [email protected]
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Triple-A, a Singapore-based digital currency payments company, has successfully concluded a Series A funding round, raising an impressive $10 million. The round was led by returning investors Peak XV, formerly known as Sequoia India and Southeast Asia, and received strategic support from Shorooq Partners, a venture firm with a focus on the MENA region, as reported by TechCrunch. This financial milestone comes roughly one year after Triple-A’s initial seed round, bringing the company’s total raised capital to a noteworthy $14 million.
Founded by Eric Barbier, the visionary mind behind the cross-border payments platform Thunes, Triple-A envisions a revolution at the crossroads of traditional finance and blockchain-based payments. The company specializes in providing white-label solutions for businesses, enabling them to seamlessly incorporate cryptocurrency payments into their operations while receiving fiat currency in their bank accounts the very next day.
With this infusion of fresh capital, Triple-A sets its sights on expanding its footprint in key regions, notably the Middle East, North America, and South America. Additionally, the company has ambitions to enrich its portfolio of cryptocurrency solutions, further advancing its cryptocurrency payments and payout products. As of now, Triple-A supports a diverse array of cryptocurrencies, including Bitcoin, Lightning, Ether, Tether, and USD Coin.
Triple-A’s innovative payment solutions have already gained significant traction, with over 20,000 businesses already leveraging their services. The company’s roster of clients boasts notable names such as iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, alongside numerous other major enterprises. Moreover, Triple-A’s streamlined onboarding process, which involves completing the KYC (know your customer) procedure and integration via APIs or no-code integration, positions it as an attractive option for enterprises seeking a blend of compliance, regulation, and licensing.
Eric Barbier, the CEO of Triple-A, is a strong advocate for stablecoins and their transformative role in the payments industry. Stablecoins offer real-time settlements, presenting a swifter and more efficient alternative to conventional payment methods like SWIFT transfers. Barbier emphasized the necessity for speed and efficiency, stating, “Many businesses cannot afford to wait two to three days for a SWIFT transfer to clear, and that need for speed and efficiency prompted me to build Triple-A. With stablecoins, individuals and businesses worldwide, even in emerging countries, can now easily own and use a USD-denominated currency.”
Triple-A has demonstrated its commitment to regulatory compliance by securing licenses from supervisory authorities across the globe, including the Monetary Authority of Singapore (MAS) and the Central Bank of France. Additionally, the company is registered with the United States Financial Crimes Enforcement Network (FinCEN) and has ambitious plans for further expanding its regulatory framework on a global scale.
While Triple-A faces competition from other companies offering cryptocurrency payment solutions, such as B2BinPay and CryptoProcessing by CoinsPaid, the company distinguishes itself by prioritizing compliance and licensing. Triple-A aims to become the most rigorously regulated payment institution for digital currencies on a global scale. Eric Barbier stressed, “Compliance is a cornerstone for us, and we aim to be the most regulated payment institution for digital currencies worldwide. This is instrumental in onboarding businesses that prioritize compliance and wouldn’t have otherwise enabled crypto payments.”
