Transak raises $660,000 in seed funding round

Bangalore: Transak, a fiat-to-crypto gateway focused on retail consumers and businesses, has raised $660,000 (around Rs 4.78 crore) in a seed round led by Consensys.

Other participants in the round include The Lao, IOSG, Lunex, Koji Capital, and a clutch of angel investors, United States and India-based Transak said in a statement.

Transak, operated by Transak Inc., was set up by Sami Start and Yeshu Agarwal. The company says its platform operates as a payment gateway that streamlines the process of buying and selling cryptocurrency for both mainstream users and businesses.

It will use the capital raised in this round to recruit more engineers to build Indian operations.