Trustap funding news- Marketplace Transaction Platform Trustap Secures €5.08 Million in Funding

By taking on the role of merchant of record and handling payments, shipping, and customer service on their behalf, Trustap enables marketplaces to handle their transactions end-to-end, greatly boosting margins and total revenues. Escrow-style payment is one of the main characteristics that facilitates fully trusted transactions between buyers and sellers on the platforms.

Trustap CEO Conor Lyden explained how this fundraise will help the company moving forward: “We’re 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 GTM to ensure we make the most of some of the recent partnerships we have established. We’ll also look at adding further product features to cater for the wide range of use cases we deal with across both C2C and B2B marketplaces,” added Lyden

Market-leading platforms in Europe, the US, and Asia, such as Mudah in Malaysia, Preloved in the UK, and Student Seats in the US, are among Trustap's current clientele. The products bought and sold on these marketplaces range from lower value items like gadgets and tickets to higher value items like autos and luxury goods. The company has agreements in a total of 27 countries.

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Additionally, Trustap has confirmed that Ovidiu Solomonov, the former COO of Adevinta's European Markets, has been named Chairman of the Board. One of the biggest online classifieds companies in the world, Adevinta runs more than 25 digital marketplaces throughout Europe and beyond.

Krzysztof Bialkowski, Managing Partner of TX Ventures, commented: “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.”

About Trustap

Transacting with Trustap is risk-free because to its secure payment channel. With offices in Ireland, Croatia, the UK, and the US, Trustap is a fintech start-up that is quickly growing. It was founded in Cork, Ireland, in 2017. In order to meet the needs of both online and in-person users, their Escrow-Style payment solution was created, giving them total peace of mind every time they conduct business.