TLDR:
- Trustap, an Irish marketplace transaction platform, raises €5.08 million in funding led by TX Ventures.
- Trustap enables marketplaces to run transactions from end-to-end, increasing margins and revenues with escrow-style payment solutions.
Cork-based Trustap has secured €5.08 million in funding led by TX Ventures, a fintech venture capital fund focusing on Europe. The round also includes co-investors SeedX, Partners Resolute, Aperture, and existing shareholders MiddleGame Ventures, ACT VC, Atlantic Bridge & FurthrVC. Trustap’s platform allows marketplaces to conduct transactions from start to finish, managing payments, logistics, and customer support on their behalf, ultimately boosting margins and overall revenues. The key feature of Trustap is its escrow-style payment system, which fosters trust between buyers and sellers on the platforms.
CEO of Trustap, Conor Lyden, expressed excitement about the funding round, noting that the new investors bring valuable experience in core markets to the company’s cap table. The funds will be used to invest in the company’s go-to-market strategy, optimize recent partnerships, and introduce new product features to cater to a wide range of use cases across both C2C and B2B marketplaces. Trustap already serves market leading platforms in Europe, the US, and Asia, offering secure transactions for a variety of products in 27 countries.
Recently, Trustap closed a multi-market deal with a clothing marketplace, expanding its presence to 5 more countries in Central Eastern Europe. Additionally, Ovidiu Solomonov, former COO of European Markets at Adevinta, has been appointed as Chairman of the Board at Trustap. Krzysztof Bialkowski, Managing Partner of TX Ventures, highlighted the importance of trusted payment solutions for marketplaces in the near-mid term, praising Trustap’s scalable product and execution-driven team for becoming a leader in infrastructure for trusted payments globally.
