The latest transaction comes about a year after the startup raised $4 million in its seed funding round, led by Razer’s venture capital arm zVentures Investments and backed by a host of investors, including Peak XV.
Founded by serial entrepreneur Eric Barbier in 2017, Triple-A claims to have pioneered digital, stablecoin, and blockchain-led payments. The firm allows global businesses to pay and get paid faster without any currency volatility risk.
“We believe that stablecoins and other digital currencies are transforming cross-border transactions, with instant, 24/7 transfers,” said Eric Barbier, founder and CEO of Triple-A.
The company is licenced by the Monetary Authority of Singapore as a payments institution. It also holds a Payments Institution Licence from the Central Bank of France and is registered with the US Financial Crimes Enforcement Network.
DealStreetAsia’s DATA VANTAGE showed Triple-A has allotted new shares worth $2.57 million this year, prior to the funding announcement.
Its latest annual financial report also showed that the company generated $1.74 million in revenue in 2022, up from $1.06 million a year earlier. Its losses, however, widened to $0.67 million last year from $0.36 million in 2021.
As of the end of 2022, the company posted total assets worth $16.17 million and $11.97 million in liabilities.
The company recently partnered with Singapore’s largest Apple products reseller, iStudio. Merchants such as Farfetch, Charles and Keith, Singapore Red Cross, Razer and Reap also use Triple-A to offer cryptocurrency as a form of payment.
Triple-A’s Series A funding comes as Singapore announced in July that it will proceed with plans to tighten rules over cryptocurrency companies, requiring digital payment token service providers to place customers’ assets in a statutory trust for safekeeping before the end of the year.