Founded by Eric Barbier, the creator of Thunes, Triple-A, a global digital currency payments institution, is bridging the gap between traditional finance and blockchain-based payments with its white-label solutions for businesses, allowing clients to seamlessly transact in cryptocurrencies and receive fiat money in their bank accounts within a day.
Today, Triple-A has announced a successful $10 million Series A funding round, with support from returning investors Peak XV (formerly Sequoia India and Southeast Asia) and strategic backing from MENA-focused venture firm Shorooq Partners, along with undisclosed repeat backers.
This funding round follows their $4 million seed round from about a year ago, bringing their total funding to $14 million.
Triple-A plans to utilize this fresh capital to expand its operations in the Middle East, North America, and South America while adding new cryptocurrency solutions to its crypto payment and payout products portfolio.
The company, headquartered in Singapore, currently employs over 70 people and has offices in Miami, Hong Kong, Paris, and Barcelona.
Eric Barbier, a serial fintech entrepreneur and the founder of Triple-A, previously succeeded with his cross-border payments platform, Thunes, which is now valued at over $900 million.
Before Thunes, Barbier sold his first company, Mobile 365, a mobile messaging provider, to Sybase in 2006 before embarking on new ventures.
The concept for Triple-A emerged during Barbier’s time at Thunes, where he encountered clients grappling with chargeback fraud issues.
This experience led him to recognize the potential of cryptocurrencies as a secure and efficient payment solution for businesses engaged in cross-border commerce.
Barbier explains, “I wanted to provide businesses with an additional, more efficient payment method. Cryptocurrency payments not only shield businesses from chargeback fraud risks but also help to streamline B2B cross-border payments.
With instant settlements and no middlemen required, I realized we could solve many pressing issues in the payments industry today.”
Currently, Triple-A supports a range of cryptocurrencies, including Bitcoin, Lightning, Ether, Tether, and USD Coin.
Stablecoins, in particular, promise to transform the payments landscape by enabling real-time settlements, a stark contrast to traditional methods such as SWIFT transfers, which can take several days to process.
Barbier underscores the importance of this development: “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 boasts a variety of licenses that allow it to operate globally, including authorization from the Monetary Authority of Singapore (MAS) as a payments institution and a payments institution license from the central bank of France, permitting payment transactions across all EU member states.
The company is also registered with the United States Financial Crimes Enforcement Network (FinCEN) and has plans to expand its regulatory framework on a global scale.
Currently serving more than 20,000 businesses, including prominent merchants and enterprises like iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, Triple-A streamlines the KYC (know your customer) process and onboarding, typically completing it within one to two business days upon receiving all the necessary documents.
Integration with Triple-A is flexible, offered through APIs and no-code integration.
Triple-A caters to enterprises prioritizing compliance, regulation, and licensing, enabling them to transact in cryptocurrencies and accept crypto payments without the complexities and risks of managing cryptocurrency transactions independently.
These businesses aim to accommodate the growing demand for digital currency payments from consumers and facilitate cross-border transactions with vendors, contractors, and suppliers seeking compensation in cryptocurrency.