Triple-A raises $10M Series A from Peak XV and Shorooq Partners

Singapore, October 25 2023 — Global digital currency payments institution Triple-A announces its US$10 million Series A funding round today. Leading the round are repeat investor Peak XV Partners (formerly known as Sequoia India & South East Asia), along with strategic backing from Shorooq Partners, one of MENA’s leading technology investors.

Founded in 2018 by serial fintech founder Eric Barbier, Triple-A has pioneered digital, stablecoin- and blockchain-led payments, enabling global businesses to pay and get paid faster, 24/7, without currency volatility risk, while upholding the highest regulatory compliance standards.

Triple-A is licensed by MAS (Monetary Authority of Singapore) as a Payment Institution. The company also holds a Payment Institution License from the central bank of France, allowing it to execute payment transactions across all EU member states. Triple-A is also registered with the United States Financial Crimes Enforcement Network (FinCEN). They will continue to strengthen their regulatory framework worldwide to ensure merchants using Triple-A operate in a safe, compliant environment.

The company's mission is to build a more efficient global payment ecosystem by bridging the gap between traditional finance and blockchain backed payments.

The company's mission is to build a more efficient global payment ecosystem by bridging the gap between traditional finance and blockchain backed payments.

Triple-A recently partnered with Singapore’s largest Apple products reseller, iStudio, allowing customers to pay with digital currencies at selected iStudio stores. Merchants such as Farfetch, Charles and Keith, Singapore Red Cross, Razer and Reap also use Triple-A to offer digital currency as a form of payment. Dominant currencies include USDT, USDC, ETH and BTC.

Triple-A has also seen growing demand from enterprise clients seeking trustworthy and licensed digital currency payment solutions for purchases and cross-border business-to-business flows.

A little over a year ago, the startup raised $4 million in seed funding, an investment that laid the foundation for its platform. Several existing investors who recognised Triple-A's potential early on also participated in the current Series A round, reaffirming their confidence in the company and team.

Triple-A has a diverse team of over 70 employees and maintains a global presence with offices in Singapore, Miami, Hong Kong, Paris, and Barcelona.

“We believe that stablecoins and other digital currencies are transforming cross-border transactions, with instant, 24/7 transfers. Triple-A is building a full suite of products for businesses to receive, manage, and transfer funds globally,” said Eric Barbier, Founder and CEO of Triple-A.

Eric is a third-time fintech founder who has created immense value at his prior companies, including Thunes. His expertise lies in identifying key problems and building solutions in growing markets. Eric has spent over 15 years specializing in Fintech and cross-border payments. Eric also serves on several Fintech startup boards.

Joining Eric in the mission is veteran payments executive Elodie Trichet as COO at Triple-A. Elodie has decades of payments experience, including executive roles at global payments company Adyen and fintech start-up Airwallex.

“Blockchain-based digital infrastructure provides real value in cross-border payments in terms of speed and liquidity of flows. These infrastructure rails including stablecoins and centrally backed digital currencies (CBDCs) have the potential to transform how global businesses transact money more efficiently. Licensed by major regulators in Singapore and Europe, Triple-A is building a compliant and steady foundation to enable this future,” Aakash Kapoor, Vice President at Peak XV added.

About Peak XV

Peak XV (formerly Sequoia Capital India & SEA) is a leading venture capital firm investing across India, Southeast Asia and beyond. Peak XV (pronounced Peak Fifteen) was the name used for Mount Everest before it was called that. Over the last 17 years in the region, Peak XV has grown to manage over USD 9 billion across 13 funds and has invested in over 400 companies. To learn more, visit: www.peakxv.com.

About Shorooq Partners
Founded in 2017, Shorooq Partners is the leading tech investor across the Middle East, North Africa, and Pakistan (MENAP region). The firm’s venture capital and venture debt funds invest in the most innovative seed stage and early-stage startups. The firm has built deep sectoral expertise in Fintech, Platforms, Software, Gaming, and Web3.0. Shorooq Partners has backed market-leading disruptors including Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo. Since its inception, Shorooq Partners has been built on the principle of being founders’ partners, company builders, and value investors.

Shorooq Partners is headquartered in Abu Dhabi, UAE, and has offices across KSA, Bahrain, Egypt, Pakistan, and Korea. Shorooq Partners refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA Registration) is a member.