Transak, a stablecoin payments infrastructure provider announced that it will be expanding its presence in MENA after it raised $16 million in a strategic funding round led by Tether and IDG Capital with participation from other investors. The funding will support infrastructure growth and market expansion into new regions including the Middle East.
The company operates a fiat-to-crypto platform that enables users in over 75 countries to convert between local currencies and stablecoins via payment methods such as bank transfers, cards, and virtual IBANs. According to Transak, nearly 30% of its processed transaction volume, which totals over $2 billion to date, has come from stablecoin flows.
Transak’s platform integrates regulated fiat on- and off-ramps, virtual bank accounts, real-time liquidity routing, and compliance tools. These services are designed to allow applications, including wallets, exchanges, fintech platforms, and DeFi projects, to offer fiat-to-stablecoin conversions without building their own operational infrastructure.
Transak holds regulatory approvals in jurisdictions such as the United States, United Kingdom, European Union, Canada, Australia, and India. The company has stated that expansion into the Middle East, Latin America, and Southeast Asia is underway.
The platform is currently integrated with more than 450 applications globally.
In addition to Tether and IDG Capital, the funding round included participation from Primal Capital, 1kx, Protein Capital, CEiC, KX VC, 3KVC, Genting Ventures, Fuel Ventures, and Umami Capital.
The move towards MENA comes as the UAE and countries like Bahrain embrace stablecoins
