There has been significant growth in online commerce platforms. Yet peer-to-peer (P2P) transactions continue to be plagued by a lack of trust between buyers and sellers, resulting in over $220 billion of inhibited transactions annually. Fuelled by the continued decline in cash usage post-COVID and the accelerated shift towards e-commerce and digital payments, the market opportunity is growing at over 15 percent annually. Buyers remain reluctant to transact with sellers unknown to them, preventing successful transactions.
Attempting to change the scenario, Cork-based end-to-end digital transaction platform Trustap has raised $3.4 million funding to tackle the lack of trust between buyers and sellers in peer-to-peer transactions.
The round was led by MiddleGame Ventures with participation from Act and Atlantic Bridge. Early backers of the company include early Stripe investor Liam Casey. The money will be used for marketing and expanding into new markets and roll out new features.
Providing an end-to-end digital transaction platform, the platform aims to give buyers and sellers peace of mind for transactions, both online and face to face. The company claims buyers can track the transaction across each step of the journey with funds held securely and not released until the milestones are complete. This offers transparency to sellers about where funds are being sent, verification of the buyer’s identity and options to collect and ship items.
Conor Lyden, chief executive and founder said: “The funding will give us the ability to bring in more resources on the technical side,” said. “That’s one thing that has been a big focus for us, hiring more developers, and also building out our sales team, particularly in the U.S.”