Ireland-based TraXion, a fintech startup that has a strong presence in the Philippines raised $2.6 million during its private sale.
The Irish fintech startup that has a development center in the country and in India recently raised $2.6 million during its private sale. According to its CEO and founder, Ms. Ann Cuisia, the funds will help the company become the go-to crypto-economy for payments, peer-to-peer lending, remittances, savings, insurance, investments, and philanthropy.
TraXion’s aim is to be the bank of choice of the unbanked as it can provide “provide seamless integration and connectivity among networks, businesses, and people” according to its website.
Traxion has three kinds of interfaces:
- TraXionWallet – it has the ability to save, invest, pay, load, and lend
- TraXionChain – blockchain-based solution for supply chain management
- TraXionContract – applies smart contracts for good governance and integrity of information.
Recently, the company inked an agreement with Seamanpreneurs Consumer Cooperative (Seacoop) that it will provide the TraXionWallet to facilitate Seacoop’s more than 1 million members. By using the wallet, Seacoop members are able to cut transaction time and fees.
An Initial Coin Offering (ICO) is set to happen soon at an unspecified time.
- Read more: (ICO) Traxion Philippines – Bank in a Wallet