[L-R] Poko co-founders Geoffrey See (CEO) and Van Tran (CPO)
Poko, a Singapore- and Vietnam-based startup facilitating local fiat payments for Web3 applications, has raised US$4.5 million in a seed funding round from Y Combinator, NAZCA, and Global Founders Capital.
Goodwater Capital, Soma Capital, Amasia, CreditEase, Dentsu Ventures, Orange DAO, and MS&AD Ventures also participated.
Poko was founded by Geoffrey See and Van Tran after their social commerce firm Shoppa had to pivot its business model in March 2022. Poko enables seamless transfers from local payment rails to Web3 infrastructure, expanding user acquisition for Web3 wallets, marketplaces, games, and DApps.
With Poko’s SDK, Web3 builders can enable fiat-to-crypto on-ramping with over 100 common local payment methods or easily pay for NFTs with local payment methods.
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Currently, Poko concentrates on two primary products: an on-ramp aggregator and a direct checkout solution.
Poko’s fiat-to-crypto onramp aggregator reduces on-ramping costs by up to 70 per cent and increases transaction success rates by up to five times through smart routing logic and a single integration to multiple onramps. Its Direct Checkout solution enables one-step purchasing from fiat payment rails from any smart contract for 79 per cent higher user conversion.
The company said it has over 11 million active wallets using its payment rails across markets in Latin America, India, and Southeast Asia.
Some of the projects in Poko’s pipeline include a virtual card offering on Visa and Mastercard rails and a savings product that would enable users to earn interest on their stablecoin holdings.
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