Business News Report
March 10, 2023

Web3 Startup Tweed Launches From Stealth with $4M Seed Raise Backed by Sorare CEO Nicolas Julia

Web3 Startup Tweed Launches From Stealth with $4M Seed Raise Backed by Sorare CEO Nicolas Julia

Tweed, a web3 plug-and-play white-label wallet and payment solution, has emerged from stealth with $4 million in seed funding. The seed round was led by Accel with participation from Communitas Capital Partners and Zero Knowledge Ventures, alongside angel investors including Sorare CEO Nicolas Julia, ex-Venmo COO Mike Vaughan, ex-JPMorgan executive Ameet Patel, and ex-SunGard CEO Cristóbal Conde.

Founded in 2022 by CEO Michelle Latzer (ex-Google tech infrastructure), CPO Julie Tauber (ex-Mastercard), and CTO Udi Hakim (ex-Cymotive/IDF), Tweed will use the seed funding to further develop the platform and expand its team, based in New York and Tel Aviv.

As web2 companies enter the web3 space with consumer-focused experiences, they face difficulties transitioning due to numerous obstacles, including regulatory oversight, complicated user experiences, and limited developer tools.

According to Tweed, brands that do attempt to adopt web3 wallets face additional hurdles, such as the need for custody licenses and lengthy KYC processes that increase their regulatory risks. Furthermore, the poor design of user interfaces and onboarding experiences is a widespread issue, with 92% of brands struggling to integrate web3 elements into their platforms. 

To support brands through the web3 payment flow, Tweed is providing an end-to-end solution to platforms through its white-label, self-custodial wallet with multi-chain support. The wallet removes the need for consumers to create their own wallets or remember complicated recovery phrases, while brands can accelerate the onboarding of users with a fully customizable wallet.

“More businesses are accepting crypto payments and incorporating web3 experiences than ever before. However, this new era of web3 payment infrastructure is still in its infancy. It remains difficult to scale transactions without experiencing massive regulatory, technical and onboarding friction,”

Michelle Latzer, CEO and co-founder, said in a statement.

With Tweed’s self-custodial wallet, companies can avoid the regulatory hurdle of obtaining a license while users can maintain ownership of their assets. Tweed’s SDKs also can be integrated into existing sign-up/login processes and are currently supported on EVM (Ethereum Virtual Machine) chains as well as Tezos, with several others coming soon.

“While native web3 experiences are a worthy end goal, there’s a huge opportunity right now in enabling web2 platforms to embrace crypto. With a long-term vision to build full web3 payment rails for all web2 brands and platforms, Tweed is wholeheartedly embracing this by putting native integrations, security, compliance and convenience at the heart of their self-custodial wallet,” said Andrei Brasoveanu, Partner at Accel.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing.Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing.Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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