October 08, 2025 (TransCrypts)
The Next Chapter for TransCrypts: Expanding Verified Credentials for Everyone
We’ve raised a $15M Seed round led by Pantera Capital, with participation from Lightspeed Faction, Alpha Edison, Motley Fool Ventures, California Innovation Fund, Gusto cofounder Tomer London, and returning investors including Mark Cuban, Techstars, and Alumni Ventures. This funding accelerates our mission to give people true ownership of their identity and credentials in an age where fraud, deepfakes, and data breaches are escalating at record speed.
Today, I’m excited to share that TransCrypts has raised a $15M Seed round led by Pantera Capital with participation from Lightspeed Faction, Alpha Edison, Motley Fool Ventures, California Innovation Fund, Gusto cofounder, Tomer London (angel), as well as existing investors Mark Cuban, Techstars, Alumni Ventures, Protocol Labs, Apertu Capital, Informed Ventures, Asymmetry Ventures, and The Atland Fund.
This milestone isn’t just about capital; it’s about accelerating our mission to give people full ownership of their identity and credentials in a world where fraud, deepfakes, and data breaches are spiraling out of control.
Outdated Systems, an Abundance of New Threats For decades, verifying identity has meant relying on outside institutions like credit bureaus, government agencies, and third-party vendors. However, those legacy systems are struggling to keep up with modern threats.
In 2023 alone, Americans lost $43 billion to identity fraud, affecting 15 million people – a staggering 13 percent increase from the previous year. That same year, there were more than 3,200 data breaches, exposing the personal information of 353 million individuals. As AI accelerates, the risks are multiplying: deepfake-driven scams have grown nearly 1,800 percent in North America between 2022 and 2023, with more than $200 million stolen in the first quarter of 2025 alone. We can’t fight these new challenges with outdated infrastructure. That’s why we built TransCrypts.
Credentials You Truly Own At its core, TransCrypts empowers individuals to own, share, and verify their credentials securely, without relying on intermediaries. Every record is encrypted end-to-end and stored decentrally, which means not even we can see it. People have the power to decide who gets access, and for how long.
The platform encrypts all user data and stores the hash of that data on the chain. The user can then share the private keys of that hash with whomever they want, ensuring that their data is only shared with those people.
We began by focusing on employment records, and the response has been overwhelmingly positive. Recently, we launched a background check product that creates blockchain-based reports individuals can own forever. By giving users complete control over their verified background data, the product not only eliminates the costs and delays of traditional checks but also helps people securely build and manage their own digital identity.
Expanding Verified Credentials Beyond Employment TransCrypts has built a strong foundation serving millions of individuals and hundreds of enterprises, including employers and HR teams primarily across healthcare, staffing, and financial services. By helping these organizations stay ahead of fraud risks, TransCrypts meets rising demands for data privacy, speed, and fairness in credential verification.
Now we’re ready to take the next step. With this new round of funding, we’re expanding the number of credentials we support beyond employment credentials into health and educational records. Recently achieving HIPAA certification, the company is positioned to give U.S. consumers full ownership and control over their health data, which healthcare providers traditionally hold.
Why Now? The Clock is Ticking The timing could not be more urgent. AI-driven fraud is exploding, and fraud losses facilitated by generative AI (such as deepfakes and AI-assisted identity theft) are projected to reach $40 billion in the United States by 2027. Additionally, blockchain adoption is accelerating, and consumers are demanding more control over their data than ever before. Eighty-six percent of Americans say data privacy is a growing concern, and the need for secure, user-owned identity solutions has never been more apparent.
TransCrypts sits at the intersection of these forces, and we believe our approach is the right way forward. It’s one where individuals fully own their credentials, keep them private, and can share them instantly, whenever needed.
Looking Ahead Our focus over the next year will be expanding into healthcare, strengthening enterprise partnerships, and continuing to innovate against emerging fraud threats. Over the longer term, our vision is even bigger: a world where every person wholly owns their verified digital identity and can share it anywhere, instantly and securely.
This Seed round is a big step toward that future, but we wouldn’t be here without the people who believed in us from the beginning. To our 450+ customers and 4 million users, thank you for trusting us to safeguard your credentials. To our investors, thank you for seeing the potential of a world where people, not institutions, control their identity. And to our team, thank you for the relentless dedication that brought us here.
The journey is just getting started, and we couldn’t be more energized about the road ahead. If you’d like to learn more about what we’re building, visit us at www.transcrypts.com.
Zain Zaidi CEO & Co-founder, TransCrypts
