Ones to Watch: Trustap – Irish innovation making online payments safer worldwide

By Business & Finance
27 April 2018
Conor Lyden Trustap online payments security
Conor Lyden, Founder/CEO, Trustap

In our Ones to Watch section, we highlight some of the top movers and shakers. This week we feature Trustap.

What is it?

Trustap is a transaction platform that acts as a safety net for customers when they want to buy or sell online. It’s specifically designed for transactions with people you don’t know personally and might not be able to trust. Trustap works like a personal escrow account. In each transaction, the funds are held during the delivery process, then once the item has been delivered and the buyer is satisfied or the complaints period has elapsed, the funds are released to the seller.

The two biggest markets for the service so far have come in the form of collectible items and second-hand tickets. The platform is designed in such a way that it can support a wide range of transaction types and is accessible to anyone with Internet access, regardless of their device.

Who’s behind it?

Conor Lyden founded Trustap in 2017. Originally a Civil Engineering graduate from UCC in 2016, Conor took part in the IGNITE programme, also in UCC, that helps young entrepreneurs develop businesses from an early stage. The business is based in Cork city and Conor travels between there and Austin, Texas where he recently took part in an Accelerator programme, which helped to get a foothold in the US market.

How is it funded?

The business has been self-funded or ‘bootstrapped’ to date, with the help of grant support from the Local Enterprise Office in South Cork and Enterprise Ireland. The team are in the process of raising a seed round of €500,000 to help accelerate growth, add new features and scale.

Future plans?

By using Trustap, customers can finally transact online with complete peace of mind. There is no longer a need to be anxious about buying something from a total stranger. The short-term aim of the company is to convey this message successfully through a combination of digital marketing and strategic alliances, formed with more and more companies with large user bases. The long-term aim of the company is to become a brand that is associated with trust and security, worldwide.

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Business & Finance, in association with Comtrade Digital Services, recognises Ireland’s most dynamic emerging businesses in ‘Ones to Watch’.

Ireland is alive with a vibrant start-up scene and the entrepreneurs featured are shaping the country’s economic landscape.