SSI startup TransCrypts raises $15M to expand digital identity, credential verification platform

TransCrypts, a Canadian blockchain self-sovereign identity (SSI) startup focusing on digital identity and credential verification, has secured US$15 million in seed funding.

The round was led by Pantera Capital, with participation from Lightspeed Faction, Mark Cuban, and prominent investors including Alpha Edison, Motley Fool Ventures and Techstars.

The investment will fuel TransCrypts’ goal of shaping the future of self-sovereign digital identity, which will provide individuals “full control” over health, employment and education records, according to the San Francisco-headquartered company.

“Our goal is simple: to give people 100 percent control of their identity,” says Zain Zaidi, CEO and co-founder of TransCrypts, who was named in the Globe and Mail’s 2025 Changemakers of the Year.

Since it was founded two years ago TransCrypts has grown 15-fold and now serves more than 450 enterprise customers and four million users globally. Its Fortune 100 client base has doubled in 2025, with employers, landlords and background check agencies adopting the platform.

“Trust online is under attack with AI fraud and deepfakes,” says Mark Cuban. “TransCrypts puts control back in people’s hands, making verification faster, smarter and more secure.”

TransCrypts enables users to own and share verified credentials without relying on centralized intermediaries. It’s built on blockchain infrastructure with the model gaining traction amid rising concerns over digital fraud and AI-driven manipulation. The platform’s recent HIPAA certification paves the way for secure handling of health data.

With the new funding, TransCrypts plans to scale its team significantly, focusing on its newly established co-headquarters in downtown Toronto alongside its San Francisco base. The company aims to further develop its credential ecosystem and meet growing demand for trusted, user-controlled identity solutions in an increasingly digitized world.

Article Topics

blockchain  |  digital identity  |  funding  |  self-sovereign identity  |  TransCrypts