PEXX, a Singapore-based fintech startup specializing in cryptocurrency and blockchain technology, has on Tuesday announced the successful closure of a $4.5 million seed funding.
The funding included 1 round led by TNB Aura, with participation from global early-stage venture capital (VC) Antler, plus further strategic investment from EMO Capital, early backers of Filecoin and other notable VC and crypto investors, PEXX said in a statement.
It also said this significant investment will propel the development of the company’s innovative stablecoin-to-fiat payment platform.
The funding will be used to bolster the company's engineering and product teams, as well as to expand its marketing and business development efforts, starting in Southeast Asia.
In addition to funding, EMO Capital, a research-driven investment player, will look to support PEXX in its Web3 marketing, branding, and strategic partnership efforts and play a pivotal role in their business expansion, scaling , and user acquisition.
“We’re thrilled to have secured this significant funding, which will enable us to further develop our stablecoin-to-fiat payment platform,
“The growth for stablecoins is exponential and we expect to see the demand from users who want to convert their USDT and USDC directly to a bank account to grow accordingly as stablecoins become more ubiquitous over the coming years,” said Marcus Lim, Chief Executive Officer and Founder of PEXX.
PEXX is a stablecoin cross-border payment platform that simplifies global money transfers.
The firm’s payment platform allows users holding stablecoins from Tether (USDT) and Circle (USDC) to transfer their assets directly to a bank account globally.
This platform will enable individuals and businesses to transfer value across borders with ease, without the need for intermediaries or bank accounts.
“While many are building to bring traditional Internet users into the Web3 world, PEXX is building a compliant, respected, and protected bridge between the Web3 world and the real world, giving everyone a swift and easy access to converting their digital assets into their everyday purchases,
“This is what everyone in the Web3 world needs and where PEXX finds EMO’s staunch support,” said Angelina Tu, Co-founder at EMO Capital.
Meanwhile, Vicknesh R, Partner at TNB Aura, said PEXX addresses a critical need in the business to business (B2B) cross- border Web3 payments space.
“We are excited to support their journey in transforming the financial landscape,” he added.
Jussi Salovaara, Co-founder and Managing Partner at Antler, said PEXX build a transformative platform that bridges the gap between stablecoins and traditional banking.
“Their approach to simplifying cross-border payments align perfectly with our vision of fostering innovative fintech solutions,” he added.
It is noted that the AUSTRAC registration, obtained in May 2024, ensures that PEXX adheres to the regulatory standards, allowing PEXX to operate as an independent remittance dealer and digital currency exchange provider.
This achievement underscores the firm’s commitment to stringent compliance, robust security measures, and fostering customer trust.
It is also noted that PEXX offers a solution for users and businesses to convert stablecoins (USDT and USDC), into 16 different fiat currencies.
The platform enables direct transfers into bank accounts, streamlining the crypto-to-fiat conversion process and allows users to send money to bank accounts in minutes instead of days with traditional banking solutions.
To date, the platform has transacted close to $3 million and onboarded customers and businesses ranging from Web3 companies, exchanges and media companies.
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