PEXX Secures $4.5M in Seed Funding for its Innovative Stablecoin-to-Fiat Payment Platform
PEXX, a cutting-edge fintech startup focusing on cryptocurrency and blockchain technology, recently celebrated the completion of a $4.5 million seed funding round. This substantial investment will accelerate the progress of the company’s cutting-edge stablecoin-to-fiat payment platform, poised to transform the global currency transfer landscape.
TNB Aura, a prominent investor in the crypto space, led the funding round. Antler, a global early-stage VC, also participated in the round, along with strategic investment from EMO Capital and other notable VC and crypto investors. This diverse group of investors reflects the strong confidence in PEXX’s vision and potential.
PEXX’s payment platform enables users to effortlessly transfer their stablecoin assets from Tether (USDT) and Circle (USDC) directly to a bank account anywhere in the world. This platform empowers individuals and businesses to effortlessly transfer value across borders, eliminating the need for intermediaries or bank accounts.
“We’re thrilled to have secured this significant funding, which will enable us to further develop our stablecoin-to-fiat payment platform,” said Marcus Lim, CEO and founder of PEXX. “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.”
The funding will be utilized to strengthen the company’s engineering and product teams and expand its marketing and business development initiatives, focusing on Southeast Asia.
EMO Capital, a research-driven investment player, will fund and support PEXX in its Web3 marketing, branding, and strategic partnership efforts. EMO Capital aims to play a crucial role in PEXX’s business expansion, scaling, and user acquisition.
Angelina Tu, co-founder at EMO Capital, said, “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.”
Vicknesh R, Partner at TNB Aura, said, “PEXX addresses a critical need in the B2B cross-border Web3 payments space. With Marcus at the helm, we are excited to support their journey in transforming the financial landscape,” said Vicknesh R Pillay, Founding Partner of TNB Aura.
“We are excited to back PEXX as they build a transformative platform that bridges the gap between stablecoins and traditional banking. Their approach to simplifying cross-border payments aligns perfectly with our vision of fostering innovative fintech solutions,” said Jussi Salovaara, Co-founder and Managing Partner at Antler.
In May 2024, PEXX successfully obtained the AUSTRAC registration, demonstrating its commitment to regulatory standards. This registration enables PEXX to be an independent remittance dealer and digital currency exchange provider. This accomplishment highlights PEXX’s dedication to strict compliance, strong security measures, and building customer trust.
PEXX provides a smooth and convenient solution for individuals and companies to convert stablecoins (USDT and USDC) into 16 fiat currencies. PEXX facilitates seamless transfers to bank accounts, simplifying converting crypto to fiat and enabling users to send funds to bank accounts within minutes, as opposed to the lengthy timeframe associated with traditional banking methods. So far, the platform has facilitated transactions totaling nearly US$3,000,000 and has successfully brought on board a diverse range of customers and businesses, including Web3 companies, exchanges, and media companies.
