Fintech
Fintech Startup PEXX Raises $4.5M to Revolutionize Stablecoin Payments
PEXXA Singapore-based startup focused on bridging the gap between cryptocurrency and traditional finance has successfully closed a $4.5 million seed funding round.
This investment will fuel the development of PEXX’s innovative stablecoin-fiat payment platform, aiming to transform cross-border transactions, the company said in a statement. announcement on Tuesday.
The funding round was led by venture capital firm TNB Aura, with participation from early-stage investor Antler. EMO Capital, a strategic investor known for backing Filecoin, also joined the round.
Simplify cross-border payments
The PEXX platform simplifies the conversion process stablecoinslike Tether (USDT) and Circle (USDC), directly into bank accounts anywhere in the world. This eliminates the need for intermediaries or traditional bank accounts, providing a faster, more efficient solution for individuals and businesses.
“We are thrilled to have secured this significant funding round, which will allow us to further develop our stablecoin-to-fiat payment platform,” said Marcus Lim, CEO and founder of PEXX.
“The growth of stablecoins is exponential and we expect demand from users who want to convert their USDT and USDC directly into a bank account to grow accordingly as stablecoins become more ubiquitous in the coming years,” Lim added.
Building a compliant and user-centric bridge
The funding will enable PEXX to expand its engineering and product teams, strengthen marketing efforts and drive business development, initially focusing on Southeast Asia, the announcement said.
Specifically, EMO Capital will leverage its Web3 expertise to support PEXX’s branding, marketing and strategic partnerships, facilitating user acquisition and business growth.
“PEXX is building a compliant, respected and secure bridge between the Web3 world and the real world, giving everyone quick and easy access to convert their digital assets into their everyday purchases. This is what everyone in the Web3 world needs and this is where PEXX finds the firm support of EMO,” said Angelina Tu, co-founder of EMO Capital.
PEXX’s commitment to user trust is underscored by its AUSTRAC registration obtained in May 2024. This registration authorizes PEXX to operate as an authorized digital currency exchange and remittance operator, ensuring adherence to rigorous regulatory standards and robust security measures.
Initial traction and future prospects
PEXX’s platform offers users the flexibility to convert stablecoins (USDT and USDC) into 16 different fiat currencies, allowing direct transfers to bank accounts. This simplifies the cryptocurrency to fiat conversion process, facilitating faster transactions than traditional banking methods.
Having already processed nearly $3 million in transactions, PEXX has acquired a diverse customer base, including Web3 companies, cryptocurrency exchanges, and media outlets.