SINGAPORE, AUGUST 5, 2024 – PEXX, a fintech startup specializing in cryptocurrency and blockchain technology, has successfully raised $4.5 million in seed funding. This substantial investment will accelerate the development of PEXX’s groundbreaking stablecoin-to-fiat payment platform, poised to transform cross-border currency transfers.
PEXX’s platform enables users holding stablecoins such as Tether (USDT) and Circle (USDC) to transfer their assets directly to bank accounts worldwide. This innovation eliminates the need for intermediaries, offering a seamless solution for individuals and businesses to transfer value across borders efficiently.
“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 the demand for converting USDT and USDC directly to bank accounts to rise as stablecoins become more ubiquitous.”
The new capital will be utilized to enhance PEXX’s engineering and product teams, as well as to expand marketing and business development efforts, initially focusing on Southeast Asia. EMO Capital will also support PEXX in Web3 marketing, branding, and strategic partnerships, playing a pivotal role in business expansion, scaling, and user acquisition.
Angelina Tu, co-founder at EMO Capital, expressed strong support for PEXX, stating, “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, highlighted the platform’s potential, saying, “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.”
Jussi Salovaara, Co-founder and Managing Partner at Antler, added, “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.”
PEXX obtained AUSTRAC registration in May 2024, ensuring compliance with regulatory standards and enabling the company to operate as an independent remittance dealer and digital currency exchange provider. This achievement underscores PEXX’s commitment to stringent compliance, robust security measures, and fostering customer trust.
PEXX’s platform allows users to convert stablecoins (USDT and USDC) into 16 different fiat currencies, enabling direct transfers into bank accounts. This streamlines the crypto-to-fiat conversion process, allowing 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, onboarding customers and businesses ranging from Web3 companies and exchanges to media companies.