PEXX Secures $4.5 Million in Seed Funding for Innovative Stablecoin-to-Fiat Payment Platform

Singapore, July 16th, 2024

PEXX, an innovative fintech startup focused on cryptocurrency and blockchain technology, has successfully completed a $4.5 million seed funding round. This investment will catalyze the growth of the company’s groundbreaking stablecoin-to-fiat payment platform, which aims to transform the way individuals and businesses transfer currencies internationally.

The funding round was led by TNB Aura, with contributions from global early-stage venture capital firm Antler and additional strategic investments from EMO Capital, along with other prominent investors. This strong backing highlights the confidence investors have in PEXX’s vision and its potential in the market.

PEXX’s platform enables users to transfer stablecoins, such as those from Tether and Circle, directly to bank accounts around the world. This innovation simplifies cross-border transactions for both individuals and businesses, eliminating the need for intermediaries or traditional banking services.

"We’re delighted to have secured this crucial funding, which will allow us to advance our stablecoin-to-fiat payment platform," stated Marcus Lim, CEO and founder of PEXX. "The demand for stablecoins is growing rapidly, and we anticipate an increase in users wanting to convert their assets directly into bank accounts as stablecoins become more prevalent in the coming years."

The funds will strengthen PEXX’s engineering and product teams while enhancing marketing and business development efforts, particularly in Southeast Asia. Furthermore, EMO Capital intends to support PEXX’s marketing, branding, and partnerships as a key player in its expansion and user growth strategy.

"While many are working to attract traditional internet users to the Web3 space, PEXX is constructing a compliant and secure bridge between this new realm and everyday transactions," commented Angelina Tu, co-founder of EMO Capital. "This is what the Web3 community needs, and EMO is proud to support PEXX."

Vicknesh R Pillay, Founding Partner of TNB Aura, added, "PEXX is addressing a vital need in the B2B cross-border payment sector. Under Marcus’s leadership, we are eager to assist them in reshaping the financial landscape."

Jussi Salovaara, Co-founder and Managing Partner at Antler, expressed his excitement in backing PEXX, highlighting their mission to create a platform that seamlessly links stablecoins with traditional banking, facilitating easier cross-border transactions.

In May 2024, PEXX achieved AUSTRAC registration, ensuring compliance with regulatory standards as an independent remittance dealer and digital currency exchange provider. This milestone reflects PEXX’s commitment to maintaining high standards of compliance, security, and customer trust.

PEXX provides a streamlined solution for converting stablecoins into 16 different fiat currencies, enabling direct transfers to bank accounts. This efficient process allows users to complete transactions in minutes rather than the days required by conventional banking methods. To date, PEXX has facilitated nearly $3 million in transactions and has attracted a diverse range of clients, including Web3 companies, exchanges, and media outlets.

About PEXX

PEXX is a groundbreaking stablecoin cross-border payment platform that simplifies global money transfers. By delivering secure, quick, and cost-effective solutions, PEXX empowers users and businesses to convert stablecoins into fiat currency directly into bank accounts. The platform effectively bridges the gap between traditional finance and cryptocurrency, making international money transfers seamless and efficient.

For assistance, users can contact PEXX’s community managers or reach out to the PEXX marketing team for further inquiries.