Singaporean startup PEXX has concluded a successful $4.5 million seed funding round aimed at advancing its innovative stablecoin-to-fiat payment platform. The investment, led by venture capital firm TNB Aura and supported by early-stage investor Antler and strategic investor EMO Capital, is set to drive transformation in cross-border transactions, the company announced.
PEXX's platform simplifies the conversion of stablecoins like Tether (USDT) and Circle (USDC) into global bank accounts, bypassing intermediaries and traditional banking channels. This provides a swift and efficient solution catering to both individuals and businesses. “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", Lim added.
According to the announcement, the funding will empower PEXX to grow its engineering and product teams, strengthen marketing initiatives, and advance business development, with an initial emphasis on Southeast Asia. Notably, EMO Capital will utilize its Web3 expertise to enhance PEXX's branding, marketing strategies, and strategic partnerships, facilitating user acquisition and overall business expansion.
"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. PEXX's commitment to user trust is underscored by its AUSTRAC registration obtained in May 2024. This registration authorizes PEXX to operate as a licensed digital currency exchange and remittance dealer, ensuring adherence to strict regulatory standards and robust security measures.
PEXX's platform allows users to convert stablecoins (USDT and USDC) into 16 fiat currencies, facilitating direct transfers to bank accounts. This simplifies the crypto-to-fiat conversion process, ensuring quicker transactions compared to traditional banking methods. With nearly $3 million in processed transactions, PEXX has attracted a varied clientele, including Web3 firms, cryptocurrency exchanges, and media organizations.