Heaptalk, Jakarta — PEXX, Singapore’s fintech focused on cryptocurrency and blockchain, has closed a US$4.5 million seed funding round.
The startup will use the funds for multiple strategic measures, covering:
- Develop a stablecoin-to-fiat payment platform and expect to revolutionize how people transfer currencies across borders
- Bolster the company’s engineering and product teams
- Expand its marketing and business development, commencing in Southeast Asia
The funding included a round led by TNB Aura, with the participation of Antler and EMO Capital. Early backers, including Filecoin, crypto investors, and other venture capital firms, joined this seed investment. In addition to funding, EMO Capital will look to support PEXX in its Web3 marketing, branding, and strategic partnership for business expansion, scaling, and user acquisition.
“This funding will enable us to develop our stablecoin-to-fiat payment platform further. 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 year,” CEO and Founder of PEXX, Marcus Lim, said.
This fintech startup simplifies businesses by converting stablecoins from Tether (USDT) and Circle (USDC) into 16 diverse fiat currencies. PEXX enables direct transfers into bank accounts, streamlining the crypto-to-fiat conversion process and allowing users to send money to bank accounts in minutes instead of days with traditional banking solutions. Hitherto, the platform has transacted nearly US$3,000,000 and onboarded customers and businesses from Web3, exchanges, and media companies.
“PEXX addresses a critical need in the B2B cross-border Web3 payments space. We are excited to support their journey in transforming the financial landscape,” Founding Partner of TNB Aura, Vicknesh Pillay, affirmed.
