PEXX, a fintech startup focused on cryptocurrency and blockchain technology, has officially launched with US$4.5 million in seed funding.
The round was led by TNB Aura, with participation from Antler and EMO Capital.
This investment will support the development of PEXX’s stablecoin-to-fiat payment platform, which aims to improve global currency transfers.
It will be used to enhance the company’s engineering and product teams and to expand marketing and business development efforts, starting in Southeast Asia.
PEXX’s platform enables users to transfer stablecoins such as USDT and USDC directly to bank accounts in 16 different fiat currencies worldwide, streamlining international transactions without the need for intermediaries.
The platform also simplifies the crypto-to-fiat conversion process, reducing transfer times from days to minutes.
PEXX obtained its AUSTRAC license in May 2024, allowing it to operate as an independent remittance dealer and digital currency transfer provider.
Marcus Lim, CEO and Founder of PEXX said,
“We’re thrilled to have secured this significant funding, which will enable us to further develop our stablecoin-to-fiat payment platform.
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.”
Marcus was the Founder and former CEO of Singapore-based cryptocurrency exchange Zipmex which was forced to shutter its operations due to significant financial liabilities.
Vicknesh R, Partner at TNB Aura said,
“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.”
Featured image credit: Edited from Freepik