PEXX Closes $4.5M Seed Funding Round to Bridge the Gap Between Crypto and TradFi

The Singapore-based startup is building a stablecoin-to-fiat payment platform to transform cross-border transactions.

Singaporean startup PEXX, which aims to bridge the gap between traditional finance and cryptocurrency, has closed a $4.5 million seed funding round to fuel the development of its stablecoin-to-fiat payment platform.

Announced on Tuesday, the funding will support the growth of PEXX's platform, which enables the conversion of stablecoins, such as Tether (USDT) and Circle (USDC), directly into bank accounts anywhere in the world. This eliminates the need for intermediaries or traditional bank accounts, offering a faster and more efficient solution for individuals and businesses to integrate crypto into their daily operations.

The funding round was led by venture capital firm TNB Aura, with participation from early stage investor Antler. EMO Capital, a strategic investor known for backing Filecoin, also joined the round.

PEXX's platform streamlines the process of converting stablecoins into fiat currencies, enabling direct transfers into bank accounts. This simplifies the crypto-to-fiat conversion process, facilitating faster transactions compared to traditional banking methods.

“We're excited to announce that we have secured a significant funding 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."

The funding will allow PEXX to expand its engineering and product teams, and bolster marketing efforts and business development, initially focusing on Southeast Asia, the announcement said.

EMO Capital will also leverage its Web3 expertise to support PEXX's branding, marketing, and strategic partnerships, to facilitate user acquisition and business growth.

"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 highlighted by its AUSTRAC registration obtained in May 2024. This authorization permits 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 offers users the flexibility to convert stablecoins (USDT and USDC) into 16 different fiat currencies, enabling direct transfers into bank accounts. This streamlined crypto-to-fiat conversion process allows for faster transactions compared to traditional banking methods.

Having already processed nearly $3 million in transactions, PEXX has onboarded a diverse clientele, including Web3 companies, cryptocurrency exchanges, and media outlets.

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