PEXX raises $4.5m in Seed round from TNB Aura and EMO Capital

By Gloria Mathias

PEXX, a FinTech startup specialising in cryptocurrency and blockchain technology, has announced the closure of a $4.5 million seed funding.

This investment will propel the development of the company’s stablecoin-to-fiat payment platform, set to revolutionise the way people transfer currencies across borders.

The funding included one round led by TNB Aura, with participation from global early-stage VC Antler. It also included further strategic investment from EMO Capital, early backers of Filecoin and other notable VC and crypto investors, highlighting strong investor confidence in PEXX’s vision and potential.

PEXX’s payment platform allows users holding stablecoins from Tether (USDT) and Circle (USDC) to transfer their assets directly to a bank account globally. This platform will enable individuals and businesses to transfer value across borders with ease, without the need for intermediaries or bank accounts.

“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 grow accordingly as stablecoins become more ubiquitous over the coming years.”

The funding will be used to bolster the company’s engineering and product teams, as well as to expand its marketing and business development efforts, starting in Southeast Asia.

Angelina Tu, co-founder at EMO Capital, said, “While many are building to bring traditional Internet users into the Web3 world, 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.”

“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,” said Vicknesh R Pillay, Founding Partner of TNB Aura.