Fintech Innovator PEXX Raises $4.5 Million to Revolutionize Stablecoin Payments

Singapore startup PEXX has successfully completed a $4.5 million seed funding round aimed at further developing its innovative stablecoin-to-fiat payments platform. The investment was led by venture capital firm TNB Aura, with support from early stage investor Antler and strategic investor EMO Capital, and aims to accelerate the transformation of cross-border transactions, the company announced.

PEXX’s platform simplifies the conversion of stablecoins such as Tether (USDT) and Circle (USDC) into global bank accounts, bypassing intermediaries and traditional banking channels. This provides a fast and efficient solution for 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 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 enable PEXX to expand its development and product teams, strengthen marketing efforts, and advance business development, initially focused on Southeast Asia. Specifically, EMO Capital will leverage Web3’s expertise to strengthen PEXX’s branding, marketing strategy, and strategic partnerships to drive 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 of EMO Capital. PEXX’s commitment to user trust is highlighted by its AUSTRAC registration, which it received in May 2024. This registration allows PEXX to operate as a licensed digital currency exchange and money transmitter, ensuring compliance with strict regulatory standards and robust security measures.

PEXX’s platform allows users to convert stablecoins (USDT and USDC) into 16 fiat currencies and transfers directly to bank accounts. This simplifies the crypto-to-fiat conversion process and ensures faster transactions compared to traditional banking methods. Having processed nearly $3 million in transactions, PEXX has attracted a diverse clientele including Web3 companies, cryptocurrency exchanges, and media organizations.