PEXX, an innovative fintech startup specialising in cryptocurrency and blockchain technology, has successfully launched following a $4.5 million seed funding round. This funding will drive the development of PEXX’s stablecoin-to-fiat payment platform, aimed at transforming global currency transfers.

The funding round was led by TNB Aura, with participation from global early-stage VC Antler, as well as 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 platform allows users to transfer stablecoins like USDT and USDC directly to bank accounts worldwide in 16 different fiat currencies. This facilitates seamless international transactions without intermediaries or traditional bank accounts. Moreover, the platform simplifies the crypto-to-fiat conversion process, allowing users to send money to bank accounts within minutes instead of days.

“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 to 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.

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

“We are excited to back PEXX as they build a transformative platform that bridges the gap between stablecoins and traditional banking. Their approach to simplifying cross-border payments align perfectly with our vision of fostering innovative fintech solutions,” said Jussi Salovaara, Co-founder and Managing Partner at Antler.

Additionally, PEXX has obtained its AUSTRAC licence in May 2024, which underscores its commitment to high regulatory standards, allowing it to operate as an independent remittance dealer and digital currency transfer provider. This licence affirms PEXX’s dedication to compliance, security, and customer trust.