Singapore fintech startup draws $4.5 million in latest funding round

SINGAPORE: Singapore-based fintech startup PEXX has successfully raised $4.5 million in a seed funding round. The funding round was led by TNB Aura and saw participation from venture capital firm Antler and strategic investment from EMO Capital.

PEXX plans to utilize this funding to further develop its innovative stablecoin-to-fiat payment platform. The startup aims to enhance its engineering and product teams, expand marketing efforts, and increase its business development activities across Southeast Asia.

The core of PEXX’s offerings lies in its payment platform, which enables users holding stablecoins such as Tether (USDT) and Circle (USDC) to transfer assets directly to bank accounts globally. This functionality allows both individuals and businesses to transfer value across borders without the need for intermediaries, potentially streamlining and reducing the cost of international payments.

In addition to the financial backing, EMO Capital will provide PEXX with crucial support in Web3 marketing, branding, and strategic partnerships. EMO Capital’s involvement is expected to play a significant role in PEXX’s business expansion, scaling operations, and user acquisition strategies.

With the new funds, PEXX is well-positioned to make significant strides in the fintech industry, leveraging its unique platform to facilitate seamless and efficient cross-border payments. The startup’s vision to create a more inclusive financial ecosystem is expected to enable easier access to financial services for a broader audience.

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