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Fiat-to-crypto gateway Banxa raises $2 million

Source: Banxa

Banxa, a full-service, internationally compliant digital banking infrastructure provider, announced its $2 million USD investment Series A round.

Led by NGC Ventures, one of the world’s leading blockchain investment firms, this funding round will be used to support Banxa’s global expansion efforts as they enter new markets throughout Europe, Asia, and Africa. Other participating investors in the raise including Australian Securities Exchange (ASX) listed Thorney Investment Group Australia, a multi-billion dollar family office that offers asset management, financial planning, and advisory services.

Roger Lim, Founding Partner of NGC Ventures, said, “Banxa is uniquely positioned within the crypto economy, primed to support the ever-evolving financial preferences of a digitally-savvy generation. Banxa addresses the issue of user experience and onboarding while providing the much-needed regulatory assurances for newcomers to this nascent digital asset class. We are thrilled to support Banxa as they embark upon this next phase of growth.”

This funding round is also envisaged to support further efforts of onboarding prospective customers as Banxa expands its global payment network.

Domenic Carosa, Founder and Chairman of Banxa said, “After almost six years in the blockchain industry, our goal remains the same--to champion a fairer, more open and more secure financial system for the benefit of consumers and businesses alike. As a global payment infrastructure that looks to become the preferred digital banking service provider of the future, we now find ourselves entering this next phase of maturity as a company as we continue to support users looking to benefit from the full potential of their digital asset holdings.”

Banxa also offers a fully compliant fiat-to-crypto conversion service that provides regulatory compliance, fraud detection and mitigation, as well as payment reconciliation. Accommodating a host of global payment options including leading global credit card providers, bank transfers in the European Union, Australia, and the United Kingdom, as well as cash payments, Banxa is able to offer high volume payment processing at low fees. Banxa’s B2B service launched in late 2019 and has already seen integrations with global crypto firms including Binance, OKEx, KuCoin and EDGE Wallet, servicing a combined customer base of over 20 million users.

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