Banxa, an established provider of fiat gateway infrastructure to major digital asset exchanges such as Binance, has reportedly secured $2 million via a Series A investment round.
The funding round was led by NGC Ventures, one of the most active investors in the crypto-asset and blockchain industry. Australia-based family office Thorney Investment Group also took part in the round.
In statements shared with The Block, Domenic Carosa, founder and chairman of Banxa, said that the capital injection will be used for developing various business solutions across different payment gateways, adding support for more cryptocurrencies, local digital currency licenses, and new features. Carosa did not share any specific details regarding these plans.
Established in 2014, Australia-based Banxa is planning to further expand its business operations into markets across Europe, Asia, and Africa.
“We have country and currency expansion efforts in mind, as well as new features for exchanges and wallets.
Banxa’s management says it presently has around 20 million users on its platform. The company also claims it has 5 cryptocurrency-focused clients, which includes Binance, OKEx and KuCoin digital asset exchanges. Binance recently teamed up with Banxa in order enable U.K.’s Faster Payments Scheme for pound (GBP) transfers, and also to provide support for euro (EUR) and the Australian dollar (AUD) transactions.
Carosa confirmed that Banxa presently supports 12 major fiat currencies on its platform and plans to add others in the future. Banxa also has a “long pipeline” of more than 50 companies that are reportedly waiting to join its platform, Carosa claims. (He’s also the co-founder and CEO of Australia-listed media and marketing company Crowd Media Holdings.)
At present, there are 25 professionals that are working for Banxa at its business offices based in Australia, Netherlands and the Philippines.
Roger Lim, founding partner of NGC Ventures, remarked:
“Banxa addresses the issue of user experience and onboarding while providing the much-needed regulatory assurances for newcomers to this nascent digital asset class.”
The latest Series A funding round brings Banxa’s total capital raised to $3 million.
“We are also in the process of launching a pre-IPO round as we are in the process of listing onto the Toronto Stock Exchange in Canada.”