Australian fiat-to-crypto solution Banxa has collected $2m in its Series A which was led by NGC Ventures.
Thorney Investment Group Australia, a family office listed on the Australian Securities Exchange, also contributed to the round.
Capital from the round will be used to foster the global expansion of Banxa as it looks to move into Europe, Asia and Africa. It will also be used to support the onboarding of new customers as it grows its network.
The FinTech offers a fiat-to-crypto conversion service which provides regulatory compliance, fraud detection and mitigation, and payment reconciliation. Cryptocurrency businesses can use the technology to let customers buy and sell digital assets in a fully AML and KYC compliance manner.
Banxa offers a variety of global payment options including bank transfers and cash payments in the EU, Australia and the UK.
Its B2B service launched last year and is used by cryptocurrency firms including Binance, OKEx, KuCoin and EDGE Wallet.
Banxa founder and chairman Domenic Carosa 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.”
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