Taiwanese crypto-fiat tech firm XREX announced on Monday that it has closed its $17 million Pre-A round.
The round, led by CDIB Capital Group (TWSE: 2883), was oversubscribed by 200%. It also included publicly-listed companies, venture capital firms, major banks and fintech investors from the US, Singapore, Germany, Taiwan and more.
Ryan Kuo, Head of CDIB Capital Innovation Fund, stated:
CDIB was an early investor in XREX, after witnessing the company’s fast revenue growth and their commitment to compliance, we were determined to double our investment and lead this strategic round.
Other investors include SBI Investment, a subsidiary of SBI Holdings, Global Founders Capital, ThreeD Capital, E.Sun Venture Capital, New Economy Ventures, Systex Corporation, AppWorks, Black Marble, Metaplanet Holdings, and Seraph Group.
XREX’s seed round closed in 2019, raising $7 million from investors such as AppWorks (who were the lead), Metaplanet Holdings, Black Marble, Skype’s late co-founder Toivo AnnusCDIB, WI Harper, BitoEx, and the Taiwan government’s National Development Fund.
The company states that it is a crypto-fiat fintech company trying to encourage financial inclusion by solving the dollar liquidity shortage issue in emerging economies.
The funds raised by the latest funding round will be used to expand XREX’s fiat currency portfolio, acquire additional licences and build partnerships with more financial institutions and digital wallets.
XREX CEO and cofounder Wayne Huang commented:
Our mission is to foster global financial inclusion by leveraging blockchain. Many of our team members are from or have lived in the markets where we serve. We keenly understand the struggles faced by many cross-border merchants who lack safe access to US dollar liquidity.
After recently seeing success with its new features such as the mandatory User Public Profile and the Risk Level Detector, the company plans to roll out a Reputation Index next year to increase its platform’s safety, accountability and transparency.
XREX stated over the last eight months, it has successfully detected and halted fraud rings in Russia and Nigeria accessing its platform.
Having gained a degree in economics, Alan entered the world of financial services starting his career in London and then moving to New York for a number of years. His first post at a City bank saw him establish a reputation as an forex trader. Having recently returned from New York after eight successful years, Alan is now a prosperous trader in his own right concentrating on commodities and forex.