Banxa, an Australia-based digital banking infrastructure provider, has raised $2 million in a Series A funding round led by NGC Ventures, one of the world’s leading blockchain investment firms, according to a statement.
The round was also joined by Australian Securities Exchange (ASX)-listed Thorney Investment Group Australia, a multi-billion-dollar family office that offers asset management, financial planning, and advisory services.
According to the company, the corpus raised will be used to support Banxa’s global expansion plans as it enters new markets throughout Europe, Asia, and Africa.
“Banxa addresses the issue of user experience and onboarding while providing the much-needed regulatory assurances for newcomers to this nascent digital asset class,” said Roger Lim, founding partner of NGC Ventures.
Banxa is an internationally compliant fiat-to-crypto gateway solution for exchanges, wallets, and other cryptocurrency businesses. It offers global and local payment methods like credit cards and retail store networks.
The company’s B2B service was launched in late 2019 and it has already seen integrations with global crypto firms including Binance, OKEx, KuCoin and EDGE Wallet. It claims to have served a customer base of over 20 million users.
NGC Ventures is one of the largest and most active institutional investors of cryptocurrencies. NGC adopts best practices from traditional financial markets to invest in and incubate leading projects in the crypto industry worldwide.
Both Fund I and II have invested in over 70 projects, mostly in blockchain infrastructure and adoption technologies in areas such as de-fi, gaming and decentralized computing.
NGC Ventures has offices in Singapore, Shanghai and San Francisco.