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Frex raises Rs 9.5 Cr led by Zeropearl VC and White Venture Capital

EntrackrEntrackr · 10d ago
Frex raises Rs 9.5 Cr led by Zeropearl VC and White Venture Capital
Medial

Peer-to-peer payments platform Frex has raised Rs 9.5 crore in a pre-seed funding round co-led by Zeropearl VC and White Venture Capital, with participation from a group of strategic angels including Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra of Urban Company, Pradeep Parameswaran, CRED founder Kunal Shah, and Rishabh Goel. The proceeds will be used to expand its on- and off-ramp infrastructure across North America and India, strengthen the compliance and regulatory stack across key corridors, scale engineering and ledger systems, and accelerate go-to-market efforts within NRI and migrant worker communities, Frex said in a press release. Co-founded this year by Aditya Varma, Himanshu Arora and Nikhil Shanker, Frex is a peer-to-peer money transfer platform that offers instant, low-cost cross-border payments. The platform delivers better-than-mid-market rates with near-instant settlement across key corridors and transparent pricing. It combines modern blockchain infrastructure with strict compliance and local banking integrations to make global money movement simple, fast and affordable. Frex aims to make cross-border money movement as seamless and affordable as domestic digital payments. It enables immigrants and global workers to send money home instantly and at ultra-low cost. The Gurugram-based startup addresses bottlenecks such as transfers that take days to process, a lack of pricing transparency, and fees along with forex mark-ups ranging from one to five percent. The platform intends to position itself as a modern alternative to traditional remittance channels, which are often slow, expensive and opaque. Since its launch in November, Frex claims it has seen rising transaction volumes and rapid adoption among immigrant communities, and the company expects to cross $1 million in monthly transfers within the next two to three months. It may directly or indirectly compete with other startups in this space, such as Wise, Remitly and Xoom.

Accel-backed OpenFX appoints former CoinDCX AVP as India product lead

EntrackrEntrackr · 7d ago
Accel-backed OpenFX appoints former CoinDCX AVP as India product lead
Medial

Accel-backed OpenFX appoints former CoinDCX AVP as India product lead In his LinkedIn post, founder and CEO Prabhakar Reddy said that the company is also hiring across engineering, product, and operations. OpenFX, a fintech infrastructure startup for cross-border payments, has appointed a former CoinDCX executive Sourav Karmakar to lead its India business. The firm has also appointed Alex Rowles as Head of Trading and Risk and Ethan Mackie to lead Product Operations. For India, Karmakar has been appointed as INR Product Lead. Formerly India AVP Product at CoinDCX, he has joined OpenFX to lead the company’s INR-focused cross-border remittance offerings for businesses. His role includes developing INR payment infrastructure for cross-border transactions and overseeing OpenFX’s expansion in global B2B payments. Beyond crypto, Karmakar has experience across fintech and consumer internet businesses. His previous roles include positions at WhiteHat Jr, Vedantu, DocsApp–MediBuddy, and Koo. Founded by serial entrepreneur Reddy, former co-founder and COO of FalconX, OpenFX is building a real-time FX network for near-instant cross-border settlements. The platform claims to make FX transfers 99% faster and up to 90% cheaper, while running round the clock throughout the year, without the limits of banking hours, weekends, or holidays. The development comes six months after OpenFX’s $23 million seed funding round led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, and others. At the time of the fundraise, the company had a team of 42 operating globally across the US, UK, UAE, and India.

UAE's National Pulse invests in Singapore fintech firm Aleta Planet

VCCircleVCCircle · 1y ago
UAE's National Pulse invests in Singapore fintech firm Aleta Planet
Medial

United Arab Emirates (UAE) strategic management company, National Pulse, has invested in Singapore-based payments solutions provider, Aleta Planet. The financial details of the investment were not disclosed. The investment will allow Aleta Planet to expand in the UAE, Middle East, and Africa, providing cross-border payment services for businesses in the region. Aleta Planet facilitates global payments, including through platforms like UnionPay, and handles around $2 billion in cross-border payments annually. With National Pulse's support, Aleta Planet aims to reach $6 billion in transactions within the next year. The companies also plan to establish a joint venture focusing on business-to-business cross-border transactions.

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