Cross-Border Payments Startup Parallax Raises US$4.5M Seed Roundby Fintech News Philippines September 14, 2023
Cross border payments company Parallax announced that it has raised US$4.5 million in a seed funding round led by Dragonfly Capital.
Founded by Mika Reyes and Alex Kuang, Parallax provides near instant international payments. The firm is focused on providing freelancers, remote workers and other global professionals better payments for their recurring payroll, invoices and salaries.
Parallax’ initial product allows users outside of the U.S. to open a USD virtual account to receive USD with just their passport. Parallax said that it can support and onboard individuals from over 150 countries.
The fundraise was also joined by Circle Ventures (issuers of USDC), General Catalyst, gumi Cryptos Capital, Palm Drive Capital, Comma Capital, Firsthand Alliance and angels like Balaji, Zach Abrams former Head of Product at Brex and Coinbase, and other founders and operators at various fintech companies.
According to Parallax, the funding will be used to continue to grow the team and scale its operations.
“Today, we announce our fundraise and also introduce the ability to convert USD into local currencies, starting with a few select countries and rolling out to more currencies soon.
For example, in the Philippines, users can cash out their USD into their local bank accounts like BPI, UnionBank, BDO and more, or e-wallets like GCash or Paymaya, and have the pesos arrive in minutes.”