Founded in 2023 by Aditya Varma, Himanshu Arora and Nikhil Shanker, Frex delivers a peer-to-peer money transfer service designed for immigrants and migrant workers. The platform leverages modern blockchain rails, rigorous compliance controls and local banking partnerships to provide near-instant settlement at better-than-mid-market FX rates. By eliminating multi-day transfer times, hidden fees and 1–5 % forex mark-ups, Frex positions itself as a transparent, low-cost alternative to incumbents such as Wise, Remitly and Xoom. Since its November launch, the startup has reported steadily rising transaction volumes and anticipates crossing $1 million in monthly transfers within the next two to three months. Capital from its recent raise will expand on- and off-ramp infrastructure across North America and India, strengthen regulatory and compliance capabilities, and scale engineering and ledger systems. Additional funds will accelerate go-to-market initiatives targeting NRI and migrant communities.

Total raised

$1M

Funding rounds

1

Latest round

Seed

Latest activity

Dec 2025