IMMIX, a London-based AI-native trading firm that helps payment companies exchange stablecoins between currencies, has raised €3.12 million ($3.5 million) in funding.
The round was backed by Crane Venture Partners, BTSE, and Portfolio Ventures. The funding follows the company’s €2.5 million ($2.7 million) Seed round, led by MassMutual Ventures, with participation from Ripple Ventures in late 2023.
“Payment businesses need certainty about what their customers will receive and reliable access to currency conversion whenever money needs to move. We’re combining years of experience building high-frequency trading systems for institutional clients with AI pricing to reduce the cost and complexity of stablecoin FX, especially beyond the dollar,” said Dr. Andrew Mann, co-founder of IMMIX.
Founded by Dr. Mann and Dr. David Twomey, both of whom hold PhDs from UCL’s Computer Science department and institutional trading experience from Morgan Stanley, JP Morgan, and Virtu Financial, IMMIX is building FX infrastructure for stablecoin payments beyond the US dollar.
They argue that stablecoins can move between digital wallets around the clock, but converting between different currency-denominated stablecoins remains a costly and fragmented process. Especially outside the dollar market, where fewer buyers and sellers are available, a single conversion can break into three or four separate FX trades, each having its own spread, fee, and prefunding requirement.
The company says these stacked costs can erode margins significantly for payment companies processing recurring cross-border transfers. IMMIX’s solution: act as principal on both sides of the trade.
The company collapses multiple FX legs into a single, directly priced transaction. It has built a deep-learning model capable of forecasting market conditions across more than 10,000 instruments, and its systems have processed more than €22.3 billion ($25 billion) in customer trading volume since 2024.
Krishna Visvanathan, co-founder and partner at Crane Venture Partners, said, “Stablecoins have the potential to fundamentally change how money moves around the world, but much of the infrastructure needed to make that possible still has to be built.
“Andrew and David saw an important problem early, particularly beyond the dollar, and bring a unique combination of deep technical expertise and real-world trading experience to solve it. This is exactly the kind of foundational technology we love to back at Crane.
IMMIX wants its AI-native infrastructure to become the foundational layer for the stablecoin payments ecosystem with instant, frictionless, and scalable global money movement. The company is inviting payment service providers (PSPs), money transfer operators, stablecoin issuers, trading venues, and other platforms to explore FX partnerships.
It says partners can connect directly via request-for-quote, streaming prices over API, or access its pricing on public venues, including both centralised and decentralised exchanges. The fresh capital will be used to develop the company’s AI-powered pricing engine, expand available liquidity, and grow its partner distribution network.