PomegraLondon-based IMMIX raised €3.12M, led by Crane Venture Partners, to build FX infrastructure for stablecoin payments in currencies beyond the US dollar.
Key Takeaways
- IMMIX raised €3.12M ($3.5M) on October 8, 2026, led by Crane Venture Partners with BTSE and Portfolio Ventures.
- The London firm says it has processed more than $25B in customer trading volume since 2024.
- Valuation and formal round stage were not disclosed; the prior round was a €2.5M seed in late 2023.
Lead
IMMIX, a London-based trading firm that prices and executes currency conversions for stablecoin payments, announced a €3.12M ($3.5M) funding round on October 8, 2026. Crane Venture Partners led the round, with participation from exchange operator BTSE and Portfolio Ventures. The company will spend the money on its pricing engine, deeper liquidity and a wider network of distribution partners.
The raise is small by fintech standards. It arrives in a segment where payment companies are trying to move value across borders on stablecoin rails without paying for several FX trades on every transaction.
What Does IMMIX Actually Do?
IMMIX sells foreign-exchange pricing and execution to payment service providers, money transfer operators, stablecoin issuers, trading venues and platforms. Its pitch is certainty: a payment business needs to know what the recipient will receive and needs reliable access to conversion at the moment of settlement.
The company combines a deep-learning pricing model with high-performance trading infrastructure. According to the company, the model forecasts market conditions across more than 10,000 instruments. IMMIX says its systems have handled more than $25B in customer trading volume since 2024, though it has not named customers.
Why Do Non-Dollar Stablecoin Payments Need Separate FX Infrastructure?
Most stablecoin liquidity sits in dollar-denominated tokens, so a payment between two non-dollar currencies often routes through the dollar. A transfer from euros to Brazilian reais, for example, can require a euro-to-dollar-stablecoin trade followed by a second trade into the local currency. Each leg adds spread, latency and pricing risk.
IMMIX targets that gap by offering direct conversion between currency pairs that do not involve the dollar. Fewer hops mean lower cost and a more predictable payout, which is the commercial case for the product. Whether payment firms will buy that from a specialist rather than build it in-house or rely on large banks and exchanges is the open question.
Who Is Behind the Company?
The founders are Dr. Andrew Mann and Dr. David Twomey. Both hold PhDs in computer science from University College London, and the company says they have institutional trading experience at Morgan Stanley, JP Morgan and Virtu Financial. That pedigree matters in a business where pricing quality decides whether a partner stays.
"Payment businesses need certainty about what their customers will receive and reliable access to currency conversion," Mann said in the announcement. A Crane representative called it "exactly the kind of foundational technology we love to back," and a BTSE executive said IMMIX is building the trading infrastructure that makes the model workable.
What Does the Round Imply?
The new money follows a €2.5M ($2.7M) seed round in late 2023, led by MassMutual Ventures with Ripple Ventures participating. The new round is only about 25% larger than the seed, roughly three years later. That points to a capital-light model rather than a land grab, and the company has not labeled the raise as a Series A.
The investor mix is telling. Crane brings enterprise software and infrastructure experience, BTSE brings an exchange that can act as both a backer and a liquidity venue, and Portfolio Ventures adds a third check. IMMIX did not disclose a valuation, and it did not say whether the earlier backers took part.
The $25B volume figure deserves caution. It measures customer trading flow, not revenue, and FX spreads on large flows are thin. Without disclosed revenue or customer concentration, the volume says more about activity than about the unit economics of the business.
What Comes Next?
Expect the near-term work to center on three items named in the announcement: improving the pricing engine, adding liquidity for more currency pairs, and signing distribution partners. Distribution is probably the hardest. Payment companies tend to integrate with few FX providers, and switching costs are real once settlement flows are live.
Regulation is the other variable. Stablecoin rules in the UK, EU and elsewhere are still taking shape, and they will determine which issuers and payment firms can use non-dollar tokens at scale. If local-currency stablecoins gain traction, demand for direct conversion between them should rise. If dollar tokens keep their dominance, IMMIX's addressable flow stays narrower.
Outlook
IMMIX has secured a modest round to push a focused product into a corner of stablecoin payments that larger players have not prioritized. The company shows meaningful trading volume but has disclosed no valuation, revenue or named clients. The next markers are new currency pairs, partner announcements and whether a larger round follows once stablecoin regulation settles.