Parallax raises $4.5m to help freelancers get paid faster

Parallax co-founder and CEO Mika Reyes / Photo credit: Parallax

For freelancers working remotely for overseas clients, currency conversion fees are the enemy. Cross-border payment providers may take as much as 10% to 15% from their hard-earned pay.

Mika Reyes said she herself faced difficulties sending and receiving money across borders. This is what led her and co-founder Alex Kuang to start Philippines-focused Parallax, a platform that enables freelancers and remote workers to accept near-instant international payments at cheaper rates.

The US-based company just announced its launch after securing US$4.5 million in a seed funding round led by Dragonfly Capital. Companies like USD Coin issuer Circle Ventures and several angel investors – including execs from Coinbase and Brex – also joined the fundraise.

The funding will be used to grow the team, scale operations, and expand into other use cases.

Parallax’s initial product lets users open US dollar virtual accounts with just their passports, allowing them to receive direct payments. Users may also opt to receive payments in stablecoins.

In addition, the company has rolled out a feature that allows users to cash out their US dollars into local bank accounts or e-wallets in select countries.

The firm compared its services to those offered by Paypal, Payoneer, and Wise, but said it sets itself apart by charging lower fees.

Parallax is initially targeting users from the Philippines. In 2020, the country was the fastest growing market for remote work based on revenue, according to a Payoneer report.

However, the company said it can support and onboard users from over 150 countries.

See also: How this 50-year-old cashless payments pioneer is planning a comeback