$3.5m · Other round · Fintech · London, UK
London-based IMMIX has raised $3.5m in funding from Crane Venture Partners, BTSE and Portfolio Ventures. The trading firm says it will use the capital to develop its pricing engine, expand available liquidity and grow its partner distribution network. IMMIX helps payment companies, stablecoin issuers and trading venues convert between stablecoins and currencies, with a particular focus on markets beyond the US dollar.
One price for a fragmented route
Stablecoins can settle around the clock, but a payment business still has to turn the asset it holds into the currency its customer needs. IMMIX says thinner liquidity outside dollar markets can split one conversion into three or four foreign-exchange legs, each adding spreads, fees, transfers and prefunded balances. Its proposition is to quote and execute the whole route as principal, giving the customer one firm price rather than asking it to assemble several trades.
The company combines deep-learning pricing models with institutional trading infrastructure. Its website says the models cover more than 10,000 instruments and draw on over 30 sources, while clients can access liquidity through a portal, API, request-for-quote or streaming prices; IMMIX also trades on centralised and decentralised venues. That range matters commercially because distribution is not separate from the product: a pricing engine creates value only where payment firms and venues can reach it inside their existing workflows.
Liquidity and distribution are the next constraints
IMMIX reports that its systems have processed more than $25bn in customer trading volume since 2024. That is a company-reported throughput figure, not revenue, but it gives the funding a clear operational context. More liquidity can support larger or less common currency pairs; a stronger pricing engine can improve how the firm manages risk across those markets; and more partner connections can put the same capability in front of additional payment flows.
The execution challenge is that each expansion increases the number of markets IMMIX must price reliably. Currency coverage, trade size and settlement terms are agreed with each partner, and third-party platform distribution is still in development. The capital therefore targets three linked constraints rather than a single feature: model quality, available liquidity and access through partners.
Co-founders Andrew Mann and David Twomey both hold computer-science PhDs from UCL and previously worked in quantitative roles at firms including Morgan Stanley, JP Morgan and Virtu Financial. Crane Venture Partners says that mix of trading experience and technical depth informed its backing. For IMMIX, the test now is whether those capabilities can turn non-dollar stablecoin FX from a bespoke trading problem into infrastructure that payment companies can call repeatedly and predictably.
Explore this theme
Stablecoins: Rewiring global money movement — Alex Agureev, Sanjot Malhi, Manavi Mehra & Northzone · 20 October 2025. The piece maps the stablecoin stack and explains why FX providers and liquidity orchestrators sit between issuers and payment applications.
Sources checked:
IMMIX funding announcement · IMMIX product site · IMMIX company page · Crane Venture Partners · Tech.eu Funding Explorer
