# Parallax Labs

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/parallax-labs

- Industry: Financial Services
- Headquarters: New York, US
- Website: www.withparallax.com
- Total disclosed funding: $4.5M
- Latest round: Seed (Sep 12, 2023)
- Investors on record: 7

## About

Based in New York, US, and founded in 2022 by CEO Mika Reyes and Alex Kuang, Parallax Labs, Inc., a.k.a. Parallax is a blockchain-powered money remittance company that helps remote workers and freelancers get paid from abroad. The company provides a cross-border payment system that can be used for stablecoin, crypto, or traditional currencies. In September 2023, Parallax raised USD 4.5 million in seed funding led by Dragonfly, with participation from Circle Ventures, General Catalyst, gumi, Palm Drive Capital, Comma Capital, and Firsthand Alliance.

The company provides a financial service platform that allows users to earn and spend their money globally by leveraging modern technology and blockchain. The platform allows users to open an FDIC-insured account in USD and receive payments globally in USD for free, convert into other tokens or local currencies, keep their balance in dollars, and protect against the devaluation of other currencies.

Parallax generates revenue by charging a 0.9–1% fee for processing conversions.

The company plans to use its proceeds from September 2023 funding to hire more staff and expand its operations. The company also plans to expand into other use cases, like remittances for migrant workers.

## Funding rounds

- Seed, Sep 12, 2023, $4.5M — General Catalyst Partners, gumi ventures, Palm Drive Capital, Dragonfly Digital Management, Comma Capital, Circle Ventures, Firsthand Alliance

## Investors

- General Catalyst Partners (https://capitalatlas.ai/funds/general-catalyst-partners) — Seed
- gumi ventures (https://capitalatlas.ai/funds/gumi-ventures) — Seed
- Palm Drive Capital (https://capitalatlas.ai/funds/palm-drive-capital) — Seed
- Dragonfly Digital Management (https://capitalatlas.ai/funds/dragonfly-digital-management) — Seed
- Comma Capital (https://capitalatlas.ai/funds/comma-capital) — Seed
- Circle Ventures — Seed
- Firsthand Alliance (https://capitalatlas.ai/funds/firsthand-alliance) — Seed