XFlow, a financial services and infrastructure company that simplifies the cross-border payments experience for businesses, has raised a pre-series A round of USD 10.2 million, on Thursday.
The round is led by Square Peg with participation from Moore Strategic Ventures and existing investors Lightspeed and General Catalyst.
Prior to the fresh funding round, XFlow raised USD 6 million in a seed funding round led by Lightspeed, Stripe, and General Catalyst. The fresh funds will be deployed towards expanding the product capabilities to support more currencies and local payment methods as well as growing business in India, it said in a statement.
Established in 2021 by Anand Balaji and Ashwin Bhatnagar, XFlow is designed to help businesses send and receive cross-border payments in a compliant and regulatory manner.
"XFlow offers a regulatorily compliant way to bring in money from anywhere in the world with no transaction limits. XFlow also offers seamless API infrastructure for platforms to integrate cross border payments within their experiences. With this new round of funding, we aim to increase the number of currencies we support, expand coverage of local payment methods in various countries and support all kinds of businesses in India," said Anand Balaji, Co-founder and CEO of XFlow.
"XFlow is simplifying cross border payments for Indian companies, enabling businesses of all sizes to expand globally by providing secure and seamless cross border transactions. We believe the founding team’s prior experience and focus on compliance, risk, product, and engineering positions them strongly, and we are excited to continue supporting the company." said Bejul Somaia, Partner, Lightspeed.
Anand Krishna, CEO and Founder of Inkle (a chat-based accountant product) said, “XFlow has made it super simple for us to go live with Inkle’s specific cross-border payment use case (intercompany transfer pricing payments) within weeks instead of months, with just a few simple APIs. The product handled our needs, volumes and edge cases quickly, seamlessly and compliantly. Our customers were delighted with the experience”
With cross-border payments being integral to businesses of all scale and size, XFlow is expanding its team across key engineering, sales, marketing and operational roles and also looking at operational expansion in geographies beyond India.