FinTech Startup XFlow Raises $10.2 Million in Pre-Series A Funding Round
- ByStartupStory | May 25, 2023
XFlow, a financial services and infrastructure company specializing in cross-border payments, has announced the successful completion of a pre-Series A funding round, raising $10.2 million. The funding round was led by Square Peg Capital, with participation from Moore Strategic Ventures, Lightspeed, and General Catalyst, who are existing investors. The fresh capital injection will be utilized to enhance XFlow’s product capabilities, expand its range of supported currencies and local payment methods, and drive business growth in India.
XFlow aims to streamline cross-border payments for Indian companies, simplifying the process and ensuring compliance with regulations. The company’s innovative solutions have garnered significant attention, with its prior experience and expertise in compliance, risk management, product development, and engineering being highly regarded.
Bejul Somaia, Partner at Lightspeed, expressed confidence in XFlow’s team, stating, “XFlow is simplifying cross-border payments for Indian companies. We believe the founding team’s prior experience and focus on compliance, risk, product, and engineering positions them strongly.”
XFlow plans to utilize the funds to expand its team across key areas, including engineering, sales, marketing, and operations. The startup also has ambitions to extend its operational footprint beyond India, targeting global expansion. In a statement, the company emphasized its commitment to delivering seamless and compliant cross-border payment solutions.
Anand Krishna, CEO and Founder of Inkle, a chat-based accountant product, praised XFlow’s services, stating, “XFlow has made it super simple for us. It handled our needs, volumes, and edge cases quickly, seamlessly, and compliantly.”
Founded in 2021 by Anand Balaji and Ashwin Bhatnagar, XFlow has quickly gained traction in the Indian market by offering user-friendly and regulatory-compliant cross-border payment solutions. The startup currently collaborates with prominent Indian businesses such as Inkle, iCliniq, and WeWork India for facilitating international transactions.
With this recent funding, XFlow’s total funding stands at $16.2 million. In an earlier seed funding round, the startup secured $6 million, with participation from Lightspeed, Stripe, and General Catalyst.
XFlow’s mission to simplify cross-border payments and its commitment to compliance has positioned it as a frontrunner in the FinTech industry. As the company expands its product capabilities and reaches new markets, it aims to revolutionize cross-border transactions for businesses of all sizes.
About XFlow: XFlow is a FinTech startup specializing in financial services and infrastructure. It provides simplified and compliant cross-border payment solutions for Indian businesses, catering to the needs of freelancers, small and medium enterprises, and large enterprises. With a strong focus on compliance, risk management, and product development, XFlow aims to revolutionize the way businesses handle international transactions.
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