Financial services company XFlow raises $10.2 million in Pre-Series A round
XFlow, a financial services and infrastructure company that simplifies the cross-border payment experience for businesses, has raised a $10.2 million Pre-Series A round.
The round was led by Square Peg, with participation from Moore Strategic Ventures and existing investors Lightspeed and General Catalyst.
The funds raised will be deployed to expand product capabilities to support more local currencies and payment methods as well as business growth in India.
Previously, XFlow raised $6 million in a seed funding round led by Lightspeed, Stripe, and General Catalyst.
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Created in 2021 by Anand Balaji and Ashwin Bhatnagar, XFlow is designed to help businesses send and receive payments across borders in a compliant and regulated way — from the self-employed to small and medium businesses all the way to large organizations serving millions of customers, he said.
“XFlow provides a regulatory-compliant way to bring in funds from anywhere in the world with no transaction limits. XFlow also provides a seamless API infrastructure for platforms to integrate cross-border payments into their experiences. This is arguably the only product that makes it easy to integrate global payments Since launching our first product in November 2022, we have been able to support many customers – young and old – said Anand Balaji, Co-Founder and CEO of XFlow.
The company said XFlow is expanding its team across engineering, sales, marketing and key operational roles, and is also looking into operational expansion into geographies outside of India while continuing to innovate in cross-border payments.