XFlow, a financial services and infrastructure startup that simplifies cross-border payments, has raised $10.2 million in a pre-Series A funding round led by Square Peg, according to a statement.
The round was joined by Moore Strategic Ventures and existing investors Lightspeed and General Catalyst. Previously, XFlow raised $6 million in a seed funding round led by Lightspeed, Stripe, and General Catalyst in 2021.
With the fresh capital, XFlow plans to increase the number of currencies it supports, 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 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. This is arguably the only product that makes it this easy to integrate global payments. Since the launch of our first product in November 2022, we have been able to support several customers – small and large,” Balaji said.
Founded in 2021 by Anand Balaji and Ashwin Bhatnagar, XFlow seeks to simplify cross-border payments for even the smallest businesses such as freelancers or SMEs to the large enterprises serving millions of customers.
With its easy-to-embed infrastructure, XFlow offers a convenient and compliant platform that allows clients to receive payments on the next business day.
XFlow’s solution has been used by businesses such as Inkle, iCliniq, and WeWork India for international transactions, according to the company.
“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,” Bejul Somaia, Partner, Lightspeed, said in the statement.
Lead investor Square Peg recently also led Australian banking software and operational platform developer Constantinople’s $21.2 million seed funding round, alongside AirTree Ventures and Great Southern Bank.