A $10.2M Pre-Series A investment has been raised by XFlow, a cross-border payments firm for businesses. Square Peg is the lead investor in the round, with Moore Strategic Ventures, Lightspeed, and General Catalyst also contributing.
The money received will go towards developing the product’s ability to enable new local payment options and currencies as well as expanding operations in India, as per reported by The Economic Times.
Anand Balaji, co-founder and CEO of XFlow, said, “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 into 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. 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”.
Bejul Somaia, Partner, Lightspeed, said, “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”.
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”.
XFlow was founded by Anand Balaji and Ashwin Bhatnagar in 2021. It enables a platform that accepts transactions from multiple countries. It helps overseas workers send and accept money from their country. The company built an infrastructure to help users without any barriers. Inkle, WeWork India, and iCliniq are also their customers.