Xflow, An Indian Finance Startup Raises $10.2M in Pre-Series A Led By Square Peg
By: Asia Business Outlook Team | Tuesday, 30 May 2023
XFlow, an India-based financial services and infrastructure company, announced on Thursday that it had raised a $10.2 million Pre-Series A round.
Square Peg led the round, with participation from Moore Strategic Ventures and existing investors Lightspeed and General Catalyst, according to XFlow.
Previously, Lightspeed, Stripe, and General Catalyst led a $6 million seed funding round for XFlow.
The funds raised, according to the statement, will be used to expand the product capabilities to support more currencies and local payment methods, as well as to expand business in India.
With cross-border payments being essential to businesses of all sizes, XFlow is expanding its team across key engineering, sales, marketing, and operational roles, as well as considering operational expansion in geographies other than India, while continuing to innovate in the cross-border payments space.
"With this new round of funding, we hope to increase the number of currencies we support, expand coverage of local payment methods in various countries, and support all types of businesses in India," said Anand Balaji, Co-Founder and CEO of XFlow.
According to him, the firm provides a regulatory-compliant method of receiving funds from anywhere in the world with no transaction limits.
"XFlow also provides a seamless API infrastructure for platforms to integrate cross-border payments."