$10.2 M Pre-Series A funding raised by Lightspeed-backed XFlow
A financial services and infrastructure company called XFlow has raised $10.2 million in its pre-Series A round of funding. XFlow makes cross-border payments easier for businesses. Square Peg was the lead investor in the round, with Moore Strategic Ventures, Lightspeed, and General Catalyst contributing as well as previous investors.
Prior to this, Lightspeed, Stripe, and General Catalyst led a seed funding round for XFlow that brought in $6 million. According to a press release from the company, the new funds will be used to expand the business and support more currencies and payment options.
Anand Balaji and Ashwin Bhatnagar founded XFlow in 2021 to assist companies with sending and receiving cross-border payments in a legal and compliant manner.
For companies of all sizes, including freelancers, small and medium-sized businesses, and large platform enterprises serving millions of customers, the platform makes cross-border payments simpler.
The company claims that India has total exports and imports of more than $1 trillion and that there are more than $150 trillion in cross-border payments made worldwide. It is currently used for international transactions by Indian companies like Inkle, iCliniq, and WeWork India.