According to Forbes, the Hong Kong-based fiat-to-crypto platform XanPool has funded a total of US $41 million this year, valuing it at US $400 million.
Target Global, located in the UK, provided US $35 million of the total, with the previous investor Antler Elevate contributing the remaining funds.
With the additional funding, XanPool intends to accelerate its growth across Europe, North Africa, Latin America, and the Middle East. The majority of its remote employees will relocate to Thailand, where the business will also invest in a new R&D center.
In 2019, Artem Ibragimov, the company’s CTO, and Jeffery Liu, its CEO, established XanPool. Since then, the business has expanded to have more than 2 million customers, and it has worked with crypto firms including Binance, Bitcoin.com, and Bybit.
In its most recent round of funding, which was led by Valar Ventures and included Taavet Hinrikus, co-founder of Wise, the firm received US $27 million in October 2021.