XFlow, a dynamic startup specialising in B2B cross-border payments solutions, has recently secured an impressive $10.2m in a pre-Series A funding round.
The round was spearheaded by Australian venture capital (VC) firm, Square Peg, and witnessed active participation from Lightspeed, General Catalyst, and Moore Strategic Ventures, according to a report from Inc42.
Specialising in streamlining cross-border payments for Indian businesses, XFlow enables clients, ranging from small and medium enterprises (SMEs) to enterprise platforms, to conduct transactions in a regulatory-compliant manner. The firm assists businesses with sending and receiving money smoothly, thereby simplifying international transactions.
XFlow intends to leverage the fresh funding to accelerate its growth, fortify its technology stack, and broaden its product offerings. Specifically, the startup aims to support additional currencies, integrate more payment methods, and extend its operations to global markets. A substantial chunk of the funding will be utilised to ramp up hiring across various verticals including tech, sales, marketing, and design.
Further bolstering its commitment to excellence, XFlow has been serving an impressive portfolio of clients, which includes esteemed names like WeWork India, Inkle, and iCliniq.
Reflecting on the recent funding round, XFlow co-founder and CEO Anand Balaji said, “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.”
Lending his perspective on the funding round, Lightspeed partner Bejul Somaia added, “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.”
This recent funding success follows closely on the heels of a $6m seed funding round raised by XFlow in October 2021, with Lightspeed, Stripe, and General Catalyst taking the lead.
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