XFlow, a financial services and infrastructure firm that simplifies the cross-border payments experience for businesses, has raised $10.2 million in a pre-series A round led by Square Peg.

The funding round also saw participation from Moore Strategic Ventures and existing investors Lightspeed and General Catalyst.

As per the startup, the freshly raised funds will be deployed towards expanding the product capabilities to support more currencies and local payment methods as well as a growing business in India.

XFlow | Cross-border Payments Simplified

Founded by Anand Balaji and Ashwin Bhatnagar in 2021, XFlow is a financial services and infrastructure firm that builds cross-border payments infrastructure enabling businesses to send and receive money globally in a simple, reliable, transparent and compliant way.

Speaking about the development, 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 within their experiences. 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.”

The financial services and infrastructure firm simplifies the cross-border payments experience for businesses of all sizes- from freelancers to small and medium enterprises all the way to large platform enterprises serving millions of customers. Previously, the startup raised $6 million in a seed funding round led by Lightspeed, Stripe, and General Catalyst.

Commenting on the development, 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.”

Recently, CapitalSetu, a Noida-based financial services startup, raised $350k in its seed funding round led by Real Time Angel Fund. Also, Fundly.ai, a Mumbai-based pharma-focussed fintech startup, raised $3 million in a seed funding round led by Accel to deepen its engagement with existing customers, expand into new geographies, build technology and work on newer product offerings.

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