Lightspeed-backed XFlow raises $10.2 Mn in pre-Series A round

XFlow, a financial services and infrastructure company that simplifies the cross-border payments experience for businesses, has raised $10.2 million in its pre Series A round. The round was led by Square Peg with participation from Moore Strategic Ventures and existing investors Lightspeed and General Catalyst.

Previously, XFlow raised $6 million in a seed funding round led by Lightspeed, Stripe, and General Catalyst. The fresh funding will be deployed towards supporting more currencies, incorporating more payment methods, and expanding the business, the company said in a press release.

Established in 2021 by Anand Balaji and Ashwin Bhatnagar, XFlow helps businesses send and receive cross-border payments in a compliant and regulatory manner.

The platform 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.

According to the company, the total exports and imports from India exceed $1 trillion, while globally cross-border payments exceed $150 trillion, making it a huge yet untapped market. Currently, its being used by Indian businesses such as Inkle, iCliniq, and WeWork India for international transactions.