India’s XFlow Raises $10.2 Million to Expand Cross-Border Payments Solution

XFlow has raised $10.2 million in a pre-Series A round to expand its cross-border payments solutions.

The India-based financial services and infrastructure firm will use the new capital to expand the capabilities of its product and grow its business in India and other countries, The Economic Times reported Thursday (May 25) in an article to which XFlow has a link on its home page.

XFlow did not immediately reply to PYMNTS’ request for comment.

“Since the launch of our first product in November 2022, we have been able to support several customers — small and large,” XFlow Co-founder and CEO Anand Balaji said in the report. “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.”

As PYMNTS reported in August, companies face the challenge of getting the payments mix right in a bid to increase conversion and capture more consumer spend as eCommerce grows in India.

Indian consumers seek relief from cross-border education and travel payments friction, for example, and they want the payments experience to be consistent as they shop across a range of platforms.

XFlow’s cross-border payments solution is compliant with regulations, has no transaction limits and can be integrated into platforms’ experiences via its application programming interface (API), Balaji said in the report by The Economic Times.

The company’s latest funding round was led by Square Peg Capital and follows a $6 million seed funding round, the report said.

In a Thursday blog post announcing its investment, Square Peg Partner Piruze Sabuncu said Balaji, XFlow Co-founder Ashwin Bhatnagar and the XFlow team are building a full-stack platform to simplify cross-border payments, have established a strong network of customers and are beginning to enable other FinTech platforms to leverage the cross-border payments capabilities.

“We believe Anand and Ashwin have the vision to build the payments infrastructure required to unlock key global economic corridors,” Sabuncu said in the post. “XFlow is well-positioned to take advantage of the growth in global trade and can help other platforms and FinTech services.”

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