XFlow raises $10.2M pre-Series A funding from Square Peg and others

The pre-Series A funding round for XFlow, a provider of infrastructure and financial services, included participation from Moore Strategic Ventures, Lightspeed, and General Catalyst, as well as Square Peg Capital, who headed the round. The additional cash will be utilised to build the business in India and to enhance XFlow's product capabilities by adding support for new local payment methods and currencies.

Plans to increase the size of the team in critical engineering, sales, marketing, and operational areas are in the works. According to a statement from the corporation, operational expansion outside of India is also being considered. "XFlow makes cross-border payments easier for Indian businesses. We think the founding team is well-positioned given their background in compliance, risk, product, and engineering," stated Bejul Somaia, Partner, Lightspeed.

XFLOW has successfully raised a total of $16.2 million in investment to date. Earlier, Lightspeed, Stripe, and General Catalyst spearheaded a $6 million seed fundraising round for the firm. Anand Krishna, CEO and Founder of Inkle, a chat-based accountant solution, stated that XFlow had made things really simple for them. "XFlow handled our needs, volumes, and edge cases quickly, seamlessly, and compliantly," Krishna added.

Anand Balaji and Ashwin Bhatnagar founded XFlow in 2021 to simplify cross-border payments for companies of all kinds, including freelancers, small and medium-sized businesses, and major organisations in a compliant and legal manner. For international transactions, the startup now collaborates with Indian companies like Inkle, icliniq, and WeWork India.