Moore Strategic Ventures also participated in the round along with the startup's existing investors, Lightspeed and General Catalyst.
XFlow earlier araised $6 million in a seed funding round led by Lightspeed, Stripe, and General Catalyst.
The fresh funds raised will be deployed towards expanding the product capabilities to support more currencies and local payment methods as well as growing business in India.
Founded in 2021 by Anand Balaji and Ashwin Bhatnagar, XFlow is built primarily for the developer and is an easy to embed payments infrastructure and a self-serve product. XFlow is building a full-stack platform to simplify cross-border payments - starting with a focus on cross-border payments in India. While payments within India are supported through the UPI infrastructure built by the government, sending money to, and receiving money from, countries outside India, is currently an unsolved and acute problem for local merchants and freelancers.
Prior to starting up with XFlow, both the founders were working in global fintech firm Stripe and together they helped build and expand Stripe in India.
XFlow is solving problems that global companies like PayPal, Wise and Stripe have all previously made various attempts to solve, and that is managing cross border payments which faces issues like —reconciliation challenges, rate efficiency issues, processes for claiming tax advantages, and other compliance requirements.
XFlow has deep expertise in the India corridor, and with its APIs businesses can compliantly receive $100 or $1 million in a single transaction. Xflow partner with RBI-authorised banks to make international money movement safe and compliant, and FIRA (Foreign Inward Remittance Advice) for payouts.
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