Cross-border payments solutions startup XFlow raised $10.2 million as part of its Pre-Series A led by Australian venture capital (VC) firm Square Peg where Lightspeed, General Catalyst and Moore Strategic Ventures also participated.
The cash will be used to drive the startup’s growth, strengthen its technology stack, and extend its product offerings. The funds will be used to support new currencies, include more payment methods, and grow the firm to international markets.
A portion of the funds will also be used to increase recruiting, namely in the tech, sales, marketing, and design sectors. XFlow is a B2B fintech firm that enables Indian businesses to send and receive money in a regulatory-compliant manner. The startup claims to be targeting clients ranging from small and medium-sized businesses (SMEs) to corporate platforms.
This comes a few years after XFlow raised $6 million in seed funding in October 2021, headed by Lightspeed, Stripe, and General Catalyst.
XFlow serves a diverse clientele for international transactions, including WeWork India, Inkle, and iCliniq.
