The Indian company XFlow announced that it managed to raise investment funds for $ 10.2 million following the results of the Series A pre-financing round.
These funds will be used to implement the firm’s intentions to expand the use of solutions for cross-border payments. The company provides financial services and financial infrastructure. Plans for the use of investment funds provide for the expansion of the company’s product capabilities and business development measures both in India and in the markets of other countries.
The first XFlow product was launched last November. Since then, the company has been able to support several clients. This was announced by XFlow co-founder and CEO Ananda Balaji. According to him, with the help of new financing, the firm aims to increase the number of supported currencies. Also, the investment funds will help the company to expand the coverage of payment methods in the markets of the countries where it is represented. Another area of use of financing will be the support of all types of Indian businesses.
Experts say that in India, many companies operating in the field of financial services often make the mistake of an incorrect combination of payments as part of efforts to increase conversion. Also, similar shortcomings in work planning arise when trying to attract more consumer spending against the backdrop of the growth of the Indian e-commerce market.
In India, consumers are trying to solve problems that are associated with cross-border methods of paying for travel and education in educational institutions. Clients of financial services companies strive to ensure that the payment process is uniform. This desire is explained by the fact that they make purchases on different platforms.
The XFlow cross-border payment solution fully complies with regulatory requirements. In this case, there are no restrictions on transactions. The solution can be integrated into the functioning of platforms using the application programming interface.
The firm’s funding round was conducted by Square Peg Capital. Following the results of the initial financing round, the company received investments for $ 6 million.
Square Peg Partner Piruse Sabuncu said that Balaji, XFlow co-founder Ashwin Bhatnagar, and the XFlow team are creating a full-featured platform to simplify cross-border payments. Also, in this case, other fintech platforms get the opportunity to take advantage of border payments.
Sabuncu states that Anand and Ashwin have a vision of creating the payment infrastructure needed to unlock key global economic corridors, and notes that the company can take advantage of the growth of global trade.
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