XFlow founders Anand Balaji and Ashwin Bhatnagar. Credit: Square Peg Capital Pty Ltd.

Indian fintech XFlow, a start-up working on simplifying cross-border payments, has raised $10.2m in a pre-Series A funding round.

The funding round was led by Australian investment firm Square Peg.

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Lightspeed, General Catalyst, and Moore Strategic Ventures also joined the fundraise.

Established in 2021 by Anand Balaji and Ashwin Bhatnagar, XFlow aims to change payments infrastructure for how businesses send and receive money.

The company is developing a full-stack platform that simplifies cross-border payments.

XFlow’s client list includes WeWork, Inkle and iCliniq.

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Users of its services can receive $100 to $1m in a single transaction. It partners with Reserve Bank of India-(RBI) authorised banks for secure international movement of funds.

In a blog post, Square Peg said: “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. 

“XFlow has established a strong network of customers already using their full-stack payments platform to accept payments simply and effortlessly.” 

Besides, XFlow is planning to enable other fintech platforms use its payment capabilities.

Inc 42 quoted Lightspeed partner Bejul Somaia as saying: “We believe the founding team’s prior experience and focus on compliance, risk, product, and engineering, positions them strongly, and we are excited to continue supporting the company.”

Proceeds from the latest funding round will be used for expanding product capabilities to support more currencies and local payment methods along with growing their business in India.

Previously, the company raised $6m in a seed investment round led by Lightspeed, Stripe and General Catalyst.