Xflow, a Bengaluru-based fintech startup focused on cross-border B2B payments infrastructure, has raised $16.6 million in a Series A round led by General Catalyst, with participation from Square Peg, Stripe, Lightspeed, Moore Capital, and new investor PayPal Ventures.
The all-equity round values the company at approximately $85 million post-money and brings its total funding to over $32 million. The capital will support product expansion, regulatory licensing in new markets, and the continued development of its API-driven payments infrastructure.
What The Company Does
Founded in 2021 by Anand Balaji, Ashwin Bhatnagar, and Abhijit Chandrasekaran, Xflow provides cross-border payment infrastructure tailored to Indian businesses, including exporters, SaaS companies, freelancers, fintech platforms, and global capability centers. The platform enables companies to collect international payments, manage foreign exchange, and settle funds locally in India through a streamlined, API-based system.
Rather than positioning itself as a consumer-facing payments app, Xflow focuses on infrastructure, allowing platforms and enterprises to embed cross-border payment capabilities directly into their own financial workflows. This approach is designed to address long-standing inefficiencies in international business payments, which are still largely dependent on banks and manual processes.
The company reports that it facilitated payment collections from more than 100 countries in over 25 currencies and processed close to $1 billion in annualised cross-border payment volume last year, reflecting rapid growth and increased adoption among export-oriented businesses.
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Market Context / Industry Background
While domestic digital payments in India have advanced significantly, cross-border B2B transfers remain comparatively fragmented, with limited fee transparency, slower settlement times, and complex currency conversion processes. These frictions are particularly significant for exporters and multinational operations moving large sums into India to cover payroll, operations, and vendor payments.
The global cross-border payments market continues to be dominated by traditional banking infrastructure, although fintech providers are increasingly targeting specific segments such as SME exporters and SaaS companies. Infrastructure-led platforms are gaining attention as they offer programmable APIs, improved transparency, and faster settlement compared to legacy banking channels.
Xflow operates in a competitive landscape that includes banks and fintech players such as Wise, Payoneer, and Skydo, but differentiates itself by focusing on high-value B2B transactions and embedded infrastructure rather than retail remittances or standalone payment apps.
Founder / Investor Commentary
Co-founder Anand Balaji, who previously helped build Stripe’s India operations, stated that cross-border B2B payments have lagged behind the rapid innovation seen in domestic payment systems such as UPI. He emphasized that the company’s objective is to modernize international money movement infrastructure rather than replicate existing consumer payment models.
Balaji noted that the startup’s strategy is to power platforms and exporters through embedded financial infrastructure, rather than competing directly as an end-user payment application. He also highlighted that backing from Stripe and PayPal Ventures has strengthened the company’s credibility with banking institutions and regulatory partners as it scales globally.
The company has also introduced an AI-based foreign exchange optimisation tool that allows finance teams to set target conversion rates instead of relying solely on bank quotes. According to Balaji, the feature adds a predictive layer to currency management, helping businesses make more data-informed conversion decisions.
Growth Plans / Use Of Funds
The newly raised funding will be used to expand Xflow’s product suite on top of its core payments infrastructure, including the rollout of import capabilities in the coming months. The company is also pursuing regulatory licenses in additional jurisdictions, including Singapore, while already holding a payments license in Canada.
Xflow recently received final authorization from the Reserve Bank of India for a Payment Aggregator–Cross Border (PA-CB) license covering both export and import transactions, a development that supports its regulatory positioning in its primary market. In parallel, the startup is strengthening platform partnerships, including integrations with providers such as Easebuzz and Drip Capital to embed cross-border payment functionality into third-party ecosystems.
With a workforce of approximately 65 employees and a growing customer base of around 15,000 businesses, the company is focused on scaling its infrastructure to support larger transaction volumes and more complex enterprise use cases.
About Xflow
Xflow is a fintech infrastructure company focused on cross-border B2B payments for Indian businesses. Founded in 2021. Headquartered in Bengaluru, India. The company provides API-driven solutions that enable exporters, SaaS firms, platforms, and freelancers to collect international payments, manage foreign exchange, and settle funds efficiently within India’s financial ecosystem.
