Xflow has raised $16.6 Mn (₹151 Cr) in a Series A round by General Catalyst, Square Peg, Stripe, Lightspeed and Moore Capital
The startup has also received full approval for the Payment Aggregator Cross Border (PA-CB) licence for both exports and imports
Xflow is now planning to soon launch services that allow Indian businesses to also send money abroad
Bengaluru-based cross-border payments startup XFlow
has raised $16.6 Mn (₹151 Cr) in a Series A round led by General Catalyst. Existing investors Square Peg, Stripe, Lightspeed and Moore Capital also participated in the round, PayPal Ventures has joined the startup’s cap table as its new investor.
The round values the startup at $85 Mn. With this, Xflow has raised over $32 Mn to date.
Besides the funding round, the startup has also received full approval for the Payment Aggregator Cross Border (PA-CB) licence for both exports and imports. It had received in-principle approval last year.
With the final authorisation in place, Xflow is now planning to soon launch services that allow Indian businesses to also send money abroad, in addition to collecting payments from overseas.
So far, Xflow’s revenue comes entirely from India. It serves Indian exporters and, soon, importers. While its customers are based in India, the company works with global banks and fintech partners to enable cross-border transactions.
On the financial front, the startup claims that its top line has already grown 10X in the first nine months of FY26 compared to the previous year’s operating revenue of ₹30 Cr.
Xflow currently serves close to 15,000 businesses, including SaaS firms, IT services exporters, global capability centres and goods exporters. It also provides cross-border payments infrastructure to fintech players like Drip Capital and Easebuzz.
The startup’s portfolio processes transactions ranging from a few hundred dollars to as high as $6-7 Mn in a single transfer. It mainly targets high-value B2B transactions, where it competes largely with traditional banks rather than consumer-focused payment aggregators.
Xflow said it will use the fresh capital for three main areas. First, it plans to double down on its go-to-market efforts in India to build awareness among exporters about alternatives to banks. Second, it will invest in adding more products on top of its core cross-border payments layer. Third, it will apply for international licences to expand into other markets.
Beyond basic money movement, Xflow has launched additional tools such as an FX rate management product that allows exporters to choose when to convert their foreign currency within a defined window. It claims this helps customers get better exchange rates compared to standard bank conversions.
The startup also offers a compliance help desk to support users with post-payment regulatory requirements. In addition, it has built integrations with accounting platforms such as Zoho and Tally to help businesses automatically reconcile cross-border transactions.
Founded in 2021 by former Stripe India head Anand Balaji, Ashwin Bhatnagar and Abhijit Chandrasekaran, XFlow is a B2B fintech startup that streamlines cross-border payments for Indian businesses, enabling them to send and receive money in a regulatory-compliant manner. The startup claims to target clients from small and medium enterprises (SMEs) to enterprise platforms.
Xflow has a team of over 60 people across product, compliance, risk and partnerships. The startup said it will announce more product updates in the coming months, including improvements in transaction speed.
