Hong Kong Fintech XanPool To Expand Across Europe, Latin America After Raising $41 Million

XanPool—a provider of cross-border payments infrastructure—is accelerating expansion plans across Europe, the Middle East, North Africa and Latin America after raising $41 million this year from investors led by London-based Target Global.

Global startup funding valued the company at $400 million in the winter, when the Hong Kong-based startup raised $35 million from new investor Target Global and $6 million from existing investor Antler Elevate in the second quarter. Global investment by venture capital firms fell 34% to $74.5 billion in the third quarter from the previous three months, the lowest level in nine quarters, data from research firm CB Insights showed.

“We’re preparing for a long winter,” XanPool founder and CEO Jeffery Liu, 28, said in a recent interview in Singapore. Liu is among this year’s Forbes 30 Under 30 Asia honorees Finance and venture capital category Those who use technology to disrupt the conservative world of finance.

The funding will help Xanpool pursue opportunities in new growth markets outside of Asia, its largest market. It will also bankroll plans to set up an R&D center in Thailand, where Liu aims to relocate the company’s team of remote software engineers and product developers in the coming years. “We’re bringing our remote staff under one roof in Thailand.”

Since its inception in 2019, XanPool (which supports both crypto and fiat currencies) has grown rapidly amid a boom in cross-border commerce in Asia during the pandemic as merchants traditionally relied on financial intermediaries such as Visa and MasterCard to process international payments. Switch to the Xanpool platform. The company currently has a user base of over 2 million.

“We’re always looking for fresh ideas and disruptors of traditional payment systems, and XanPool was a great fit,” Mike Lobanov, founder and partner at Target Global, says via text message from Cyprus.

Despite macroeconomic issues posed by rising inflation and tightening interest rates around the world, Liu says the company’s revenue will triple to $65.8 million this year from a year earlier and rise to $163 million in 2023. “We scale responsibly and grow sustainably,” he said.


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