XFlow, a financial services and infrastructure company that simplifies cross-border payment experience for businesses, has raised a Pre-Series A round of $10.2 million.

The round was led by Square Peg with participation from Moore Strategic Ventures and existing investors Lightspeed and General Catalyst.

The funds raised will be deployed towards expanding the product capabilities to support more currencies and local payment methods as well as growing business in India.

Previously, XFlow raised $6 million in a seed funding round led by Lightspeed, Stripe, and General Catalyst.

Established in 2021 by Anand Balaji and Ashwin Bhatnagar, XFlow is designed to help businesses send and receive cross-border payments in a compliant and regulatory manner — from freelancers to small and medium enterprises all the way to large platform enterprises serving millions of customers, it said.

“XFlow offers a regulatorily compliant way to bring in money from anywhere in the world with no transaction limits. XFlow also offers seamless API infrastructure for platforms to integrate cross-border payments within their experiences. This is arguably the only product that makes it this easy to integrate global payments. Since the launch of our first product in November 2022, we have been able to support several customers — small and large,” said Anand Balaji, Co-founder and CEO, XFlow.

XFlow is expanding its team across key engineering, sales, marketing, and operational roles and also looking at operational expansion in geographies beyond India while continuing to innovate in the cross-border payments space, said the company.