Xflow Raises $16.6M Series A Led by General Catalyst, with Stripe and PayPal Ventures

Bengaluru, India, February 23, 2026 – Xflow, a cross-border payments infrastructure company, today announced that it has raised $16.6 million in a Series A funding round led by General Catalyst. Existing investors Square Peg, Stripe, Lightspeed and Moore Capital participated in the round, with PayPal Ventures joining as a new investor. The all-equity round values Xflow at $85 million post-investment and brings its total funding to more than $32 million.

While domestic payments in India have digitised rapidly, cross-border B2B payments for Indian exporters still rely heavily on banks, often with limited visibility into fees, settlement timelines and the final amount received in rupees. The challenge is sharpest for larger exporters moving millions of dollars into India to fund salaries and local operations.

Founded in 2021 by former Stripe colleagues Anand Balaji, Ashwin Bhatnagar and Abhijit Chandrasekaran, Xflow provides cross-border payment infrastructure for exporters, SaaS companies, platforms and freelancers, enabling them to collect international payments, manage foreign exchange and settle funds in India.

"Cross-border B2B payments were stuck in a different age compared to UPI," said Anand Balaji, Co-founder, Xflow. "We didn't want to build the next Wise — we want to power the next thousand Wises."

Xflow enables Indian businesses to collect payments from more than 100 countries in over 25 currencies. The company processed close to $1 billion in annualised cross-border payment volume last year, roughly tenfold growth over 2024, and now serves about 15,000 businesses, including SaaS companies, global capability centres, IT services exporters, freelancers and fintech platforms.

Rather than building a direct payments app, Xflow offers APIs that let platforms and exporters embed cross-border money movement into their own products. The company has also introduced an AI-based FX tool that helps finance teams time their currency conversions, providing a three-day forecast and letting businesses set target conversion rates, much like a limit order in trading, instead of accepting prevailing bank quotes.

Xflow will use the new capital to build additional products on top of its core payments infrastructure and to secure regulatory licences in new markets, including Singapore. The company has received final authorisation from the Reserve Bank of India for a Payment Aggregator – Cross Border (PA-CB) licence covering both exports and imports, already holds a payments licence in Canada, and is preparing to roll out import capabilities in the coming months. Xflow has also signed platform partnerships with Easebuzz and Drip Capital to embed its cross-border capabilities into their offerings.

Read the press release: TechCrunch