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Xflow secures in-principle nod for cross-border payment aggregator licence
The in-principle authorisation covers both export and import flows.
The company further plans to service 30,000 businesses by the end of this year. It currently serves over 10,000 businesses.
'The IPA (in-principle authorisation) will significantly strengthen our position in the market as a full-stack cross-border payments platform. With the ability to support both exports and imports workflows, we will be better equipped than ever to simplify global money movement for businesses,' said Anand Balaji, co-founder and chief executive officer (CEO) of Xflow.
The company has raised $16.2 million in funding, according to data from market intelligence platform Tracxn. It was founded in 2021 by Anand Balaji, Ashwin Bhatnagar, and Abhijit Chandrasekaran.
The Bengaluru-based company is backed by Lightspeed, General Catalyst, and Stripe.
Currently, companies such as Skydo, BriskPe, PayPal, EximPe, and Wise have been granted in-principle approval by the banking regulator. Seven other companies have their PA-CB applications under review by the RBI.
As of now, only six companies—Adyen India, Amazon Pay India, Cashfree Payments, BillDesk, Pay10, and Worldline ePayments India—have received full licences from the RBI to operate as PA-CBs.
Xflow added that the in-principle authorisation follows the launch of its FX AI Analyst product, an AI-powered tool that helps businesses track USD/INR trends, make currency conversion decisions, and maximise earnings on every dollar.
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