XanPool—provider of cross-border payments—is accelerating plans to expand into Europe, the Middle East, North Africa and Latin America after raising $41 million this year from investors led by London’s Target Global.
The Hong Kong-based start-up broke the seed funding world when it raised $35 million from investor Target Global and $6 million from existing investor Antler Elevate in the second round, putting the company at $400 million. Global investments made by financial services companies fell 34% to $74.5 billion in the third quarter from the previous three months, the lowest in nine quarters, according to research firm CB Insights.
“We are preparing for a long winter,” Jeffery Liu, 28, founder and CEO of XanPool, said in a recent interview in Singapore. Liu is among the Forbes 30 Under 30 Asia honorees this year Finance & Venture Capital Division who are using technology to disrupt the investment world.
The investment will help Xanpool gain access to new growth markets outside of Asia, its largest market. The bankroll also plans to set up a research and development center in Thailand, where Liu plans to transfer a team of remote programmers and developers in the coming years. “We are moving many of our remote workers under one roof in Thailand.”
Since its launch in 2019, XanPool (which supports both crypto and fiat currencies) has grown rapidly during the pandemic as cross-border transactions in Asia are increasing as merchants who previously relied on financial institutions such as Visa and Mastercard to make international payments. switch to the Xanpool platform. The company currently has over 2 million users.
“We are always looking for new ideas and disruptions to traditional payment methods and XanPool was the perfect fit,” Mike Lobanov, founder and partner at Target Global, said via text message from Cyprus.
“Despite the increasing economic crisis and tightening of interest rates around the world, Liu says the company’s revenue will triple to $65.8 million this year from last year, and will exceed $163 million in 2023. proper expansion and continuous growth,” he said.