XanPool – a cross-border payments service provider – 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 .
The Hong Kong-based startup blocked global funding when it raised $35 million from new investor Target Global and $6 million from an existing investor. there Antler Elevate in the second quarter, taking the company to $400 million. Global investment by venture capital firms fell 34% to $74.5 billion in the third quarter from three months ago, a nine-quarter low, data from research firm CB Insights showed. .
“We are preparing for a long winter,” Jeffery Liu, 28, founder and CEO of XanPool, said in a recent interview in Singapore. Liu is one of Forbes’ under-30 Asian honorees this year Finance & Venture Capital category who use technology to disrupt the conservative world of finance.
The funding will help Xanpool find opportunities in new growth markets outside of Asia, its largest market. It will also plan to establish a research and development center in Thailand, where Liu intends to relocate the firm’s team of remote software engineers and product developers in the coming years. “We put most of our remote workers under one roof in Thailand.”
Since its founding in 2019, XanPool (which supports crypto and fiat currencies) has grown rapidly during the pandemic amid the growth of cross-border trade in Asia as traders who traditionally It is possible for financial intermediaries such as Visa and Mastercard to process international payments. Switch to the Xanpool platform. The company currently has over 2 million users.
“We’re always looking for new ideas and barriers to traditional payment systems and XanPool was the perfect fit,” Mike Lobanov, founder and partner of Target Global, said in a text message from Cyprus.
Despite major economic challenges caused by rising inflation and tightening global interest rates, Liu said the company’s revenue is likely to triple to $65.8 million. this year from last year, and increase to more than $163 million by 2023. to grow responsibly and grow sustainably,” he said.