• December 5, 2022

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XanPool—a cross-border payments infrastructure provider—is accelerating expansion plans across Europe, 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 bucked the global startup funding winter when it raised $35 million from new investor Target Global and $6 million from existing investor Antler Elevate in the second quarter, valuing the company at $400 million. Global investments by venture capital firms dropped 34% to $74.5 billion in the third quarter from the previous three months, the lowest level in nine quarters, data from research firm CB Insights showed.


“We’re preparing ourselves for a long winter,” Jeffery Liu, 28, founder and CEO of XanPool, said in a recent interview in Singapore. Liu is among this year’s Forbes 30 Under 30 Asia honorees in the Finance & Venture Capital category who are using technology to disrupt the conservative world of finance.

The funding will help Xanpool tap opportunities in new growth markets outside of Asia, its biggest market. It will also bankroll plans to establish a research and development hub in Thailand, where Liu aims to relocate the firm’s team of remote software engineers and product developers in the coming years. “We’re moving most of our remote staff under one roof in Thailand.”

Since its founding in 2019, XanPool (which supports both crypto and fiat currencies) has grown rapidly during the pandemic amid a boom in cross-border commerce in Asia as merchants who have traditionally relied on financial intermediaries such as Visa and Mastercard to process international payments switch to Xanpool’s platform. The company currently has a user base of over 2 million.

“We are always looking for fresh ideas and disruptors of the traditional payment systems and XanPool was a great fit,” Mike Lobanov, founder and partner at Target Global, says via text message from Cyprus.

Despite macroeconomic headwinds arising from soaring inflation and tightening interest rates around the world, Liu says the company’s revenue will likely increase more than threefold to $65.8 million this year from the previous year, and climb further to over $163 million in 2023. “We’re scaling responsibly and growing sustainably,” he said.


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