Hong Kong Fintech XanPool expands across Europe and Latin America after raising $41 million

XanPool – a provider of cross-border payments infrastructure – 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 bucked the winter of global startup funding 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. Data from research firm CB Insights showed that global investments by venture capital firms fell 34% to $74.5 billion in the third quarter from the previous three months, the lowest level in nine quarters.

“We’re preparing ourselves for a long winter,” Jeffrey Liu, 28, founder and CEO of XanPool, said in a recent interview in Singapore. Liu is among the winners of the Forbes Under 30 Under 30 Awards in Asia Finance and investment capital category Who use technology to disrupt the world of conservative finance.

The financing will help Xanpool take advantage of opportunities in new growth markets outside of Asia, its largest market. It will also fund plans for a research and development center in Thailand, where Liu aims to move the company’s team of software engineers and product developers remotely in the coming years. “We are moving most of our remote staff under one roof in Thailand.”

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

Despite the macroeconomic headwinds arising from rising inflation and tightening interest rates around the world, Liu says the company’s revenue will likely more than triple to $65.8 million this year from a year earlier, and will rise further to more than $163 million. dollars in 2023. “We expand responsibly and grow sustainably.”

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