Payment infrastructure builder XanPool has raised $27m from a Series A funding round led by Valar Ventures.
Other noticeable investors in the financing round were CMT Digital and Wise founder and chairman Taavet Hinrikus.
Founded in 2019, XanPool is a payment and liquidity network that enables users to connect their financial infrastructure with other software users globally, creating a C2C network that is capable of routing and settling payments outside of expensive and slow legacy financial infrastructure.
XanPool operates in over 13 countries across the Asia Pacific region and has over 500,000 users and over 400 business partners.
The company claims it intends to use the newly raised capital to expand its presence in Asia Pacific as well as expand its product offerings.
XanPool CEO Jeffery Liu said, “XanPool started as a small software innovation in the Peer-to-Peer technology space, allowing users to settle their cryptocurrency to local-currencies within seconds without taking custody risk. Our C2C network has since grown into Asia’s largest decentralized liquidity pool with over $200m of liquidity. Today, the network is not only used by cryptocurrency users but also hundreds of underserved businesses that traditional payment processors cannot service due to risk or cost factors which the XanPool network does not have.
“In the coming years, XanPool’s network will look more similar to that of the SWIFT Network. Just like SWIFT, XanPool does not hold liquidity itself, instead, it relies on the liquidity of all the participants using the network. Just like SWIFT, XanPool earns fees based on the communication that its software facilitates. But unlike SWIFT, XanPool is compatible with modern payment solutions like cryptocurrency, fast payments, and ewallets. You can expect more innovation from XanPool in this direction.”
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