Hong Kong’s XanPool has raised $41M in new capital that it could use to fund its expansion plans across Europe, the Middle East, North Africa and Latin America.
XanPool, which also plans to establish a research and development hub in Thailand, said the recent funding round was led by its existing investor Target Global.
Earlier, the company also raised $35 million from Target Global and $6 million from one of its existing investors, Antler Elevate, which increased its current value to a total of $400 million.
“We’re preparing ourselves for a long winter,” XanPool CEO Jeffery Liu, who is one of this year’s Forbes 30 Under 30 Asia honorees in the Finance & Venture Capital, said in a recent interview in Singapore. The recognition was given to individuals, like Liu, who are using technology to disrupt the conservative world of finance.
Liu said they are trying to scale their operations responsibly as they are also growing sustainably.
XanPool’s revenues, according to Liu,is most likely to increase by more than three folds to $65.8 million this year as compared to the previous year. Their revenues are also expected to climb further to over $163 million in 2023 despite macroeconomic headwinds arising from soaring inflation and tightening interest rates worldwide.
The Hong Kong-based cross-border payments infrastructure startup was founded by Liu and his partner, Artem Ibragimov, in 2019. Liu is also the company’s CEO with Ibragimov as the CTO.
XanPool is an internationally compliant fiat-gateway software solution for exchanges, wallets, and other cryptocurrency businesses.
It offers local payment methods with no chargebacks as it also promises easy integration.
The firm, which supports crypto and fiat currencies, claim that it has grown to now have at least 2 million users. It has also partnered with crypto companies such as Binance, Bitcoin.com, and Bybit in its operations.