XFlow
XFlow is a Bengaluru-based fintech founded in 2021 that provides API-driven cross-border B2B payments infrastructure for Indian businesses, enabling receipt of international payments from 100+ countries in 25+ currencies with RBI-authorized PA-CB licensing and next-day INR settlement.
- Company typePrivate
- Founded2021
- HeadquartersBangalore, India
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What XFlow does
XFlow is a Bengaluru-based fintech founded in 2021 that operates an API-driven cross-border B2B payments infrastructure for Indian businesses. The platform enables Indian companies to receive international payments from over 100 countries in 25+ currencies and to settle into Indian bank accounts, addressing pain points in opaque FX markups, multi-day SWIFT settlement cycles, and FEMA/FIRA compliance burden that erode an estimated 1–2% of every export invoice through correspondent bank deductions. The product suite consists of five interconnected offerings: Xflow Receiving Accounts (virtual foreign currency accounts / VBANs across USD, EUR, GBP, AUD, CAD, AED, SGD), Xflow Invoicing, the FX AI Analyst (rate optimization with a 3-hour lock window), Stablecoin Payments (USDC/USDT-to-INR conversion), and Xflow for Platforms (white-labeled API for embedding payments in partner platforms). The underlying technology is built on AWS with EKS, MySQL, OpenSearch, Kafka, and Flink, and holds SOC 2 Type 2, ISO 27001, and full PA-CB authorization from the RBI covering both export and import flows, plus PSP in-principle approval at GIFT City IFSC.
The business operates with a horizontal go-to-market motion targeting SaaS companies, Global Capability Centers (GCCs), IT service exporters, goods exporters, funded startups, freelancers, and — via the Global Payment Aggregators solution — international merchants collecting from Indian customers. Distribution is a hybrid of self-serve PLG (dashboard sign-up with 24-hour KYC) and an OEM/embedded channel (Xflow for Platforms) with typical partner integrations taking approximately two weeks. Revenue is generated on a transaction-based take-rate model: a $12 flat fee on small invoices under the Starter Plan, scaling to as low as 0.4% on larger transfers, with a stated 0% FX markup priced off the mid-market rate — though in practice this approximates a 0.5% effective rate on USD-to-INR transfers.
The company has raised over $32M across pre-seed, pre-Series A, and Series A rounds from General Catalyst, Stripe, PayPal Ventures, Square Peg, Lightspeed, and Moore Capital, with the Series A in February 2026 priced at an $85M post-money valuation. As of early 2026, XFlow reported approximately 65 employees, a customer base of nearly 15,000 businesses, nearly $1B in annualized cross-border payment volume, and 10x growth in 2025. Banking and FX infrastructure is provided through JPMorgan Chase (primary correspondent and Vostro partner) and Currency Cloud, with stablecoin settlement via an overseas licensed partner.
XFlow firmographics
Firmographics- Name
- XFlow
- Legal name
- Xflow Payments India Private Limited
- Website
- https://xflowpay.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- XFlow is a Bengaluru-based fintech founded in 2021 that provides API-driven cross-border B2B payments infrastructure for Indian businesses, enabling receipt of international payments from 100+ countries in 25+ currencies with RBI-authorized PA-CB licensing and next-day INR settlement.
- Ownership category
- akta.pro rank
XFlow industry classification
Industry- Product category
- Cross-Border B2B Payments Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- SME & Business Cross-Border Payments (B2B) (FSAMAIAB)
- akta.pro secondary industries
- Trade & Invoice Payments (Cross-Border B2B) (FSAMAIAL), Cross-Border & FX Payments Platforms (BPAMAFAK)
Keywords
Where XFlow is headquartered
LocationHeadquarters
- HQ city
- Bangalore
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
XFlow business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Transaction Fees: Tiered transaction fees based on invoice size. Flat fees starting at $12 for smaller amounts (Starter Plan, invoices up to $2,000), percentage-based fees as low as 0.4% for larger transfers. Combined with 0% FX markup, providing transparent pricing.
- FX Margin: While Xflow claims 0% FX markup, they benchmark rates to mid-market rates and charge transaction fees instead. For USD to INR transfers, pricing is approximately 0.5% of the transfer amount.
- Platform/API Licensing: Revenue from platform partners integrating Xflow's APIs for cross-border payments. Partners enjoy multiple monetization avenues through Xflow's extensive API framework designed to support multiple pricing levers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Starter Plan for small invoices up to $2,000 |
| Transaction based/ take rate | Pay-as-you-go | Tiered pricing based on invoice size |
| Transaction based/ take rate | Pay-as-you-go | USD to INR transfer pricing |
| Transaction based/ take rate | Pay-as-you-go | USA to India transfer |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels7 records
XFlow product offering
Product offeringCore offering
Xflow provides an API-driven cross-border B2B payments infrastructure that enables Indian businesses to receive international payments from over 100 countries in 25+ currencies with mid-market FX rates, same-day/next-day settlement, and automated compliance documentation (eFIRA). The platform offers virtual multi-currency receiving accounts, invoicing, AI-powered FX optimization, compliant stablecoin acceptance, and white-label embedded payments for platforms, all under full PA-CB authorization from the Reserve Bank of India.
Product overview
XFlow operates as a unified B2B cross-border payments platform consisting of five interconnected products: Xflow Receiving Accounts (virtual foreign currency accounts for receiving international payments), Xflow Invoicing (invoice creation with built-in payments), FX AI Analyst (AI-powered FX optimization and rate locking), Stablecoin Payments (compliant stablecoin-to-INR conversion), and Xflow for Platforms (API solution for embedding cross-border payments into third-party platforms). The platform processes payments from over 100 countries in 25+ currencies, enabling Indian businesses to collect global payments with transparent FX rates, automated compliance documentation (eFIRA), and same-day/next-day settlement through RBI-authorized PA-CB infrastructure.
Differentiator
Problem solved
Functional benefit
Products and services
- Xflow Receiving Accounts Virtual foreign currency accounts (VBANs) that allow businesses to receive international payments in multiple currencies including USD, EUR, GBP, AED, CAD, AUD, and SGD, enabling clients to pay via domestic transfers with INR settlement.
- Xflow Invoicing Invoice creation with built-in payment capabilities that allows businesses to create professional invoices and collect international payments directly through the Xflow platform.
- FX AI Analyst AI-powered foreign exchange analysis tool that provides real-time FX insights and optimal conversion timing, featuring guaranteed live FX rates that lock in exchange rates for a three-hour window and rate lock up to 45 days in advance.
- Stablecoin Payments Compliant stablecoin acceptance service enabling Indian businesses to receive payments in USDC and USDT from global customers and convert them to INR through overseas licensed partners, with fiat entering India via AD Category I banks.
- Xflow for Platforms API-powered solution enabling platforms, payment aggregators, and fintech companies to embed international payments capabilities (exports and imports) with white-label options and multiple monetization opportunities. Typical integration takes approximately 2 weeks.
- Card Payment Acceptance Card payment acceptance service enabling Indian businesses to collect international payments directly from global customers through a unified infrastructure with INR settlement.
- Global Payment Aggregator Collection Stack India collection stack for global payment aggregators enabling acceptance of UPI, NEFT, RTGS, IMPS and other local payment methods from Indian customers with INR settlement, exposed through APIs with white-label support.
Quantifiable outcome
- 50-60% cost savings on FX compared to traditional banks
- +4 more outcomes
Companies that use XFlow
Customer profileNamed customers3 records
Segments8 records
Ideal customer profiles5 records
XFlow technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability2 records
Feature7 records
XFlow partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- JPMorgan ChasecorePrimary banking partner for cross-border payment processing into India. Xflow uses JPMorgan Chase India's infrastructure as an AD Category I bank operating on RBI-approved correspondent banking channels for compliant payment processing.
- JPMorgan ChasecoreXflow leverages Vostro models alongside local payment rails including ACH, SEPA, and FPS, partnered with JPMorgan Chase, enabling exporters to achieve 50-60% cost savings and full payment transparency.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
XFlow competitors and assessment
Company assessmentDirect peers
- Skydo: Skydo is an India-focused cross-border B2B payments platform helping exporters and SaaS companies collect international payments with transparent FX. It is Xflow's most direct domestic competitor in the same SME/IT exporter corridor, with similar virtual account, invoicing, and FIRA automation offerings.
- Nium: Nium is a Singapore-based global payments infrastructure platform offering cross-border payouts, remittances, and B2B payment APIs. It targets similar platform/fintech embedded use cases as Xflow for Platforms, with comparable API-first architecture and Asia corridor focus.
- Verto (formerly Volopay): Verto is a cross-border B2B payments platform enabling businesses to send and receive international payments with multi-currency accounts. It targets similar SMB exporter use cases and competes for India-anchored flows into Asia, Africa, and the Middle East.
Broad incumbents
- Wise (formerly TransferWise): Wise is a global multi-currency account and cross-border payments platform serving consumers and businesses across 70+ countries. While not India-domiciled, Wise directly competes on the India inbound corridor with mid-market FX and is a benchmark competitor for any India-anchored cross-border B2B platform.
- Airwallex: Airwallex provides global business accounts, FX, and cross-border payments infrastructure across Asia-Pacific, including India. It competes on similar API-first B2B cross-border rails, multi-currency receiving accounts, and embedded payment experiences for platforms.
- Payoneer: Payoneer is a global cross-border B2B payments platform widely used by Indian freelancers, IT exporters, and SaaS companies to receive international payments. It overlaps with Xflow on the IT/freelancer export corridor and FX conversion services.
- Razorpay: Razorpay is a leading Indian fintech aggregator providing payment acceptance, payouts, and increasingly cross-border/B2B products from the same Bengaluru ecosystem. It is an adjacent incumbent that could expand into Xflow's cross-border export corridor given its domestic customer base.
Regional players
- Open Financial Technologies: Open is an Indian fintech providing business banking, payments, and accounting automation to SMEs, with growing cross-border payment capabilities for Indian exporters. It is a domestic competitor expanding into the same cross-border B2B space.
- Cashfree Payments: Cashfree Payments is an Indian payment gateway and payouts platform offering domestic and international collection/payout APIs. It is an emerging domestic incumbent expanding into cross-border B2B collections relevant to Xflow's platform partner segment.
Emerging players
- EnKash: EnKash is an India-based B2B payments and corporate card platform serving SMEs and enterprises with payables/receivables automation. It overlaps with Xflow on Indian business payment digitization and FX-enabled corporate flows.
Market position
Strengths1 record
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
XFlow social profiles
Digital presenceXFlow compliance and trust
Trust signalCompliance4 records
XFlow financial estimates
Financial estimateRevenue estimate
Valuation estimate
XFlow leadership team
Management profileNumber of profiles
Profiles7 records
XFlow funding detail
Funding detailFunding overview
Funding rounds4 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
XFlow M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about XFlow
What does XFlow do?
Xflow provides an API-driven cross-border B2B payments infrastructure that enables Indian businesses to receive international payments from over 100 countries in 25+ currencies with mid-market FX rates, same-day/next-day settlement, and automated compliance documentation (eFIRA). The platform offers virtual multi-currency receiving accounts, invoicing, AI-powered FX optimization, compliant stablecoin acceptance, and white-label embedded payments for platforms, all under full PA-CB authorization from the Reserve Bank of India.
Is XFlow a public or private company?
XFlow is a private company. It is classified as venture growth investor backed and is currently operating.
When was XFlow founded?
XFlow was founded in 2021. It employs 11 to 50 people.
Where is XFlow based?
XFlow is headquartered in Bangalore, India, in the Asia region.
How does XFlow make money?
Three revenue lines are on record. Transaction Fees are the primary driver. The others are FX Margin and platform/API Licensing.
Who are XFlow's main competitors?
Direct peers on record are Skydo, Nium and Verto (formerly Volopay). Broad incumbents are Wise (formerly TransferWise), Airwallex, Payoneer and Razorpay. Regional players are Open Financial Technologies and Cashfree Payments. EnKash is listed as an emerging player.
Does XFlow have an API?
Yes. Xflow offers APIs enabling platforms to embed international payments capabilities, supporting both export and import payments. The API framework is designed to support multiple pricing levers and enables white-labeled integrations where customers engage only with the partner brand while Xflow handles the underlying infrastructure 24x7. Developer documentation is at docs.xflowpay.com.
What industry is XFlow in?
XFlow's product category is Cross-Border B2B Payments Infrastructure. Its primary akta.pro industry code is FSAMAIAB, SME & Business Cross-Border Payments (B2B), with a secondary code of FSAMAIAL, Trade & Invoice Payments (Cross-Border B2B). Its NAICS code is 522320 and its SIC code is 6159.