A Fintech Startup XanPool raises $27 million in Series A Funding
In Series A funding, led by Valar Ventures and joined by the founder of Wise Taavet Henrikus, Xanpool has raised $27 million.
XanPool is a platform that provides the required infrastructure for quick crypto and fiat settlements. The company was founded incisively as the trend of cryptocurrency reached its zenith in recent times. It is announced by the company recently that it has raised $27 million in Series A funding. The Series A funding round was led by Valar Ventures. However, CMT Digital, Wise founder and chairman Taavet Hinrikus, and existing investors Gumi Gryptos and Antler also participated in the round.
XanPool was founded in 2019 and is based in Hong Kong. Since its establishment, the startup has raised about $30 million to date. The CEO and founder of the startup Jeffrey Liu said the funds will be used to expand the presence of the startup across the Asia Pacific. XanPool is already operating in 13 countries with a user base of circa 500,000. The startup has an aim to grow its userbase to 10 million by the end of 2022. At the moment, the startup has over 400 business partners including, GoPay, PayID, and PayNow.
The fintech services provided by the company are used by businesses and other consumers. It provides its users with an alternative to the traditional payment methods. The startup describes itself more or like similar to Mastercard and Visa. And instead of having a closed banking system, XanPool provides a crypto-to-crypto network. This network is made of individuals and businesses. Their idle capital is used to settle cryptocurrency and transactions of other currencies. And in return, the capital providers can earn a 2% profit each month.
“XanPool never touches this money, we simply make the software which allows the individual or business to automate their buying and selling, and in return earn a fee,” Liu said.
The applications of fintech are present everywhere. Fintech mobile applications are another important factor for their increased scalability. is not wrong to say that fintech is potentially disrupting the banking sector. Different technologies are being used to further strengthen the customer experience in fintech. Lately, it has been identified that Big Data is a way to improve the user experience in fintech.