Hong Kong fintech player XanPool raises $41m

Forbes reported that the round closed in the second quarter at a valuation of USD 400m. Target Global committed USD 35m and Antler Elevate put in USD 6m.

Antler was the company's earliest investor. XanPool was a member of the second cohort of its accelerator programme in 2019 and received USD 100,000, according to AVCJ Research. A Series A closed last year on USD 27m, led by Valar Ventures and featuring CMT Digital, Gumi Cryptos, Antler, and Taavet Hinrikus, founder and chairman of Wise, formerly known as Transferwise.

XanPool was founded in 2019 by Jeffrey Liu and Tema Ibragimov as a peer-to-peer software solution enabling cryptocurrency to fiat currency transactions to be settled within seconds without taking custody risk.

It relies on a crypto-to-crypto network of individuals and businesses, whose idle capital is used to settle cross-currency and cryptocurrency transactions. This reduces the counterparty risk and transaction cost while allowing the liquidity providers to earn fees.

XanPool has a user base of 2m. It serves traditional companies that are overlooked by standard payment processors as well as cryptocurrency users. The vision was to build a payment network similar to that of SWIFT, with XanPool earning fees based on the activity its software facilitates and not holding liquidity directly.

The new funding will support expansion in Europe, the Middle East and North Africa, and Latin America. The company also plans to establish an R&D hub in Thailand, with an unspecified number of engineers and product developers set to relocate there. Liu told Forbes that the latest round was to prepare "for a long winter."

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• Topics
• Greater China
• Southeast Asia
• Financials
• Technology
• China
• Thailand
• Fintech
• antler
• Cryptocurrency
• blockchain