Hong Kong’s Xanpool notches $41m to increase global footprint

Hong Kong’s Xanpool notches $41m to increase global footprint

Xanpool, a cross-border payments infrastructure firm, has secured $41 million in a funding round led by London-based Target Global, a pan-European VC firm with over 3 billion euro ($3.1 billion) of assets under management. 

Xanpool plans to leverage the proceeds to ramp up its expansion plans across Europe, the Middle-East, North Africa, and Latin America. Jeffery Liu, the firm’s founder and CEO, also expects revenue to “triple” from $65.8 million this year to $163 million by 2023, amid a gloomy macroeconomic environment, per the company announcement.

“We’re scaling responsibly and growing sustainably,” he said. 

Founded in 2019, Hong Kong-based Xanpool attracts market makers, including individuals and businesses who have idle capital in their crypto wallets, e-wallets, or bank accounts, to keep their liquidity on its non-custodial, crypto-to-crypto (C2C) network.

The firm then leverages the market makers’ funds to settle cross-currency and cryptocurrency payment, while the market makers can earn a fee in return. Xanpoo’s crypto-to-crypto software allows the custody of the market makers’ assets to reside with them, which the firm claims eliminates any custody risk, and the owner has full transparency of where the assets are located.

Previously, the firm notched $27 million in a Series A round led by US-based venture capital (VC) firm Valar Ventures in October 2021. Other investors, such as CMT Digital, a crypto-focused division of financial services firm CMT Group; and Taavet Hinrikus, co-founder and chairman of British banking fintech Wise; also participated in the deal.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

You have 3 free stories remaining for the month. Register to continue reading our content