XanPool, a Hong Kong based cryptocurrency exchange, has announced a successful funding round of $27M, led by Valar Ventures. The company, which provides users with a secure and easy way to buy, sell, and transfer digital assets, has raised the funds to consolidate its presence in the APAC region and expand its service offerings.
This is the latest move by XanPool to become the leading provider of cryptocurrency trading services across the region.
Hong Kong’s XanPool secures $27M funding round led by Valar Ventures to consolidate APAC presence and expand service offerings
XanPool, a cross-border payment and remittance platform based in Hong Kong, has secured a $27 million financing round and is now backed by Valar Ventures, an investment firm founded by renowned Silicon Valley investors Andrew McCormack and Peter Thiel. This marks Valar’s third significant investment in Southeast Asia after having previously invested in Indonesia-based Bukalapak, one of the region’s largest e-commerce players.
XanPool was established in 2018 with a mission to simplify cross-border payments and to provide fair exchange rates between economies. The company leverages peer-to-peer networks to improve the user experience of exchanging currencies instead of relying on traditional banking platforms which require additional financial institution fees.
With this new funding, XanPool plans to consolidate its presence in the Asia Pacific (APAC) region and further expand their service offerings. The investments will be used for developing new products and services based on Blockchain Technology as well as beefed up marketing efforts targeted towards driving up user adoption. Currently they are looking to establish local presence in bigger markets such as India along with expansion across Southeast Asia countries such as Thailand, Vietnam, Malaysia and Philippines. With this fundraising round being led by Valar Ventures, it is envisaged that XanPool’s stead shall continue growing exponentially over the next few years within APAC itself.
Overview of Valar Ventures
Established in 2011 and based out of New York, Valar Ventures is an early-stage venture capital firm led by Founder and Managing Partner Peter Thiel. Valar has invested in over 70 companies worldwide in both the consumer and enterprise segments and holds stakes in companies such as Affirm, Pinterest, Figure, Revolut, Carbon Health, TheRealReal, Asana & Loyal3.
Valar Ventures recently closed a US$27M investment round into XanPool Pte. Ltd., a Hong Kong-based payments startup that provides last-mile payment capabilities to marketplaces and small businesses across Asia. This investment round was led by Valar and included participation from existing shareholders InsigniaVC, Sequoia India and Alpha JWC Ventures. This injection of funds will allow XanPool to continue to consolidate its presence in the APAC region as it works to expand its services offerings.
Funding Details
Hong Kong-based payments solution provider, XanPool, has raised $27M in a series A funding round led by Valar Ventures and other leading investors.
This funding round is aimed towards helping XanPool consolidate its presence in the Asia-Pacific region and expand its service offerings.
Let’s take a look at the details of this funding round.
Amount of funding
Hong Kong-based XanPool has secured a Series A funding round led by Valar Ventures, bringing the total funds raised by the fintech startup to USD 27m. The company has stated that it will use the newly-raised capital to consolidate its presence in APAC and expand its service offerings.
This Series A funding comes hot on the heels of 2019’s USD 4m seed raise made by XanPool, which was invested in by investors such as Momentum Works, DBS Bank and Angel Central from Singapore. This round also saw participation from existing investors Pix Vine Capital, Wavemaker Partners and Y Combinator.
XanPool is a platform that facilitates peer-to-peer (P2P) digital currency payments allowing users to bank directly through their cryptocurrencies. The startup offers several services including buying, selling and settling cryptocurrencies across Asia Pacific markets for quick and easy, cost effective transactions. With this new funding, XanPool plans to expand further into these markets with more products beyond just buying, selling and exchanging digital currency.
Investors involved
Hong Kong’s XanPool has secured a $27 million funding round, led by Valar Ventures with participation from Costanoa Ventures, Pathlight Capital, Convergence Ventures and Insignia Ventures. The finances will be used to consolidate its presence in the Asia Pacific (APAC) region, build out its product offerings as well as grow its team.
XanPool’s service solution allows businesses to easily buy and sell cryptocurrency without having to gas up their wallet-to-wallet transactions. The firm currently supports Bitcoin Core (BTC), Ethereum (ETH) and Tether (USDT). Since 2018, it has facilitated more than $500 million worth of cryptocurrency transactions.
The capital infusion brings XanPool’s total funding to about $45 million since it was founded in 2018. To date, it claims to have onboarded more than 10,000 customers including digital asset exchanges as well as merchants and corporations across Southeast Asia. With the additional capital, XanPool plans to deepen its presence particularly in Indonesia where it is already an approved virtual currency exchange provider – the first such license from regulators in that country.
It intends to use the funds for further service expansion including enabling Risk Management System and introducing Corporate Cash Flow Solutions. It also intends use of the funds to drive recruitment of future strategic hires which will ultimately power their mission of noncustodial financings allowing businesses to securely pay for goods and services using cryptocurrency instead of fiat currencies at low costs across borders using decentralized finance platforms such as Ethereum DeFi (decentralized finance).
Impact of Funding
Hong Kong-based fintech firm XanPool has recently secured a $27M funding round led by Valar Ventures. This funding will give XanPool the resources it needs to consolidate its presence in the Asia Pacific region and expand its service offerings.
In this article, we’ll explore the potential impact of this funding for XanPool.
Consolidating presence in APAC
At the start of 2021, Hong Kong’s XanPool announced a $27M round of funding led by Valar Ventures. This injection of funds is set to help XanPool expand their current service offerings and increase their presence in Asia Pacific (APAC). The invested parties have expressed confidence in XanPool’s success and are looking forward to the expansion project.
XanPool is a blockchain-driven financial services platform that aims to improve digital payments infrastructure by providing better access to digital assets. By using distributed ledger technology, XanPool hopes to facilitate smooth international payments and make it easier for small businesses and startups to transact across borders.
With this new capital infusion, XanPool plans to use it as an opportunity grow their service coverage in the APAC region. They will also be working on developing innovative blockchain-based financial solutions as well as strengthening their risk management protocols, which serve as an integral part of the company’s infrastructure. This includes features such as Know Your Customer (KYC) authentication for their customers, secure data storage systems, and anti-fraud measures that actively monitor large sums of cryptocurrency transactions with advanced algorithmic technologies. Additionally, the funds will be used for expansion into other markets in Europe and North America outside of APAC regions.
This funding round has signified another milestone for Xanpool’s growth with major investors betting on its potential success in the long run. Such major steps taken towards consolidating Xinpool’s presence within Asia Pacific holds potential for tremendous growth over time; hence it is rationalized that since there still remains many unexplored paths especially within APAC region alone, this development seems like a sure shot step towards capitalizing those path ways allowing them more breathing space while ensuring stabilization and sustainability throughout their core processes globally in the years ahead.
Expansion of service offerings
Having secured $27M funding round led by Valar Ventures, Hong Kong-based fintech services provider XanPool has plans to use the funding to consolidate its presence in the APAC region and to expand its service offerings. This new funding round brings XinPool’s total investments up to $54M, backed by investors from across the world.
With this additional capital, XanPool plans to grow their team and infrastructure further, consolidating their presence in existing APAC markets such as Singapore, Vietnam, Thailand and Indonesia with a larger presence in Australia and New Zealand. The company will also focus on developing new software solutions within their product offerings.
XanPool strives to improve accessibility of financial solutions while promoting greater financial inclusion across Asian markets through its service offerings such as Alipay/WeChat pay Integration services; access to multiple trading pairs with different currencies; cryptocurrency payments system; secure vault storage; direct transfer of fiat money over cash networks; direct payments via bank transfers and more. With the injection of this new capital, the company plans to diversify further its service offerings allowing users improved accessibility with cost savings when executing payments or transferring funds globally or locally at a better rate.
