A borderless decentralized ecosystem providing financial tools to emerging economies, XLD Finance announced that it successfully raised $13 million in the pre-Series A funding round led by Dragonfly Capital and Infinity Ventures Crypto.
The funds will be used to enable XLD Finance to scale its product and engineering teams to accelerate its API and product development efforts. The investment will also be used to expand its network of approved partner financial institutions and expand its network of merchants and billers.
The round saw participation from Advance AI, Circle, Digital Currency Group (DCG), IDG Capital, Insignia Venture Partners, Integra Partners, Morningstar Ventures, Openspace Ventures, Sfermion, Shima Capital, Transcend Fund, TrustToken (TUSD), UOB Venture Management, Woo Network, Yield Guild Games (YGG), YOLO Ventures, Emfarsis and twenty other investors.
Founded in June 2021, XLD Finance is building an infrastructure to enable the delivery of financial tools to emerging economies through APIs that bridge web 3.0 and traditional finance. Its core products include crypto payments, disbursements, and crypto-fiat offramp APIs that enable web3 and crypto projects to offer their users tools typically available only to traditional financial institutions. XLD Finance currently serves clients in the Philippines, Indonesia, Malaysia, Vietnam, India and Bangladesh, with a total merchant network of over 10,000 and growing.
In January 2022, it launched its first ecosystem project, xSpend, a platform allowing users to spend their GameFi tokens and stablecoins to pay utility bills, buy mobile credits and purchase goods and services online. using only their Metamask, Phantom or Ronin wallet.
This month, XLD Finance is launching OmniX, a crypto disbursement platform that simplifies crypto disbursements allowing guilds and projects to pay thousands of people with crypto in three clicks. XLD Finance’s roadmap includes a crypto settlement API for traders, an algorithmic stablecoin, and a Web3 wallet SDK.
“People in emerging economies often face barriers that prevent them from creating financial accounts, paying for goods and services without their physical presence, sending money to loved ones more cheaply, accessing a affordable credit and build a savings portfolio, preventing them from enjoying a better quality of life I want to see a future where anyone with a cell phone or computer and access to the internet can use “bank-like” financial tools through their preferred DeFi protocol or exchange,” said Ian Estrada, co-founder and CEO of XLD Finance.
XLD Finance co-founders Ian Estrada and Herbie Fu have extensive experience in financial services and web3.
Ian Estrada has over a decade of experience in telecommunications, fintech, cryptocurrency and venture capital.
Prior to founding XLD Finance, he held senior positions in the Philippines in general management, product and strategy at Globe Telecom, the country’s largest telecommunications company; JG Summit, one of the largest diversified conglomerates in the Philippines; Cashalo, the largest consumer loan start-up in the Philippines; GCash, a leading payment company backed by the Alibaba Group; and BPI Globe BanKO, the microfinance arm of the Bank of the Philippine Islands.
XLD Co-Founder and Chief Strategy Officer Herbie Fu is an early entrant into the crypto and DeFi space. He has invested in over 100 crypto projects, including YGG, 0x, TrustToken, FTT, Solana, Chainlink, and M1 Network. He was also a co-founder of a $60 million San Francisco-based multi-strategy crypto fund.
“We believe in XLD’s vision to provide an infrastructure that enables financial inclusion in emerging markets. Through blockchain and decentralization, there is an opportunity to solve the very real global challenge of financial access with less complexity; XLD’s blockchain-based products will become as relevant as more traditional options,” says Brian Lu, Founding Partner at Infinity Ventures Crypto.