Fintech firm Xflow has secured in-principle approval from the Reserve Bank of India to operate as an online payment aggregator for cross-border transactions, reported Business Standard.
This authorisation is applicable to both import and export payment flows.
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Xflow, which commenced operations in 2021, was co-founded by Anand Balaji, Ashwin Bhatnagar, and Abhijit Chandrasekaran.
The company is headquartered in Bengaluru, India and has received backing from investors including Lightspeed, General Catalyst, and Stripe.
Balaji said: “The IPA (in-principle authorisation) will significantly strengthen our position in the market as a full-stack cross-border payments platform. With the ability to support both exports and imports workflows, we will be better equipped than ever to simplify global money movement for businesses.”
The firm has set a target to cater to 30,000 businesses by the end of this year, an increase from over 10,000 businesses it currently serves.
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By GlobalDataThe approval follows the introduction of Xflow’s FX AI Analyst product, a tool designed to assist businesses with USD/INR currency trend analysis and currency conversion decisions.
Presently, a group of companies such as Skydo, BriskPe, PayPal, EximPe, and Wise have also received in-principle approval from the RBI for similar operations.
Meanwhile, the RBI has granted full licences to operate as payment aggregators for cross-border transactions to six companies: Adyen India, Amazon Pay India, Cashfree Payments, BillDesk, Pay10, and Worldline ePayments India.
Applications from seven other companies are under review by the RBI for the same, the news publication added.
