Dragonfly Capital Leads $13M Round for DeFi Infrastructure Startup XLD Finance

XLD offers cross-border financial tools for customers in the Philippines, Indonesia, Malaysia, Vietnam, India and Bangladesh.

AccessTimeIconJul 19, 2022 at 3:22 p.m. UTC
Updated May 11, 2023 at 4:19 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

XLD Finance, which offers cross-border decentralized finance (DeFi) tools for emerging markets, raised $13 million in a pre-Series A funding round led by Dragonfly Capital and Infinity Ventures Crypto. The funds will go toward product development and hiring engineers, according to a press release provided to CoinDesk.

  • Dragonfly Capital closed its third venture capital fund in April with $650 million, pushing the firm’s assets under management to around $3 billion even as digital asset prices pulled back.
  • Other participants in the XLD Finance round included Infinity Ventures Crypto, CoinDesk parent company Digital Currency Group (DCG), USDC stablecoin creator Circle, Advance AI, IDG Capital, Insignia Venture Partners and Yield Guild Games, among others.
  • Founded in June 2021, XLD Finance serves customers in the Philippines, Indonesia, Malaysia, Vietnam, India and Bangladesh.
  • The startup offers application programming interfaces (APIs) to help Web3 and crypto projects include crypto-based payments, disbursements and crypto-to-fiat onramps. The xSpend ecosystem product lets users spend their GameFi tokens and stablecoins to pay for utility bills, buy mobile credits and purchase goods.
  • The near-term roadmap includes the launch of payment disbursement platform OmniX, a crypto settlement API for merchants, an algorithmic stablecoin and a software development kit (SDK) for cryptocurrency wallets.
  • Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
    06:39
    Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
    06:55
    Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


    Read more about