Dragonfly Capital and Infinity Ventures Crypto Lead $13M Round for DeFi Infrastructure Startup

XLD Finance, a borderless decentralized ecosystem providing financial services across emerging economies, raised $13 million in a pre-Series A funding round led by Dragonfly Capital and Infinity Ventures Crypto, according to a press release. 

The fundraise will allow XLD Finance to grow their team and products and to expand their network of licensed partner financial institutions and its merchant and biller network. 

“People in emerging economies often encounter barriers that prevent them from creating financial accounts, paying for goods and services without their physical presence, sending money to loved ones cheaply, accessing affordable credit…,” said Ian Estrada, XLD Finance co-founder and CEO. “I want to see a future where anyone with a mobile phone or computer and internet access can use “bank-like” financial tools through their favorite DeFi protocol or exchange.” 

Founded in June 2021, XLD Finance services customers in the Philippines, Indonesia, Malaysia, Vietnam, India and Bangladesh with a total merchant network of over 10,000. 

Dragonfly Capital got in on the funding round, as they recently closed their third venture capital fund in April with $650 million. Their current assets under management sits at around $3 billion, despite decreasing digital asset prices and an overall market selloff. 

Other participants in the funding round included Digital Currency Group (DCG), USDC creator Circle, Advance AI, IDG Capital, Insignia Venture Partners, Yield Guild Games and others. 

Author: Tyler Irvin

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