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

XLD Finance, which offers cross-border decentralized finance 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 in capital, 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.

Read more: Crypto VC Investments Drop 26% in First Half of 2022

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