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Cross-border fintech featured in Y Combinator’s Winter 2024 study

Cross-border financial technology is very hot now. The Bank of England predicts that the cross-border payments market will exceed US$250 trillion by 2027. Experts say fintech companies are competing (pun intended) with banks, especially in the business-to-business space where artificial intelligence, machine learning and blockchain come into play, emerging technologies favored by fintech companies.

So it’s no surprise that one of the trends in Y Combinator’s Winter 2024 batch of nearly 30 fintech startups is how to move money around the world more easily. Here’s a rundown of what I saw during YC Demo Days this week:



Numo’s verified profile is attached to every invoice sent. (Image source: Numo)

what it can do: Offshore banking for international contractors

Numo specializes in payroll systems and banking for remote and international contractors. Users can gain access to a U.S. bank account and use low-cost local payment channels. CEO Derrick Wolbert met with co-founders Reuben Balik and Q Carlson during the global cellular network Wolpert said the company “brings together the best operators in each market” so that users can instantly withdraw funds in their local currency. The startup was first tested in Nigeria and currently has 1,000 users registered and 330 contractors verified by Numo. Wolpert calls Numo “the financial infrastructure for a new generation of tech workers.”


Cleva, Y Combinator, YC Demo Day

Image source: Cleva

what it can do:African Banking in America

Similar to Numo, Cleva offers a US bank account where users (even non-residents) can receive funds and then convert them into local currency. Co-founder Tolu Alabi previously built cross-border issuance and banking products at Stripe, while Philip Abel built multi-region infrastructure at companies like AWS and Twilio. Alabi said one of the driving forces for the startup was the fact that about 70% of Nigerians lost their wealth last year due to currency depreciation. With Cleva, “Africans can receive dollars from anywhere in the world,” Alabi said. The market is quite large, at $18 billion, she said. There really is no greater proof of the market than achieving profitability, and that’s exactly where Cleva finds itself – six months after launch. It also generates $120,000 in monthly revenue.


xPay, Y combiner

Image source: xPay

what it can do: International payments API for businesses in India and Southeast Asia

xPay acts as an international reseller, enabling merchants to “start selling internationally immediately, without the need for a U.S. bank account or physical presence,” said CEO Aniket Gupta. The company claims it can help companies integrate and sell products to the United States, Europe, the Middle East and Southeast Asia in “one-tenth” of the time. xPay launched four weeks ago and has already signed 25 contracts and has more than 200 people on its waiting list. Could this be a potential future acquisition for Stripe? We’ll have to wait and see. But now, the company expects to handle $5 million in annualized transaction volume by the end of this month.


Swift, Y combinator

Image source: Swift

what it can do: Instant money movement anywhere in the world

According to the company, it still took days to transfer funds from one account to another, so two engineers, David Lalor and Rakeeb Hossain, launched Swift to provide “a unified API for risk-free instant funds.” They are building instant account-to-account international transfers to speed up the flow of more than $150 trillion through banking rails each year. Swift’s first product is an instant deposit API for brokers and digital banks, already running on Venmo, Zelle and FedNow.


infinity, Y combinator

Image source: unlimited

what it can do: Cross-border banking for small businesses in India

We’ve received a lot of letters from childhood friends these past two days, so it’s refreshing to see two brothers starting a company. In fact, for Sourav Choraria and his brother Sidharth Choraria, this is the second startup they have collaborated on after selling a health tech startup. Sourav is the former head of growth at wealth management giant Paytm Money, and Sidharth is a former program manager at Amazon who helped launch the Appstore’s in-app purchasing SDK.

Now, the two are venturing into fintech in partnership with Infinity. The company built a money management platform and is now adding multi-currency accounts and global payments. Businesses in India do $700 billion in cross-border trade every year, and Infinity earns 1% from these transactions. This $7 billion opportunity translates into a huge opportunity. Within three months, Infinity had acquired 110 customers and was growing 20% ​​every week, Sourav said.

“Our aim is to create a financial oasis for cross-border companies,” Sourav said.

#Crossborder #fintech #featured #Combinators #Winter #study

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