China’s XTransfer raises funds through its Series C1 round
By Edil Corneille
China’s one-stop cross-border financial services and risk management company XTransfer announced that it has completed a Series C1 round of financing. The latest round was led by Telstra Ventures, together with MindWorks Ventures and existing investors.
Bill Deng, founder and chief executive of XTransfer said the funds will be used to further expand its global financial network, strengthen its data capabilities, improve its anti-money laundering (AML) and risk control capacity and deliver better services to customers. The investment will also fuel the company’s organisational upgrade to attract more high-calibre talents globally.
Founded in May 2017, XTransfer is headquartered in Shanghai and has offices in Hong Kong, the United Kingdom, Canada, the United States, Japan, Australia and Singapore.
Through collaboration with international banks and financial institutions, the company has established a multi-currency unified financial settlement network and a data-driven, automated, internet-enabled and intelligent AML infrastructure catering to small and medium-sized enterprises. XTransfer employs technology to connect major global financial institutions and SMEs, providing the latter with a unified global financial network and access to cross-border financial services on par with multinational corporations.
“After 25 years of growth, the B2C real-time payment sector has seen a host of titans such as PayPal, Square, Stripe and Alipay,” says Deng. “We believe the vast opportunity lies in the B2B digital payment.”
“…In the area of containing risks inherent in cross-border capital flows for SMEs, we experienced firsthand the enormous challenges therein: For one thing, serving SME traders carries a huge risk as their transactions are rather low in value and high in frequency. For another, risk management is difficult and costly. The lack of risk awareness and internal control procedures is prevalent among SMEs. They dealt in a complex array of goods, transacting with different partners from diverse geographic locations. What’s more, the B2B industry lacks a comprehensive, standard and structured source of data, which we enjoy as a core competence as one of reasons why we can offer a smooth customer journey on our platform.”
Chris Pu, General Partner and Head of China at Telstra Ventures said, “We believe that their continued efforts and the trust network that has evolved over a long period of time will provide SMEs doing business globally with the most convenient form of payment and other financial experience…”
David Chang, General Partner of MindWorks Ventures, says he expects XTransfer to leverage its technology platform and comprehensive data sets to roll out more products that solve the pain points for SMEs, so as to enhance their operational efficiency in all respects and sharpen their competitive edge across the world.
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March 24, 2023
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