Chinese fintech startup XTransfer closes $15M Series B-1 funding to provide cross-border financial services
China is now leading the world in mobile payments and it has become a key piece of infrastructure in China’s development of new economy. The cross-border payment companies founded and operated by Chinese teams, who are able to achieve higher efficiency, lower cost, and leverage data-based intelligent risk controls, will be the powerhouses that will drive future economic globalization. Enter XTransfer, a Shanghai, China-based fintech startup building a borderless world.
Today, XTransfer, has closed $15m Series B-1 funding to further expansion of XTransfer’s global financial network, applications for licensing in various countries, team and technology upgrades, and marketing. The round was led by the eWTP Fund and included China Merchants Venture Capital, 01VC, Yunqi Partners, and Gaorong Capital.
Founded in 2017 by Alice Yao, Guobiao (Bill) Deng, Leon Deng, and Yanfang Liu, XTransfer, provides cross-border financial services for China based foreign trade enterprises. XTransfer has branches and relevant licenses in Hong Kong, the UK, Canada, the United States, Japan, and Australia. By building a strong global financial network, XTransfer is able to provide global financial service solutions for Chinese SMEs, such as cross-border and local collection, payment, foreign exchange, lending, and other treasury management services. The six founders of XTransfer are all members of the Alipay group (Ex Ant Financial and Alibaba)
Mr. Jiang Dawei, a partner at eWTP, said that the eWTP Fund is dedicated to technological innovation and global development of innovative businesses in regions involved in the Belt and Road Initiative (BRI). As the BRI is being implemented, more and more SMEs are going abroad to deploy their business resources on a global scale. XTransfer is set on helping these SME’s greatly reduce the financial costs associated with their expanding global business. We highly agree with the business and vision of the company. We believe that financial technology enterprises, such as XTransfer, will play a vital role in the construction of a new global financial network.
Bill Deng, Founder and CEO of XTransfer, said, “We observed the last wave of economic globalization which gave birth to a global financial network, including international banks, card schemes, and payment companies, which originated from Europe, the United States, and Japan. I believe, China will further accelerate its reform and opening-up and embrace the world. This embrace will start with the China based SMEs. They will drive the globalization of Chinese businesses, and they will need a financial services platform to provide the infrastructure to empower them. This new platform will empower SME’s with mobile Internet-based technology, data-driven intelligence, and people-oriented services.”
The six founders of XTransfer are all members of the Alipay group (Ex Ant Financial and Alibaba). The founders also have many years of experience working in global financial platforms like Visa and PayPal. Possessing both a global view and a history of implementing best local practices, has helped shape the team’s mission to empower global SMEs with financial services since day one. The company has recently established a strategic partnership with the China Council for the Promotion of International Trade (CCPIT) Trade Promotion Center. Partnering with the CCPIT, which offers a variety of services and international and domestic resources to China based SME’s, will help more Chinese SMEs engage in foreign trade and gain access to key resources such as XTransfer.