Cross-border financial services provider XTransfer has raised $15 million in series B-1 financing, led by eWTP Fund, China Merchants Venture Capital, 01VC, Yunqi Partners, and Gaorong Capital.
According to XTransfer, it will use the funding to expand its global financial network, as well to expand applications for licensing in different countries, technology and team upgrades, and marketing.
Shanghai-based XTransfer was founded in May 2017. It deals primarily with China-based foreign trade enterprises and SMEs. The company provides service solutions such as cross-border and local collection, payment, foreign exchange, lending, and other treasury management services.
The company now has branches and licenses in Hong Kong, Japan, Australia, the United Kingdom, Canada, and the United States.
The six founders of XTransfer are all members of the Alipay group (Ex Ant Financial and Alibaba). Each respectively also has years of experience working in global financial platforms like Visa and PayPal.
“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,” says XTransfer founder and CEO Bill Deng.
“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 SMEs with mobile Internet-based technology, data-driven intelligence, and people-oriented services."
He adds that security and compliance are important to the company.
“It actively communicates with relevant regulators across the world, and is prepared to comply with the latest regulatory changes at any time. XTransfer has established sound anti-money laundering infrastructure, and refers to international best practices in terms of risk policies, systems, personnel, and processes, to polish its own.
eWTP partner Jiang Dawei adds that the eWTP fund is dedicated to technological innovation and business development for regions involved in the Belt and Road Initiative.
“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 SMEs 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.
XTransfer concludes that it aims to create an amazing future with its young, professional, and energetic team.