XTransfer Raises Tens of Millions in Series B1 Funding to Bring Financial Services to Global SMEs
Leveraging technological innovation and data intelligence to provide financial services solutions that empower SMEs to expand globally.
XTransfer, a leading one-stop cross-border financial services provider for Chinese foreign trade enterprises, recently announced the completion of its Series B1 funding round, raising tens of millions of dollars. The round was led by the eWTP Fund, with Gaorong Ventures, China Merchants Capital, Lingyi Venture Capital, and Yunqi Capital participating as follow-on investors. The proceeds will be used to expand XTransfer's international financial network, apply for financial licenses in additional countries, upgrade its team and technology, and support marketing efforts.
Gaorong Ventures had previously invested in XTransfer's angel round and continued to back the company in subsequent financings.
Founded in May 2017 and headquartered in Shanghai, XTransfer has established branches in Hong Kong, the UK, Canada, the US, Japan, and Australia, obtaining local payment licenses in each jurisdiction. By building a global financial network, XTransfer provides small and medium-sized enterprises with comprehensive financial solutions for international operations, including cross-border and local collection and payment services, foreign exchange, wealth management, and lending. All six of XTransfer's partners are alumni of Ant Group and Alibaba, with additional experience at global financial networks such as Visa and PayPal. Combining global perspective with deep local expertise, the team established from day one a mission to make financial services accessible to SMEs worldwide. The company recently became a strategic partner of the Trade Promotion Center of the China Council for the Promotion of International Trade (CCPIT), leveraging the organization's extensive service platform and domestic and international resources to accelerate its deep engagement with small and medium-sized foreign trade enterprises.
Bill Deng, founder and CEO, noted: "We observed that the last wave of economic globalization gave rise to global financial networks originating from Europe, the US, and Japan, encompassing multinational banks, card networks, and payment companies. As Chinese SMEs continue to expand globally, a new global financial platform will emerge. This new platform will be characterized by mobile internet technology, data intelligence, and human-centric service." Deng also emphasized that capital security and compliance are non-negotiable bottom lines for financial and payment industry practitioners. XTransfer's performance over the past two years has earned the trust of a broad customer base. The company maintains ongoing communication with regulators worldwide and is committed to compliant growth. XTransfer has built robust anti-money laundering infrastructure, with risk policies, systems, personnel, and processes all refined according to international best practices.
A Gaorong Ventures representative commented: "The global trade landscape is evolving rapidly, and the trend toward e-commerce in cross-border trade is unmistakable. SMEs have urgent demand for efficient global financial solutions. Through technological innovation and risk management capabilities, XTransfer effectively addresses the pain points of small trading enterprises, helping them reduce costs and improve efficiency. We are optimistic about XTransfer's vision of building a global trade finance network."
Going forward, XTransfer will accelerate the expansion of its overseas financial network, including establishing financial operations in India, Indonesia, and Japan, while bringing in additional talent to strengthen its organizational capabilities.
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