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XTransfer Secures Series C1 Funding Round, and Steps up Investment in AML, Risk Management Infrastructure and Information Security System

2020-10-26 XTransfer

Shanghai, October 23 -- China's leading 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. This funding round will also fuel their organizational upgrade to attract more high-caliber 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 top-tier international banks and financial institutions, it 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. These services include, among others, local collection and payment, FX exchange, reporting of income in countries with non-convertible currencies, and wealth management.

Bill Deng noted that global trade is becoming increasingly fragmented with SMEs forming the bulk of cross-border trade underserved.

"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."

"We've noticed that SMEs exhibited a great deal of resilience and vitality in the face of crises and we believe firmly in the mission and vision to serve SMEs."

"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 XTransfer's team uniquely possess a global perspective and a wealth of expertise. The AML system they created has stood up to scrutiny over the past few years and has proved comprehensive, efficient and intelligent. The team's efforts have won trust and support from regulators, financial partners, clients and other stakeholders.

"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," says Pu. "Going forward, it will unleash tremendous value."

In post-coronavirus global trade, the shift toward e-commerce has picked up speed among B2B cross-border trade. The digital payment network, AML and risk management system offered by XTransfer is most in demand by SME traders.

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.

Company Name: XTransfer

Contact Person: Kefei Wei

Email: kefei.wei@xtransfer.cn

Country: China

City: Shanghai

Website: https://www.xtransfer.cn/

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