XTransfer, a cross-border financial solution for Chinese SMEs, has scored $10m in its Series A round.
The round was led by China Merchants Group and also received contributions from 01VC, Yunqi Partners and Gaorong Capital.
With the new line of funding, XTransfer will look to expand its international financial network, application for financial license and bolstering its position in the market. The company is also looking to expand to serve SMEs in the Philippines, South Korea and Taiwan.
Founded in 2017, the Shanghai-based company provides global collection, payments, foreign exchange and wealth management services to China-based small and medium importers and exporters.
XTransfer connects SMEs in China with global financial institutions by helping them establish offshore accounts in Europe and the US to improve money transfers, with 14 major currencies available.
The company serves over 10,000 customers and earlier in the year, it attained a payments licence for the UK.
XTransfer CEO Bill Deng said, “First of all, we acquire users through providing free, rapid establishment of offshore accounts for foreign trade B2B enterprises. We are then able to offer a series of global wealth management activities and services including collection, payments and foreign currency exchange.
“Our aim is to enable small and medium foreign trade enterprises to enjoy, through standardized, electronic and data-enabled products, cross-border financial services that previously only large global enterprises would enjoy.”
Earlier in the week, financial services provider 9F Group closed its Series E round on an undisclosed amount. The Chinese FinTech offers a bunch of solutions including payments, digital loans, investments, insurance and wealth management.
China Merchants Group recently launched a $15bn technology-focused investment vehicle, which is expecting to invest a significant share into Chinese FinTechs.
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