China-based XTransfer collects $15m in its Series B round

XTransfer, a cross-border financial services for China-based foreign trade enterprises, has collected $15m in its Series B round.

eWTP Fund led the investment, with contributions also coming from China Merchants Venture Capital, 01VC, Yunqi Partners, and Gaorong Capital.

With the capital injection will be used to support the expansion of the copmany’s global financial network, applications for licensing in numerous countries, and team and technology upgrades.

The FinTech company offers Chinese SMEs access to global financial services, such as cross-border and local collection, payment, foreign exchange, lending, and other treasury management services.

Alongside this, the company helps connect SMEs with global financial institutions by supporting the creating of offshore accounts in Europe and the US to improve money transfers.

XTransfer founder and CEO Bill Deng 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.”

Last year, the company collected $10m in its Series A round which was led by China Merchants Group, and also supported by 01VC, Yunqi Partners, and Gaorong Capital.

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