China-based XTransfer has reportedly raised a Series C1 round to help the FinTech extend its global financial network.
The investment was led by Telstra Ventures, with additional support coming from MindWorks Ventures and other previous XTransfer backers, according to a report from IBS Intelligence.
With the equity injection, the FinTech plans to grow its global financial network, strengthen its data capabilities, improve its anti—money laundering and risk control capacity, and improve its customer services. Capital will also be used to hire more staff.
XTransfer provides SMEs in China with access to a selection of financial services including cross-border and local collection remittances, foreign exchange, risk and compliance, treasury management services, and more.
The FinTech closed its Series B round on $15m in 2019 from investors including eWTP Fund, China Merchants Venture Capital, 01VC, Yunqi Partners and Gaorong Capital.
FinTech investment volume in China dropped significantly in 2019, compared to 2018, and became a five-year low, FinTech Global’s data shows. Investment only reached $3.3bn in 2019, which represents just 10% of the total capital invested in 2018, where a colossal $32.8bn was deployed.