XTransfer has recently established a strategic partnership with the China Council for the Promotion of International Trade (CCPIT) Trade Promotion Centre


XTransfer completes $15M Series B-1 financing (Credit: Pixabay)

China-based cross-border financial services provider XTransfer has completed the $15m Series B-1 financing, which was led by the eWTP Fund and included China Merchants Venture Capital, 01VC, Yunqi Partners, and Gaorong Capital.

XTransfer intends to use the proceeds for expansion of its international financial network, licensing applications in various countries, team and technology upgrades, and marketing.

Company founder and CEO Bill Deng said: “We observed the last wave of economic globalisation, 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 globalisation 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.”

XTransfer established collaboration with CCPIT

Founded in May 2017, in Shanghai, XTransfer is an international company with branches and relevant licenses in Hong Kong, the UK, Canada, the US, Japan and Australia.

XTransfer provides financial service solutions for Chinese SMEs, including cross-border and local collection, payment, foreign exchange, lending, and other treasury management services, through its global financial network.

The company said that it has recently established a strategic partnership with the China Council for the Promotion of International Trade (CCPIT) Trade Promotion Centre.

The partnership with the CCPIT will offer a variety of services and resources to China-based SMEs, allowing them to enter foreign trade and gain access to key resources such as XTransfer.

XTransfer claims that it has gained the trust of most customers through its performance in the past two years, and is actively communicating with regulators across the world to comply with the latest regulatory changes at any time.

eWTP partner Jiang Dawei said: “The eWTP Fund is dedicated to technological innovation and global development of innovative businesses in regions involved in the Belt and Road Initiative (BRI). As the BRI is being implemented, more and more SMEs are going abroad to deploy their business resources on a global scale.

“XTransfer is set on helping these SME’s greatly reduce the financial costs associated with their expanding global business. We highly agree with the business and vision of the company. We believe that financial technology enterprises, such as XTransfer, will play a vital role in the construction of a new global financial network.”