XTransfer finishes C+ Series round


Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • XTransfer has raised cash through a C+ Series round, which tends to be one of the final parts of the capital raising process – though the exact amount of money raised was not revealed by the company.
  • The company, which provides its services to importers and exports and offers services such as local bank accounts and multiple currency clearing networks, said that it had worked with the firm Lavender Hill Capital Partners to raise the money.
  • A senior figure at the firm highlighted the fact that the company has support from a range of other major investors, including the well-known Chinese company Alibaba.

The Chinese cross-border payments start-up XTransfer has concluded a major funding round, the firm has confirmed to the press.

The company said in an interview with a local financial services publication that it finished a ‘C+ Series’ round in January.

The C+ Series round is one of the later parts of the fundraising process.

The firm said that it had secured its funding round with assistance from the firm Lavender Hill Capital Partners.

However, press reports suggested that the firm has not revealed the size and value of the investment.

Its wider investment background is strong, and includes a range of well-known funders.

eWTP Capital is one of them – this firm is linked to Alibaba and its affiliate Ant Group.

XTransfer targets its services at importers and exporters.

It offers such firms services including on-the-ground local accounts and speedy money transfers.

Sellers of goods can use XTransfer through a series of payment collection services at major names such as Citibank and the Community Federal Savings Bank.

This gives merchants the chance to operate in a wide range of markets across the globe.

They can also then use a clearing network that has compatibility with several different currencies.

The company’s business model is based around charging fees on transfers.

Its standard fee is 0.4% per transfer.

This is lower than the normal rates charged by banks, which, it said, are between 2% and 3%.

In a statement, XTransfer’s co-founder and chief executive officer Bill Deng shed more light on the context of the company’s latest funding round.

Deng, who has previous financial services experience working for companies such as Visa, said that merchants currently faced a range of barriers, including fragmentation.

“The transactions between businesses has become increasingly fragmented in terms of transaction parties, as more SMEs emerge to play an important role amid the e-commerce boom,” he said in an interview with KrASIA.

He also went on to praise the other organisations that have backed XTransfer over the years.

“Our background from Alibaba indeed offers a good start, and the credibility of our system, personnel, investors, and a healthy financial performance can cope well with the continuous supervision from banks,” he said.

To discover more information about all the different providers at work in this field, just check out our reviews pages and select an international money transfer firm that’s right for you.

Most Read

Use Our Currency Comparison Tool

Results are ranked in order of the best overall deal, taking into account transfer times, rates, fees, and customer service.

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.