SHANGHAI, Oct. 10, 2019 /PRNewswire/ -- On 09 October, XTransfer, a leading provider of cross-border financial services for China based foreign trade enterprises, announced the completion of $15m Series B-1 financing, which was led by the eWTP Fund and included China Merchants Venture Capital, 01VC, Yunqi Partners, and Gaorong Capital. The financing will be used toward further expansion of XTransfer's global financial network, applications for licensing in various countries, team and technology upgrades, and marketing.
XTransfer, founded in May 2017 is headquartered in Shanghai. Being a global company from the start XTransfer has branches and relevant licenses in Hong Kong, the UK, Canada, the United States, Japan, and Australia. By building a strong global financial network, XTransfer is able to provide global financial service solutions for Chinese SMEs, such as cross-border and local collection, payment, foreign exchange, lending, and other treasury management services.
Mr. Jiang Dawei, a partner at eWTP, said that 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.
According to Mr. Gan Zixin, executive director of China Merchants Venture Capital, China now leads the world in mobile payments and it has become a key piece of infrastructure in China's development of new economy. The cross-border payment companies founded and operated by Chinese teams, who are able to achieve higher efficiency, lower cost, and leverage data-based intelligent risk controls, will be the powerhouses that will drive future economic globalization.
The six founders of XTransfer are all members of the Alipay group (Ex Ant Financial and Alibaba). Each respectively also has years of experience working in global financial platforms like Visa and PayPal. Possessing both a global view and a history of implementing best local practices, has helped shape the team's mission to empower global SMEs with financial services since day one. The company has recently established a strategic partnership with the China Council for the Promotion of International Trade (CCPIT) Trade Promotion Center. Partnering with the CCPIT, which offers a variety of services and international and domestic resources to China based SME's, will help more Chinese SMEs engage in foreign trade and gain access to key resources such as XTransfer.
Bill Deng, Founder and CEO of XTransfer, 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."
Bill also stressed that customer fund security and compliance are the number one priority that practitioners of the financial and payment industries must uphold. XTransfer's performance in the past two years has gained the trust of the majority of their customers. At the same time, it actively communicates with relevant regulators across the world, and is prepared to comply with the latest regulatory changes at any time. XTransfer has established sound anti-money laundering infrastructure, and refers to international best practices in terms of risk policies, systems, personnel, and processes, to polish its own.
Looking to the future, Bill is still convinced that both challenges and opportunities coexist. In the face of challenges, the key to problem solving shall be expertise and the diligence of the team. The young, professional, and energetic team of XTransfer is bound to create an amazing future.