XTransfer, a Chinese cross-border financial and risk management service provider, has come away from a Series D funding round with $138 million, according to a press release.
XTransfer, which is headquartered in Shanghai and has offices in Hong Kong, the U.K., U.S., Canada, Japan, Australia and Singapore, works in B2B cross-border financial services, the release stated.
The company allows its users to access cross-border financial services that it claims are on the level of those offered to much larger companies, while working with anti-money laundering (AML) and compliance requirements, according to the release. The services offered include operating collection accounts, currency exchange and foreign exchange (FX) settlement, which helps to supply small B2B exporters with cost-efficient and safe services.
XTransfer plans to use the capital to upgrade its products and services, continue investing in big data and artificial intelligence (AI), boost its AML risk management and attract more talent to add more overseas markets, the release stated.
Cross-border eCommerce has had an impact on B2B trade, helping small- to medium-sized businesses (SMBs) looking to do business internationally, boost their supply chain and add more jobs, according to the release. XTransfer’s Series D round comes as China’s exports saw new surges in the first eight months of 2021 after the pandemic ravaged the economy last year.
Wei Jianguo, deputy director of China Center for International Economic Exchanges and former vice minister of commerce, said that in the next one to two years, Chinese imports and exports will keep growing at double-digit rates, per the release. He said the emerging digital trade platforms in fields like cross-border B2B eCommerce will also keep growing.
In other news, the B2B field is still wrought with overt amounts of slower paper payments, especially in international trade markets. That leads to some transactions taking weeks to settle, which stresses cash flow.
Read more: Average US Firm Waits 33 Days to Receive Cross-Border Payments, Data Show
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More