 | |
| Company type | Private Company |
|---|---|
| Industry | Financial Services |
| Founded | 2017 in Shanghai |
| Headquarters | Shanghai, China |
Key people | Bill Deng |
| Services | Multi-currency accounts, global payments, forex |
| Website | www.xtransfer.com |
About XTransfer edit
XTransfer is a cross-border trade payment platform headquartered in Shanghai, China currently serving over 400,000 customers.[1] It partners with major banks such as J.P. Morgan Chase Bank, DBS Bank, and Deutsche Bank to provide payment accounts and services for micro, small and medium enterprises (MSMEs).[1] XTransfer's investors include 01 Capital, Telstra Ventures, Mindworks Capital, Lavender Hill Capital Partners and eWTP Capital, etc. [2]
History edit
In July 2017, XTransfer was founded by Bill Deng, a former employee of Visa and Ant Group, and a group of veterans from the finance sector.[3] XTransfer expanded its business scope as Beijing eased a crackdown on the tech sector, and encouraged support to SMEs in an economy hit by the COVID-19 pandemic.[4]
In September 2021, the company reached unicorn valuation after raising $138 million [5] in a Series D round.[6]
In 2023, the company entered the Hong Kong market.[1]
In 2024, the company announced its international expansion to over 200 countries and regions worldwide.[2]
Products and Services edit
According to its website, XTransfer's products and services include multi-currency business account in 15+ currencies, 24/7 cross-border payments, and FX(foreign exchange) management.
The company states that its business account is secure, stable, free to open and maintain, and can be delivered on the same day. Registered users may top up their XTransfer accounts in local currencies, and pay to/from200+ countries/regions, including payments to China suppliers' business/personal bank accounts in compliance with regulatory requirements. XTransfer users can also exchange currencies online and set up limit orders.[7]
According to its website, XTransfer's products and services include multi-currency business accounts, cross-border payments and FX management.
The company currently supports 15+ currencies, enabling customers to send and receive money through local and international financial networks to over 200 countries/regions. [8]
Global Business Expansion edit
In April 2023, XTransfer announced that it started providing Hong Kong merchants with payment services when they buy from mainland suppliers, according to its statement.[2]
The company has since expanded its business to over 200 countries and regions to serve SMEs in cross-border trade.[9]
In 2024, the company plans to extend its operations to all regions globally, including the US, Canada, and the UK; Southeast Asia, such as Vietnam and Thailand; South Asia, such as Pakistan and Bangladesh; Africa, such as Nigeria, South Africa and Egypt; the UAE in the Middle East; and Latin America, such as Brazil and Mexico, and other countries and regions.[9]
References edit
- ^ a b c Kong, Fintech News Hong (2024-01-08). "Cross-Border Payment Platform XTransfer Expands to 200+ Nations, Aids MSMEs". Fintech Hong Kong. Retrieved 2024-04-11.
- ^ a b c "Chinese Unicorn XTransfer Expands in Hong Kong Amid Fintech Recovery". www.bloomberg.com. Retrieved 2024-04-11.
- ^ Chen, Wency (2021-02-27). "XTransfer simplifies cross-border payments for exporters | Inside China's Startups". KrASIA. Retrieved 2024-04-11.
- ^ "China's XTransfer to expand from payments into wealth management, lending". Reuters. 2022-08-01.
- ^ "Chinese trade services startup XTransfer reaches unicorn status". Nikkei Asia. Retrieved 2024-04-11.
- ^ "Cross-border Chinese fintech firm XTransfer hits unicorn valuation after $138m Series D". DealStreetAsia. Retrieved 2024-04-11.
- ^ XTransfer. "Your choice for global trade payment". XTransfer. Retrieved 2024-04-11.
- ^ "With Cloud we build a bridge of trust and enable trade". Deutsche Bank. 2022-12-06.
- ^ a b "XTransfer facilitates cross-border trade globally". thepaypers.com. Retrieved 2024-04-11.