Financial and risk management services provider XTransfer has raised $138m from a Series D funding round led by D1 Capital Partners.
Alongside D1 were existing undisclosed shareholders who also invested in the Series D round. Lighthouse Capital served as the sole financial advisor in this capital raise.
Founded in 2017, XTransfer provides SMEs with cross-border financial services. The company offers services such as free opening of collection accounts, FX settlement and currency exchange, as well supplying smaller B2B-focused exporters with cost-efficient services.
XTransfer is headquartered in Shanghai and has locations in Hong Kong, Canada, the UK, the US, Japan, Singapore and Australia.
According to XTransfer, it will use the proceeds from the round to further upgrade its products and services as well as to continue investing in big data and AI and strengthen its anti-money laundering risk control system.
The company also has plans to ‘woo global talent’ to fuel its expansion to overseas markets.
XTransfer founder and CEO Bill Deng said, “Cross-border e-commerce is growing by leaps and bounds due to policy support. For exporters, the latest round of overseas expansion has been a lot different from a few years earlier, marked by diverse sales channels and fragmented orders.
“Digitization is a major trend amid cut-throat market competition. We will keep promoting the digitization of export throughout its procedures and aid the sector’s digital transformation. Over the course of doing so, we have commanded increased trust of our clients through our service. The current round of funding is only the beginning of our quest to offer better services to customers.”
Copyright © 2021 RegTech Analyst
Copyright © 2018 RegTech Analyst
