XTransfer, a Chinese provider of cross-border financial and risk management services, emerged from a Series D funding round with $ 138 million, according to a Press release.
XTransfer, which is headquartered in Shanghai with offices in Hong Kong, UK, US, Canada, Japan, Australia and Singapore, works in B2B cross-border financial services, the statement said.
The company allows its users to access cross-border financial services which it believes are on par with those offered to much larger businesses, while meeting anti-money laundering (AML) requirements and of compliance, according to the press release. The services offered include the operation of collection accounts, currency exchange and foreign exchange settlement (FX), which helps to provide small B2B exporters with cost-effective and secure services.
XTransfer plans to use the capital to upgrade its products and services, continue to invest in big data and artificial intelligence (AI), strengthen its AML risk management and attract more talent to add more foreign markets, says the press release.
Cross-border e-commerce has had an impact on B2B commerce, helping small and medium-sized enterprises (SMEs) looking to do international business, strengthen their supply chain and create more jobs, the statement said. . XTransfer’s Series D cycle comes as Chinese exports saw further increases in the first eight months of 2021 after the pandemic ravaged the economy last year.
Wei Jianguo, deputy director of the China Center for International Economic Exchange and former vice minister of commerce, said that over the next two years, Chinese imports and exports will continue to grow at double-digit rates, according to the report. communicated. He said that emerging digital business platforms in areas such as cross-border B2B e-commerce will also continue to grow.
In other news, the B2B realm is still being worked with manifest amounts of slower paper payments, especially in international trade markets. This leads to some transactions taking weeks to settle, which puts stress on cash flow.
Read more: Average U.S. business waits 33 days to receive cross-border payments, data shows