Fintech Startup XTransfer Raises USD 15 million in Alibaba-Led Funding Round

Beijing (PingWest)- Chinese fintech startup XTransfer, which provides cross-border financial services to foreign trade B2B enterprises, said it has raised USD250 million in a funding round led by Alibaba as it expands in the emerging markets such as India and Indonesia.

The company has already obtained payment licenses in several developed countries such as United Kingdom, Canada, the United States, Japan and Australia.

XTransfer was co-founded in May 2017 by six former employees from Alibaba and its affiliate Ant Financial, including CEO Deng Guobiao, who joined Ant Financial managed payment platform Alipay in 2010.

XTransfer closed its USD 10 million Series A round in 2018, led by China Merchants Group.