Cross-border Chinese fintech firm XTransfer hits unicorn valuation after $138m Series D

Bill Deng Guobiao, co-founder and CEO of Chinese fintech startup XTransfer

XTransfer, a Chinese cross-border financial and risk management services provider, has reached unicorn valuation after raising $138 million in a Series D round to fund its global ambitions starting from Southeast Asia.

The latest round was led by Dan Sundheim’s hedge fund D1 Capital Partners with participation from the firm’s existing shareholders, according to a press release on Friday.

The new transaction followed the completion of its Series C round across two tranches, Its Series C1 round was led by Australia’s venture capital (VC) firm Telstra Ventures in October 2020, while a Series C2 round was led by Hong Kong’s Lavender Hill Capital Partners (LHCP) this January. Financial terms of these deals were undisclosed.

Shanghai-based XTransfer specialises in business-to-business (B2B) cross-border financial services. The firm partners with multinational banks and financial institutions to develop a multi-currency, globally-unified financial settlement network that powers small- and medium-sized importers and exporters in opening collection accounts, FX settlement and beyond.

Founded in May 2017, the firm has built a client base of over 150,000 SMEs, mostly in China. It has a team of more than 1,000 employees operating from offices in Hong Kong, UK, Canada, the US, Japan, Australia, and Singapore.

“Our plan is to serve SMEs from around the world, starting with Southeast Asia, where we’ve already established a foothold,” said Bill Deng, founder, and chief executive of XTransfer.

“Cross-border e-commerce is growing by leaps and bounds due to policy support,” said Deng. “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. Digitisation is a major trend amid cut-throat market competition. We will keep promoting the digitisation of export and aid the sector’s digital transformation.”

The firm plans to use the new proceeds to upgrade its products and services, continue investing in big data and artificial intelligence (AI), bolster its anti-money laundering (AML) risk management system, and attract global talent to fuel its expansion into overseas markets.

Its investors also include China Merchants Venture, Yunqi Partners, Gaorong Capital, 01 Capital, eWTP Capital, and MindWorks Capital.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.