XTransfer, a China-based cross-border financial services provider backed by telecommunications firm Telstra, secured in series D funding $138m today at a $1bn valuation.
Investment firm D1 Capital Partners led the round, participating together with returning investors including Yunqi Partners.
Founded in 2017, XTransfer has built a digital financial services platform that enables local small and medium-sized enterprises (SMEs) to carry out international transactions including payment settlement, debt collection and currency exchange.
The money will be used to expand XTransfer’s presence in Southeast Asia and other markets, boost its artificial intelligence and big data technologies, enhance its risk management capabilities and increase global headcount.
The company had received an undisclosed amount in a series C2 round in January this year led by Lavender Hill Capital Partners and backed by unspecified returning backers.
Telstra Ventures, the corporate venturing arm of Telstra, led a series C1 round for XTransfer three months before featuring MindWorks Capital and unnamed existing shareholders.
The company had closed a $15m series B1 round in late 2019 led by EWTP Fund, part of e-commerce group Alibaba-backed trade organisation Electronic World Trade Platform. It included China Merchants Venture Capital, 01VC, Yunqi Partners and Gaorong Capital, and lifted XTransfer’s overall funding to $30m.
