TerraPay and XTransfer Partner to Empower Global SMEs with Enhanced Cross-Border Payment Solutions

May 28, 2024 |

TerraPay, a leading global money movement company, is excited to announce a strategic partnership with XTransfer, the world’s leading and China’s No.1 B2B cross-border trade payment platform. This new alliance aims to revolutionise payment solutions for small and medium-sized enterprises (SMEs) engaged in international trade, providing them with secure, compliant, fast, and cost-effective cross-border payments and fund collection solutions.

Through this partnership, XTransfer will be able to leverage TerraPay’s global payments infrastructure to enhance its service offerings, enabling its customers to execute local payments on a global scale, and settle payments in local currencies across 136 countries and regions, including emerging markets such as Africa, Latin America, and Southeast Asia. This partnership will be instrumental in boosting cross-border trade while significantly broadening the spectrum of payment methods available to SMEs.

“This partnership is a significant milestone for XTransfer, as it greatly enhances our global payment capabilities. By leveraging TerraPay’s extensive global payments network, XTransfer has achieved significant cost savings and accelerated our market entry time, eliminating the need for local rebuilding efforts. This collaboration further exemplifies our dedication to empowering SMEs in their global expansion and enhancing global competitiveness through innovative trade payment solutions”, said Violas Xiao, Local CEO of Singapore at XTransfer

Sukesh Malliah, Vice President – Asia Pacific at TerraPay, expressed his enthusiasm, stating, “We are thrilled to partner with XTransfer to enhance cross-border payment solutions for SMEs globally. This partnership underscores our commitment to providing innovative and reliable financial solutions that drive efficiency and inclusivity. Together, we aim to empower SMEs with the tools they need to succeed in the global marketplace, fostering economic development and connectivity in emerging markets.”

This partnership aligns with TerraPay’s goals of pushing the boundaries for global businesses and driving financial inclusion, especially in inaccessible markets. By collaborating with XTransfer, TerraPay strengthens its position as a key player in the global payments industry, enhancing its ability to serve a diverse range of clients across various regions.

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About TerraPay

TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 31 global markets and enabling payments to 144+ receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices across Dubai, Miami, Bogota, Dakar, Joburg, Nairobi, Milan, Singapore, Bangalore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.

For more information visit: terrapay.com

About XTransfer

XTransfer, World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, is dedicated to providing SMEs with secure, compliant, fast, convenient and low-cost foreign trade payment & fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness. Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong, the United Kingdom, the Netherlands, the United States, Canada, Japan, Australia, and Singapore. XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. With more than 450,000 enterprise clients, XTransfer has become the industry No.1 in China.

By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and built a data-based, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centred on small and medium enterprises. XTransfer uses technology as a bridge to link large financial institutions and small and medium enterprises around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations.

XTransfer completed its Series D financing in September 2021 and achieved unicorn status. The Company possesses a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners.

For more information: https://www.xtransfer.com/