Tech Company Financing Transactions
Xfers Funding Round
500 Global, BWBVentures and Convergence Ventures invested in a $2.5 million Seed funding round for Xfers. The funding round closed on 1/7/2016.
Transaction Overview
Company Name
Announced On
1/7/2016
Transaction Type
Venture Equity
Amount
$2,500,000
Round
Seed
Investors
Proceeds Purpose
With these added funds, Xfers, which was originally launched as a platform for startups to collect internet banking payments through a flat fee pricing model without the hassle of regulations, accounting and security implications, will be looking to take their startup regional. The funds will be invested into further developing the core technology platform and will allow the team to aggressively pursue the market of small merchants to help them collect payments more effectively.
Company Information
Company Status
Private & Independent
Industry
ECommerce
Mailing Address
Undisclosed
Singapore City, 230012
Singapore
Singapore City, 230012
Singapore
Phone
Undisclosed
Website
Email Address
Overview
Most of Southeast Asia has less than a 5% credit card penetration rate, leading to low usage of PayPal and most ecommerce purchases being paid for with cash on demand. Xfers has erected a payment network on top of the existing online bank accounts most people have, and APIs it built for the local banks.
Profile
Social Media
Company News
Facebook
YouTube
Management Team
Title
Name
Email & Social
Founder
Victor Hao
Founder
Tianwei Liu
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Our team works diligently to report on all VC transactions involving tech companies. VC investment data records reported here are derived from news reports and company announcements. The data comes to us via our partnership with VentureDeal.com, an affiliated venture.
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