XCurrency
Cross-border financial compliance and risk management.
| Date | Investors | Amount | Round |
|---|---|---|---|
N/A | - | ||
| Total Funding | 000k | ||
xCurrency operates as a financial technology firm based in Zhuhai, China, providing a suite of cross-border financial services. The company was founded in 2013 by Chen Jiaxin, who serves as CEO, along with Zeng Shaojia, Wang Wei, and Zhang Yiyuan. In September 2019, the company secured a Series A funding round of an undisclosed amount from investors including Yingdong Capital and 51 Credit Card.
The firm's core business revolves around an app-based platform that offers foreign exchange rate conversion, international remittance, and cross-border payment solutions. This platform serves individuals who are traveling, shopping internationally, or studying abroad, as well as businesses. For instance, it facilitates international tuition payments to over 3,000 educational institutions. The business model generates revenue through fees associated with its remittance and payment services.
The primary product is a mobile application, available for both Android and iOS, recognized for its user-friendly interface. Key features include a real-time forex rate tracker, a currency converter that supports 158 currencies and over 100 cryptocurrencies, and a forex calculator. For remittances, the service initially supports sending money from Japan, Australia, and Europe to China, with plans to expand to more markets. The company emphasizes security and compliance, holding a Money Service Operator license from Hong Kong Customs and partnering with established financial entities like Dow Jones and Barclays.
Evolving its infrastructure, the company established xCurrency Hubs in 2021 to focus on providing cross-border payment infrastructure services using technologies like blockchain. This B2B division offers international clearing, settlement, and regulatory compliance services to global financial institutions, enabling them to expand their CNY business. The Hubs platform provides solutions via API, SaaS, and embedded services, aiming to offer a faster and more cost-effective alternative to traditional payment rails.
Keywords: cross-border payments, foreign exchange, remittance services, currency converter, international tuition payments, forex rates, fintech, financial technology, China payments, CNY clearing, payment infrastructure, blockchain finance, Asia-Pacific finance, mobile payments, digital currency, currency exchange app, international money transfer, Series A, Zhuhai startup, global settlement