XTransfer, a Chinese fintech company that offers cross-border financial and risk management services, has secured new funding to fuel growth.

The company raised $138m in the Series D funding round led by D1 Capital Partners. The company’s existing shareholders also participated.

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XTransfer plans to use the proceeds to upgrade its products and services. The start-up also plans to use a portion of the funding to support big data and artificial intelligence (AI) as well as strengthen anti-money laundering (AML) risk control system.

The company also plans to recruit global talent to support its international expansion.

Headquartered in Shanghai, XTransfer particularly specialises in B2B cross-border financial services. It counts around 150,000 small- and medium-sized enterprises (SMEs) as its clients.

The fintech also has offices in Hong Kong, Singapore, the UK, Canada, the US, Japan and Australia.

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XTransfer founder and CEO Bill Deng said: “Cross-border e-commerce is growing by leaps and bounds due to policy support. 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 throughout its procedures and aid the sector’s digital transformation.”