Sequoia-Backed Swooshtransfer Raises Millions Of Dollars To Automate Cross-Border Payments
04/08/22, 2:53 PM
Industry
payments
financial services
other
software
China’s export-oriented e-commerce has been flourishing over the last few years as the world demands its electronics, fast fashion, sporting gear, and other everyday goods. While the country’s digital exporters revel in the boom, they also face challenges. One of their biggest pain points has been payments collection, which normally involves high costs, delays and insufficient transparency.
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The company declined to disclose the exact funding amount. For instance, rather than employing human employees, the startup uses privacy computing and blockchain to manage the regulatory paperwork needed for cross-border transactions. The startup plans to tout its marketing tools and payments solutions to retailers in the UK, which it sees as a stepping stone to entering other European markets down the road, said the founder. After a decade at Alibaba and its fintech affiliate giant Ant Group, Max Ma founded SwooshTransfer in 2021 to facilitate cross-border payments for small- and medium-sized enterprises as well as individuals such as overseas students, for whom tuition payments are often a hassle. SwooshTransfer, which recently received an angel funding round of “several million dollars” from investors including Sequoia China and K2VC, is one of the new players who want to make international transactions easier for Chinese businesses and beyond.