On April 24, 2026, XTransfer Limited, the world’s leading B2B cross-border payment service provider, officially submitted an application for listing on the main board of the Hong Kong Stock Exchange. UBS Group and CICC served as joint sponsors and planned to land in the Hong Kong capital market.
This company, founded by former Ant Group executives, has grown into the world’s largest B2B cross-border trade payment platform, attracting capital and market attention.
XTransfer founder Deng Guobiao has a profound background in the payment industry. He once worked for Visa and held key positions such as international business director and head of international B2C payment business at Ant Group.
In 2017, Deng Guobiao targeted the cross-border payment pain points of small and medium-sized enterprises and left his job to start a business. Focusing on solving industry problems such as unstable accounts, slow settlement, and high costs, he independently developed the X-Net global payment network, built a cross-bank end-to-end payment system, and greatly improved the efficiency and security of cross-border transactions.
Driven by technology, the company launched the TradePilot AI model, achieving an automated transaction review rate of approximately 98.5% and controlling the fraud rate to an industry low of 0.003%.
As of March 2026, XTransfer services cover more than 200 countries and regions around the world, with a total of 897,000 registered small and medium-sized enterprise customers. It has obtained payment licenses in China, Singapore, the Netherlands and other places, and its compliance capabilities continue to strengthen.
Financial data shows that the company has strong growth momentum.
From 2023 to 2025, XTransfer’s revenue will be US$115 million, US$162 million, and US$248 million respectively, with a compound annual growth rate of 47.5%; gross profits will be US$110 million, US$152 million, and US$229 million respectively, and the gross profit margin will remain above 90% all year round.
Based on the total payment transaction volume exceeding US$60 billion in 2025, XTransfer ranks first among the global B2B cross-border trade payment platforms.
At the capital level, XTransfer has received investment from many well-known institutions such as Gaorong Venture Capital, Yunqi Capital, D1 Capital, and China Merchants Venture Capital. After multiple rounds of financing, its latest valuation reached US$3.02 billion, an increase of approximately 251 times compared with the seed round.
In terms of ownership structure, before the IPO, Deng Guobiao and persons acting in concert held a total of 41.89% of the shares and were the company’s controlling shareholders; Gaorong Venture Capital and Yunqi Capital held 12.83% and 11.24% of the shares respectively, and were the top two institutional shareholders.
Industry data shows that the global B2B cross-border payment market has vast space. The market size will reach US$1.1876 billion in 2025 and is expected to increase to US$3.986 billion in 2030, with a compound annual growth rate of 27.4%.
As digital penetration increases, cross-border payment platforms focusing on small and medium-sized foreign trade companies are facing development opportunities.
In this sprint for the Hong Kong IPO, XTransfer will use the capital market to further expand its global business and consolidate its leading position in the industry.
