On May 7, 2026, XTransfer, a B2B cross-border payment platform founded by six former Alibaba employees, officially submitted its main board listing application to the Hong Kong Stock Exchange, starting the listing process.
XTransfer was founded in 2017 by Deng Guobiao and five senior employees of Alibaba and Ant Group.
It is mainly engaged in cross-border collection, remittance, transfer, cash withdrawal and other full-link services, focusing on small and medium-sized foreign trade enterprises around the world.
As of March 2026, the platform has 897,000 registered corporate customers, with business covering more than 200 countries and regions, and 171 cooperative financial institutions, including major international banks such as JPMorgan Chase and Deutsche Bank.
In 2025, payment transaction volume will reach US$60.3 billion, equivalent to approximately RMB 400 billion, ranking the world’s largest B2B cross-border trade payment platform with a market share of 5.1%.
At the financial level, the company’s growth is steady.
Revenue increased from US$115 million to US$248 million from 2023 to 2025. Adjusted net profit has been profitable for three consecutive years, recording US$47.7 million in 2025, with a stable gross profit margin of over 90%.
The proportion of overseas customer transactions increased from 24.5% to 44.3%, and the business gradually shifted from serving domestic exporters to building a global payment infrastructure.
All members of the founding team are from the Alibaba family. They are deeply involved in the fields of payment, risk control, technology research and development and B2B foreign trade, and have profound industry accumulation.
CEO Deng Guobiao has worked for Visa and Ant Group and has extensive experience in international payment operations and management. He personally holds 19.91% of the shares, and the five core founders act in concert, controlling a total of 41.89% of the voting rights.
In terms of capital, the company has completed a total of 7 rounds of financing, with its valuation rising from US$12 million in the angel round to US$3.02 billion in the E round, an increase of more than 250 times, and it will become a unicorn in 2021.
Major institutional shareholders before the IPO include Gaorong Capital, Yunqi Capital, D1 Capital and Alibaba eWTP Capital.
Technology and compliance constitute the core barriers of XTransfer.
The company has built its own global settlement network, X-Net, to build a point-to-point clearing system to achieve cross-border local clearing, effectively reducing transaction costs and improving account receipt efficiency. It has self-developed an AI risk control system, TradePilot, with an automatic transaction review rate of 98.5% and a 50% reduction in risk control management costs. It also holds payment licenses from multiple places around the world and has a complete and mature compliance system.
The current global B2B cross-border payment industry penetration rate is only 3.6%, with considerable room for growth.
PingPong, Lianlian Digital, Airwallex, Wanlihui and other peers are vying for deployment. Industry competition is intensifying. At the same time, they are facing challenges such as declining rates and rising compliance costs. Data capabilities and industrial system embedding will become long-term core barriers.
According to industry reviews, XTransfer is firmly at the forefront of the industry relying on its massive customer base, technical barriers and global network. If it successfully lands on the Hong Kong Stock Exchange, it will further consolidate its leading position and become a benchmark enterprise in the cross-border payment track.
