On April 24, 2026, the B2B cross-border trade payment platform Extransfer Limited (XTransfer) officially submitted a prospectus to the Hong Kong Stock Exchange and plans to list on the main board, with UBS Group and CICC serving as joint sponsors.
XTransfer was established in 2017. According to CIC Consulting and the prospectus, XTransfer has become the world’s largest B2B cross-border trade payment platform in terms of payment transaction volume (TPV) in 2025, with a market share of 5.1%.
This achievement fully demonstrates XTransfer’s strong competitiveness and leading position in the field of cross-border payments.
In January 2025, XTransfer operating entity Shanghai Duochang Network Technology Co., Ltd. acquired 100% equity of the original Shanghai UnionPay Electronic Payment Service Co., Ltd. and was approved by the People’s Bank of China, and Curve obtained a third-party payment license.
This move provides a more solid foundation for XTransfer’s development in the domestic payment market.
In February this year, XTransfer completed its E-round financing and its post-investment valuation exceeded US$3 billion, reflecting the market’s high recognition of its future development.
The prospectus shows that from 2023 to 2025, XTransfer payment transaction volume (TPV) was US$18.633 billion, US$32.618 billion, and US$60.516 billion respectively, with a three-year compound growth rate of 80.2%.
Such a high growth rate indicates that XTransfer’s business scale is rapidly expanding and market demand continues to grow.
In terms of revenue, from 2023 to 2025, they were US$115 million, US$162 million, and US$248 million respectively, with a compound growth rate of 47.1%; gross profits were US$110 million, US$152 million, and US$229 million respectively. The gross profit margin exceeded 90% for three consecutive years, including 92.0% in 2025.
This series of data shows that XTransfer not only has significant revenue growth, but also has strong profitability.
However, it is worth noting that due to non-cash factors such as changes in the fair value of convertible preference shares, XTransfer’s net losses attributable to its parent company have expanded year by year. From 2023 to 2025, they will lose US$153 million, US$353 million, and US$484 million respectively, a three-year increase of 216%.
However, after excluding adjustments such as the fair value of preferred shares and share-based payments, the adjusted net profit in 2025 will be US$47.674 million, achieving a positive core business profit.
This means that XTransfer has gradually moved on the right track in terms of business operations and has the ability to develop sustainably.
From a business model perspective, compared with other cross-border payment peers, XTransfer mainly focuses on B2B cross-border trade scenarios, through X –
Net’s global unified settlement network connects with global financial institutions and provides integrated collection, exchange, transfer and cash withdrawal services for small and medium-sized foreign trade companies.
Revenue mainly comes from payment service fees and interest income related to customer funds. The expansion of TPV scale has become the core factor driving revenue growth.
According to the prospectus, as of the end of March 2026, XTransfer had approximately 897,000 registered customers, covering more than 200 countries and regions around the world.
The company has obtained relevant payment qualifications and licenses in the United Kingdom, the United States, Singapore and many European countries.
This shows that XTransfer has an extensive customer base and business layout around the world, and has the potential to further expand the international market.
