Cross-border payments platform XTransfer is rolling out new customer relationship management (CRM) software to digitize more of its clients’ operations. The new suite is set to launch in July.
The Shanghai-based company was founded in 2017 by former Ant Group employees to simplify cross-border payment flows for more than 100,000 Chinese small and medium-sized enterprises to and from over 200 countries. XTransfer closed a Series C+ round in January 2021, with previous backing in February 2019 backing from the eWTP Fund, which counts Ant Group and Alibaba as anchor investors.
XTransfers’ new product was developed after observing the demands of its customers, CEO Bill Deng told 36Kr. Many of XTransfer’s customers have an unmet long-term demand for information technology and customer management solutions, CTO Liu Yanfang told 36Kr, citing a customer survey conducted by the company. “Many of these smaller companies are just using Excel or even a paper and pen to keep track of their international trade businesses,” Liu said.
The new CRM platform will allow customers to digitize their order and product management, along with other business development functions, to navigate a fragmented cross-border e-commerce industry. XTransfer aims to refine and standardize the online transactions between Chinese SMEs and their international business partners. Crucially, it augments existing sales processes, as conventional sales and business development teams’ communication often suffer as they scale, Liu explained.
Meanwhile, leading providers of CRM software are rarely suitable for small businesses in China due to high costs and a mismatch between the platforms’ sophistication and enterprises’ actual needs. In contrast, XTransfer plans to debut its CRM platform for free, before eventually charging an annual fee of less than RMB 1,000 (USD 155). Some of its functions were developed based on suggestions from current customers, according to CEO Bill Deng.
Going forward, XTransfer’s latest product expansion meshes well with its original payments business, as the company aims to digitize more SME operations and eventually build new, robust tools using AI.
KrASIA Connection features translated and adapted content published by 36Kr. This article was originally written by Yong Yi for 36Kr.