Chinese Unicorn XTransfer Expands in HK Amid Fintech Recovery

XTransfer, a cross-border transactions and financial risk management startup backed by D1 Capital Partners, is expanding in Hong Kong to lure merchants as China’s fintech companies emerge from a lull.

Valued at more than $1 billion last year, the Shanghai-based firm will this month start providing Hong Kong merchants with payments services when they buy from mainland suppliers, it said in a statement. Registered in Hong Kong as Xtransfer Ltd., the company aims to attract about 300,000 small and medium-sized enterprise clients in the city.

XTransfer is expanding its client base beyond Chinese companies to diversify revenue sources. Fintech ...