"Working in payments and fintech is often challenging because ultimately. user adoption boils down to trust and security."
- Liu Tianwei, CEO of Xfers
Frustrated with the hassle of collecting payments and the high fees of using existing payment platforms, five enterprising NUS alumni came together to provide a solution.
Founded in 2012, Xfers enables casual sellers, start-ups and small-and-medium sized enterprises to optimise and automate their payment systems. By leveraging the latest encryption and cloud technologies, Xfers created an automated banking network that allows users to conduct transactions in a secure and low-cost manner.
The founders developed a prototype with initial seed funding from the NUS Enterprise Innovation and Entrepreneurship Practicum Grant. An additional SG$50,000 iJAM Grant from the Media Development Authority further enabled them to develop their product. In 2015, Xfers became one of the first Singapore-based start-ups to be incubated by Y Combinator. They successfully raised US$2.5 million in seed funding from Y Combinator, 500 Startups, Golden Gate Ventures, BWB Ventures, GMO Venture Partners, Partech Ventures, Convergence Ventures and Eduardo Saverin.
"Working in payments and fintech is often challenging because ultimately, user adoption boils down to trust and security. One of the key challenges is trying to persuade users that Xfers is a trustworthy payment platform. We build trust by offering consistent customer support service and listening to their feedback," quipped Xfers CEO, and NUS Overseas College (Silicon Valley) alumnus, Liu Tianwei.
As of 2016, Xfers has processed over SG$25 million for its Singapore-based clients. In addition to growing its customer base in Singapore, the team has officially launched Xfers' services in Indonesia.