Singapore-based Xfers Lands $2.5M To Simplify Bank Transfers For Online Sellers
Summary
Though bank transfers seem quaint and inconvenient to many U.S. consumers, it is a common form of online payment in many Southeast Asian countries with low credit card penetration. PayPal charges a fee and many consumers in Southeast Asia don’t use it, so Liu told people to transfer money into his bank account. The API began to gain traction, however, and after several companies asked to integrate it, Liu and Liew decided to focus on Xfers and applied to Y Combinator’s summer 2015 class. The second are peer-to-peer sellers in Southeast Asian countries like Indonesia, where 80 percent of e-commerce transactions are still arranged through social media platforms like Facebook and Instagram or web forums, though mobile marketplaces like Carousell or Duriana are also gaining traction. Xfers’ one-click payment link, which uses technology built on top of existing commercial banking infrastructures, is designed for merchants who don’t want to deal with APIs.
