Sequoia-backed SwooshTransfer raises millions of dollars via Sequoia China, others
- ByStartupStory | April 9, 2022
Over the last few years, China’s export-oriented e-commerce has been flourishing as the world demands its electronics, sporting gear, fast fashion, and other everyday goods. They also face challenges, while the country’s digital exporters revel in the boom. Payments collection has been one of their biggest pain points, which normally involves delays, high costs, and insufficient transparency.
An angel funding round of “several million dollars” has been recently received by SwooshTransfer, from investors, including Sequoia China and one of the new players trying to make international transactions easier for Chinese businesses and beyond is K2VC. The exact funding amount has been declined to be disclosed by the company.
Max Ma founded SwooshTransfer in 2021 to facilitate cross-border payments for small- and medium-sized enterprises, after a decade at Alibaba and its fintech affiliate giant Ant Group, as well as individuals such as overseas students, for whom tuition payments are often a hassle. Applying technology to automate transactions, helping customers reduce costs as well as risks is the firm’s main strength, told Ma.
For instance, the startup uses privacy computing and blockchain to manage the regulatory paperwork needed for cross-border transactions rather than employing human employees. In order to detect fraud and abnormal user behavior, it also uses artificial intelligence.
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