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The Singapore-based and Y Combinator-backed startup eyes expansion into Indonesia

Singapore-based peer-to-peer payments platform Xfers has raised US$2.5 million in seed funding, it announced today.

The investors who participated in the round include Facebook Co-founder Eduardo Saverin, Golden Gate Ventures, 500 Startups, GMP Venture Partners, Partech Ventures, BWB Ventures, Convergence Ventures and Challenger Ventures.

With functions such as a wallet-as-a-service, payments collection and user-generated payment links, Xfers, which graduated from the Y Combinator batch of Summer 2015, is looking to expand within the region, specifically in Indonesia.

Also read: Online payments gateway Razorpay gets US$120K from Y Combinator

“The majority of the funding will go towards expanding Xfers’ market reach to Indonesia…where 80 per cent of e-commerce is done via informal channels such as messenger groups, social media and forums. A majority of these transactions are also completed via bank transfers manually, which Xfers aims to help solve,” said Xfers CEO Tianwei Liu.

The funds will be invested into developing Xfers’ technology and are meant to help the team aggressively pursue and convince small merchants to use Xfers to collect payments more effectively.

These merchants or other individual sellers can do so via Paylink, a feature that allows them to list an item for sale through the upload of a photo accompanied by a product description. Paylink then creates a product page where a shareable payment link allows the merchant or seller to collect payment.

Besides Liu, Xfers’ founding team includes Victor Liew, Samson Leo, and Tay Wenbin. All four are National University of Singapore alumni. They came together to start Xfers in 2014.

Image credit: Antonio Guillem/Shutterstock

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