Xfers, a Singapore-based payment gateway that allows people with an online bank account to collect payments and make payouts automatically, raised $2.5m in seed funding.
Backers included Eduardo Saverin, Golden Gate Ventures, 500 Startups, Lazena investment, Partech Ventures, GMO Venture Partners, BWB Ventures and Convergence Ventures.
The company intends to use the funds to continue to develop the core technology platform and expand into Southeast Asia, firstly in Indonesia.
Led by CEO Tianwei Liu and and Victor Liew, Xfers provides a 1-click payment link that sellers can use to collect payments, share it on social media and to keep track of their inventory.
The Y Combinator backed company was originally launched as a platform for startups to collect internet banking payments through a flat fee pricing model without the hassle of regulations, accounting and security implications.
The solution enables the integration with various banking networks and payments gateways.