Tuotuo Digital, a cross-border fintech and payment service provider, has completed a new round financing of tens of millions of CNY, which was invested by Dewu Capital.
Proceeds from this funding round will be mainly used to accelerate the building of its capacity on cross-border B2B payment risk control and develop its underlying technology to further serve the payment and financial technology needs of cross-border transactions of micro, small and medium-sized enterprises (MSMEs).
Founded in 2020 in Beijing to provide cross-border payment services, Tuotuo Digital has kept gaining trust and support from investors, closing its first fundraising round in May 2021 and the second round in December 2021.
"In the first stage of China's online payment development history, players focus on infrastructure building and providing services to banks, while in the second stage, players provide money collection and payment services to companies which generate fees during their business operation" said Timo Zhou, President of Tuotuo Digital, adding that "in the third stage, service provider such as Alipay and WeChat are dominating the market by offering a wide variety of services to its users."
"In my view, the cross-border online payment sector is still at the first two stages," explained by Zhou. Data from market research firm Analysys shows that China's third-party cross-border payment market has reached RMB 1.12 trillion in 2021, up 23.02% year-on-year. "Tuotuo Digital aims to develop a one-stop platform for companies with overseas business, providing not only payment, but also other value-added services, such as risk control services at the buyer side, financing, and insurance," he said.
Tuotuo Digital has served more than 50,000 MSMEs, facilitating billions of transactions by now, witnessing an addition of more than 5,000 corporate clients each month recently.