Cross-border Payment Vendor Tuotuo Digital Completes Series A Funding

Tuotuo digital has recently completed a series A financing of tens of millions of CNY, which was invested by Dewu Capital (Chinese: 德物资本). 

The proceeds from this round of financing will be used to accelerate the layout of Tuotuo digital in cross-border B2B risk control and underlying technology capabilities to further meet the payment and financial technology needs of cross-border transactions of small to medium-sized enterprises.

Established in 2020, Tuotuo digital provides cross-border payment, risk control and financial technology products and services covering the whole industry ecosystem for four significant groups: buyers, sellers, platforms and financial institutions in cross-border e-commerce and B2B trade scenarios.

Since the pandemic, influenced by the growth of online consumer demand and policy support, cross-border e-commerce has developed rapidly and become a strong growth point for foreign trade. As the underlying infrastructure of cross-border e-commerce, the cross-border payment industry has also developed quickly.

Based on the industry's current situation, Tuotuo digital provides systematic services, including 'payment + risk control + value-added services,' and uses the company's platform to solve the diversified needs of B-end users in a one-stop manner.

Tuotuo digital is a bridge to help domestic financial institutions link cross-border e-commerce business scenarios and reach customers, forming a complete chain and eventually building a full spectrum cross-border technology platform.

"As a long-term tracker of innovation in cross-border payment, we are more optimistic about the future of cross-border payment in B2B, i.e., the development of B2B e-commerce and the broader new opportunities of cross-border payment brought by the digital upgrade of traditional trade", said the investor of this round, Dewu Capital.

The company's competitors include DHgate (Chinese: 敦煌网) and Ant Financial (Chinese: 蚂蚁金服).