CBi Group Secures $15M Series A Funding to Boost R&D
NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) — CBi Group, a rising U.S.-based commercial bank, has secured $15 million in Series A funding, led by Alpol Capital Family Office, known for its investments in new technologies.
The funds will enhance R&D, focusing on new technologies to improve products and drive innovation, according to Jiangtao Sun, founder of CBi Group.
Founded in 2017, CBi Group provides international and cross-border financial services for global trade businesses, offering corporate banking, global transfers, Visa and UnionPay cards. The company serves clients in 163 countries and partners with over 120 banks and financial institutions, building a robust global clearing network for over 100,000 international businesses and users.
In 2022, the global cross-border payment market was valued at $181.9 trillion and is expected to reach $356.5 trillion by 2032, growing at a CAGR of 7.3%, according to Allied Market Research. The rise of e-commerce platforms and the growing migrant population have increased the demand for efficient cross-border payment mechanisms and remittance services.
Jiangtao Sun, a serial fintech entrepreneur, took Shenzhou Pay public in Hong Kong in 2013 as China Binary New Fintech Group. He founded Qian Dai Bao in 2008, which was acquired by Meituan in 2016. Sun identified the need for cross-border settlement services, especially for SMEs, and founded CBi Group in 2017, securing multiple financial licenses and developing the CBiLink banking system. The company has built strong security, compliance, and risk management teams to support their services.
CBiBank, a subsidiary of CBi Group, offers nearly fully online business processes simplify cross-border payments, global transfers, forex trading, and wealth management, providing convenient, secure, and efficient financial services anytime, anywhere.
“We believe in CBi Group’s leading position and growth potential in the industry. This investment will help CBi Group achieve significant breakthroughs in fintech,” says Daniel Morra, CIO of Alpol Capital Family Office.
“We are grateful for the trust and support from our investors. This investment recognizes our achievements and motivates our future growth. CBi Group will continue to focus on innovation and user experience, leveraging advanced AI to provide high-quality, innovative cross-border payment and international financial solutions,” says Jiangtao Sun.
More about CBi Group: https://www.cbibank.com/
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