After rapidly expanding to over 30 countries around the world, the fintech platform saw an 829% growth in transaction volume and 1079% growth in overall number of transactions in just two years. Adding financial services for rent payments and other living expenses in addition to tuition transfers since 2017 has allowed Easy Transfer to see new user growth with an 85% user retention rate as users pay with Easy Transfer more frequently.
Easy Transfer’s quick growth has been enabled by the service’s integration into the mobile apps of major Chinese banks. These institutions include China Guangfa Bank (CGB), Industrial Bank (CIB), Suning Finance, and UnionPay Quick Pass App, which is connected to 27 other major Chinese commercial banks.
“We’re very excited that Easy Transfer has reached and been embraced by over 53,000 Chinese students globally,” Co-Founder Tony Gao says. “Being able to help make the lives of Chinese students abroad easier and more productive has been our mission from the very beginning.”
Founded by Tony Gao and Michael Shang in March 2013 while attending university in the US, the company’s inspiration came when the duo was unable to find a hassle-free way to transfer funds from China to pay their tuition, housing costs, and other expenses. Before Easy Transfer, Gao and Shang -- along with countless other students -- found it time consuming and expensive to transfer money. Students’ families would have to visit their bank in-person, often several times over multiple days. Easy Transfer has brought this process down to as little as 3 minutes.
Easy Transfer’s easy-to-use interface not only features a smooth and simple payment process that is completely online, but also automatically applies for exemption from Chinese forex capital quotas (which are typically US$50,000 per year). To make sure families get the most value out of their tuition payment transfers, the platform uses big data analysis and A.I. to predict forex rates, suggesting the optimal time to make a transfer from RMB to other currencies.
Easy Transfer is used by Chinese students in markets around the world such as the United States, Canada, United Kingdom, Hong Kong, Australia, South Korea, Japan, Singapore, and all member countries of the EU. Its widespread success led to the introduction of an Easy Transfer student credit card in July 2018, which saw 10,000 sign ups during its first 15 days after launch. The credit card, which was issued in partnership with China Everbright Bank, is designed for Chinese international students, offering 2-3% cash back for educational, travel, dining, grocery and gas expenses.
The team is working to further expand their financial services platform with the help of its newly announced funding, a US$7M Series B investment, bringing the total amount raised to $15M. Easy Transfers investors include IDG Capital Group, ZhenFund, and China Equity Group.
About Easy Transfer
Easy Transfer is China's largest online financial service platform for overseas students, on which students are able to pay tuition fees and dormitory rent to thousands of renowned colleges and universities worldwide. By forming close partnerships with payment processors like UnionPay, Visa and Mastercard, as well as major Chinese banks like China Guangfa Bank, Industrial Bank and China Merchants Bank, Easy Transfer provides Chinese students, their families and higher education institutions worldwide with the go-to service for international education payments.