Beginning up digital funds QFPay introduced right this moment that it has raised $ 20 million in new financing led by returning buyers Sequoia Capital China and Matrix Companions. MDI Ventures, the funding division of the Indonesian telecom Telkom Indonesia, Rakuten Capital and VentureSouq, additionally participated as new strategic buyers.
In accordance with CrunchBase, this brings the full of QFPay to $ 36.5 million up to now. The financing can be used to develop new digital fee merchandise.
QFPay is WeChat Pay and Alipay's largest world associate, enabling them to course of funds to sellers world wide. Based in 2012, QFPay was first launched in China and is understood for its QR code-based expertise. The merchandise embody end-to-end on-line and offline cellular fee options and add-on providers corresponding to meals ordering and buyer loyalty applications. The corporate claims it has served greater than 1.2 million merchants and processed greater than 1 billion transactions.
QFPay is at present current in 13 markets: Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and the United Arab Emirates.
In a press release, co-founder and CEO Tim Lee stated: “We’ve constructed up our monitor document, know-how and experience on this trade since we have been launched in China, which is known as because the birthplace of digital fee. We’re delighted to have the ability to use what now we have discovered over the previous seven years to assist lead the cashless motion in the remainder of Asia because the demand for digital funds, particularly the QR code, will increase. "