Digital payments startup, QFPay stated today that it had raised USD20 million in fresh funding led by returning investors Sequoia Capital China and Matrix Partners. MDI Ventures (the investment division of state-owned Indonesian telecom Telkom Indonesia), VentureSouq and Rakuten Capital also participated as new necessary investors.
According to Crunchbase, this leads QFPay’s total accumulated so far to USD36.5 million. The funding will be utilized to develop new digital payment results.
QFPay is the most extensive global partner of Alipay and WeChat Pay, empowering them to process payments to retailers around the world. Established in 2012, QFPay first launched in China and is recognized for its QR code-based technology. Its products comprise end-to-end online and offline mobile payment resolutions and add-on services like customer loyalty programs and food ordering. The company maintains that it has served more than 1.2 million retailers and processed over 1 billion sales.
QFPay presently exists in 13 markets: China, Cambodia, Hong Kong, Indonesia, Korea, Japan, Laos, Malaysia, Myanmar, Singapore, Thailand, the Philippines, and the United Arab Emirates.
In a declaration, co-founder and CEO Tim Lee stated, “We have developed our track record, know-how, and expertise in this business since we originated in China, which is christened as the birthplace of digital payment. We are delighted to leverage what we have discovered in the past seven years to assist lead the cashless movement in the remaining of Asia as demand for digital payment, especially QR-code payment method, heats up.”