QFPay, the largest global partner of WeChat Pay and Alipay, secured a total of US$20 million in its latest round of funding, its Series C , bring the total that it had raised so far to US 36.5 million. In this latest round, QFPAy raised funds from existing investors Sequoia Capital China and Matrix Partners and also from new investors including, Japan’s Rakuten Capital, VentureSouq, a venture capital firm based in UAE with an extensive global portfolio of tech start-ups and Indonesia’s MDI Ventures.
Sequoia Capital China, had participated in two earlier rounds in Series B fundings in 2014 and Series A in 2013 with funds worth a total of US$16.5 million. “QFPay has the largest footprint in Asia and is one of the most experienced and reputable digital payment technology providers in the region. The prospects for digital payments growth is huge and we will be witnessing QFPays’s expansion into newer market territories in the next few months, hence our eagerness to participate once again.” commented Li Zhanglu, vice-president, Sequoia Capital China in a phone interview with Thailand Startup News.
The new capital will be used by QFPay to expand its presence in its core markets and to develop new digital payment products and solutions.
QFPay first launched in China in 2012 and is known for its QR code-based technology. Its range of fintech products include end-to-end online and offline mobile payment solutions and add-on services like food ordering and CRM platforms. The company claims that it has served over 1.25 million merchants and processed over more than 1 billion transactions since its inception.
Asia is currently the leader for fintech related digital payments driven by demand from the region’s largely unbanked population. The ASEAN region is a major contributor to the sector with the market expected to grow 25 percent CAGR till 2027 to reach $109 billion, according to a research report. QFPay is well-positioned to capture some of this growth with presence already in 13 markets in Asia and the Middle East including Thailand, China, Hong Kong, Indonesia, Japan, Korea, Laos, Cambodia, Malaysia, Myanmar, Philippines, Singapore, and United Arab Emirates.
In a joint press statement, co-founders Patrick Ngan and Tim Lee Ying-ho said “We have built our reputation cum track record, technical and financial know-how expertise in this industry since we launched in China in 2012. We are excited to leverage what we have learned in the past seven years to help lead the cashless societies initiatives in the rest of Asia as demand for digital payment and policies by various governments propel the need for uses of QR-code payment platforms”