WeChat Pay and Alipay partner QFPay raises $20 million to develop new digital payment solutions – TechCrunch

WeChat Pay and Alipay partner QFPay raises $20 million to develop new digital payment solutions – TechCrunch

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Digital funds startup QFPay introduced at this time that it has raised $20 million in new funding led by returning buyers Sequoia Capital China and Matrix Companions. MDI Ventures, the funding arm of state-owned Indonesian telecom Telkom Indonesia, Rakuten Capital and VentureSouq additionally participated as new strategic buyers.

In line with Crunchbase, this brings QFPay’s complete raised up to now to $36.5 million. The funding can be used to develop new digital cost merchandise.

QFPay is the most important world accomplice of WeChat Pay and Alipay, enabling them to course of funds to retailers all over the world. Based in 2012, QFPay first launched in China and is understood for its QR code-based know-how. Its merchandise embrace end-to-end on-line and offline cellular cost options and add-on companies like meals ordering and buyer loyalty packages. The corporate claims that it has served over 1.2 million retailers and processed over 1 billion transactions.

QFPay is at the moment current in 13 markets: Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and United Arab Emirates.

In an announcement, co-founder and CEO Tim Lee stated “We now have constructed our monitor report, know-how and experience on this trade since we launched in China, which is dubbed because the birthplace of digital cost. We’re excited to leverage what we have now realized up to now seven years to assist lead the cashless motion in the remainder of Asia as demand for digital cost, significantly QR-code cost technique, heats up.”