QFPay, a China based mobile payment startup has reportedly received USD 20 million in the latest funding round, led by Sequoia Capital China and Matrix Partners, its existing investors. The round also witnessed participation from MDI Ventures (Indonesia), VentureSouq (Dubai) and Rakuten Capital (Japan).

Reportedly, the raised funds will be used to further expand the company’s presence in its core markets along with developing enhanced digital payment solutions and products.

Li Zhanglu, Vice President at Sequoia Capital China, was quoted stating that QFPay is having a large footprint in Asia and has an established and experienced digital payment technology.

For the record, QFPay was launched in 2012 with an aim to provide mobile payment solutions and now offers services to over 13 markets across Asia and Middle East. The company focuses on empowering the merchants with end to end QR- code mobile payment solutions, both online and offline. Additionally, value added services such as customer loyalty programs and food ordering services are also provided.

In 2014, QFPay had raised USD 16.5 million in Series B funding round which was led by Sequoia Capital China along as well as Series A funding in 2013.

According to reliable sources, the company has served over 1.2 million merchants and has executed over 1 billion transactions till date.

QFPay is a global partner of WeChat Pay and Alipay, providing value added and payment services to merchants across different regions. The company additionally offers QR code payment, POS integration and Quick Pay services. 

The company operates with over 800 million WeChat users and 400 million Alipay users. Not only do they help the merchants in simplifying payment services but also aims at increasing businesses with them through big data application and integrated ecosystem.

Source Credits : https://www.dealstreetasia.com/stories/qfpay-sequoia-china-others-149259/