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WeChat Pay and Alipay companion QFPay raises $20 million to develop new digital cost options – TechCrunch

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.
Based on Crunchbase, this brings QFPay’s whole raised to this point to $36.5 million. The funding might be used to develop new digital cost merchandise.
QFPay is the most important world companion of WeChat Pay and Alipay, enabling them to course of funds to retailers around the globe. Based in 2012, QFPay first launched in China and is thought for its QR code-based know-how. Its merchandise embody end-to-end on-line and offline cellular cost options and add-on providers like meals ordering and buyer loyalty applications. The corporate claims that it has served over 1.2 million retailers and processed over 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 United Arab Emirates.
In an announcement, co-founder and CEO Tim Lee mentioned “We now have constructed our monitor document, know-how and experience on this business since we launched in China, which is dubbed because the birthplace of digital cost. We’re excited to leverage what we’ve got discovered up to now seven years to assist lead the cashless motion in the remainder of Asia as demand for digital cost, notably QR-code cost methodology, heats up.”