WeChat Pay and Alipay partner QFPay raises $20m
Digital payments firm QFPay will develop new payment solutions after raising $20 million in funding, reports Jane Connolly.
According to TechCrunch, the start-up’s latest round was led by existing investors Sequoia Capital China and Matrix Partners, with participation from MDI Ventures, Rakuten Capital and VentureSouq.
The QR code-based technology provider is the largest global payment partner of WeChat Pay and Alipay, claiming to have processed more than a billion transactions for over 1.2 million merchants.
Products include mobile payment tech, food ordering services and loyalty programmes
Products include end-to-end online and offline mobile payment tech, food ordering services and loyalty programmes.
Tim Lee, CEO and co-founder of QFPay, says: “We have built our track record, know-how and expertise in this industry since we launched in China, which is dubbed as the birthplace of digital payment. We are excited to leverage what we have learned in the past seven years to help lead the cashless movement in the rest of Asia as demand for digital payment, particularly QR code payment method, heats up.”
QFPay currently has a presence in China, Cambodia, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and UAE.
