Mobile payments startup QFPay raises $20m from Sequoia Capital China, others

Payments bank is a differentiated bank providing a limited range of products, such as acceptance of demand deposits and remittances of funds. Photo by Paul Hanaoka on Unsplash

Asian digital payment technology company QFPay has raised $20 million in its latest funding round from existing investors Sequoia Capital China and Matrix Partners, according to an announcement.

This round was also joined by new investors including Indonesia’s MDI Ventures, Japan’s Rakuten Capital and VentureSouq, a venture capital firm based in Dubai with a global portfolio of technology start-ups.

Established in 2012, QFPay is a mobile payment technology, solution and service provider with presence across 13 markets in Asia and Middle East.

Since 2012, the firm is empowering merchants with end-to-end online and offline QR-code mobile payment solutions and value added services including food ordering services and customer loyalty programs.

The company claims that its solutions have served over 1.2 million merchants and it has executed over 1 billion transactions to date.

QFPay will use the fresh funding to expand its presence in its core markets and to develop new digital payment products and solutions.

“QFPay has the largest footprint in Asia and is one of the most experienced and established digital payment technology providers in the region,”says Li Zhanglu, vice-president, Sequoia Capital China.

QFPay had earlier raised $16.5 million in its Series B funding round led by Sequoia Capital China in 2014 and Series A in 2013, according to Crunchbase.