QFPay, associate of WeChat Pay and Alipay, is elevating $ 20 million to develop new digital fee options

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Begin of digital funds QFPay introduced at present it has raised $ 20 million in new funding, led by returning traders Sequoia Capital China and Matrix Companions. MDI Ventures, the funding arm of state-owned Telkom Indonesia, Rakuten Capital and VentureSouq, additionally participated as new strategic traders.

In response to CrunchBaseThus, QFPay has raised its whole to $ 36.5 million. The funds might be used to develop new digital fee merchandise.

QFPay is the world's largest associate of WeChat Pay and Alipay, enabling funds to be made to retailers around the globe. QFPay was based in 2012 and first launched in China. The corporate is understood for its QR code-based expertise. Merchandise embrace end-to-end on-line and offline cell fee options in addition to further providers akin to meals ordering and buyer loyalty applications. The corporate claims to have provided over 1.2 million retailers and dealt with greater than 1 billion transactions.

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

In an announcement, co-founder and CEO Tim Lee mentioned, "We’ve constructed our observe report, experience and experience on this business since we launched it in China, the birthplace of digital funds. We look ahead to leveraging what we've discovered during the last seven years to drive cashless exercise in the remainder of Asia as demand for digital funds, particularly QR code fee strategies, will increase. "

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