Chinese digital payment firm QFPay, one of WeChat Pay and Alipay’s largest global partners, has closed its latest funding round raising USD 20 million from investors including Sequoia Capital China and Matrix Partners China, MDI Ventures, Rakuten Capital and VentureSouq.
Sequoia Capital China and Matrix Partners China are returning investors that have participated in the early funding rounds.
QFPay evolved into a major global digital payment firm that provides end-to-end online and offline QR-code based mobile payment solutions in 13 markets across Asia and the Middle East, including Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and the United Arab Emirates.
The company’s technology is already prime to Alipay and WeChat Pay’s services in China, where QR-code is widely used, and now seeks to further expand its services around the world. It has served over 1.2 million merchants and processed 1 billion transactions since its inception, according to the company’s press release.
The Beijing-based company said it would use the newly-raised capital for research and development of new digital payment products and solutions.
According to research firm Mordor Intelligence, the mobile payment market, estimated at USD 897 billion in 2018, is forecasted to reach a value of USD 3695 billion by 2024. Asian countries including China, Vietnam, Indonesia, and the Philippines, are among the world’s top 10 mobile payments adopters, as reported by the PwC’s Global Consumer Insights Survey 2019.