Mobile payment infrastructure company QFPay announced a plan to develop new digital services and increase its footprint after securing $20 million in its latest funding round.
The company provides technology used by retailers to process transactions using QR codes. It claims to be the largest global partner of China’s WeChat Pay and Alipay, and already operates in 13 markets, mostly in Asia.
New backers for the China-headquartered company include the investment division of Japanese internet giant Rakuten, MDI Ventures and VentureSouq. This is in addition to funds provided by existing stakeholders Matrix Partners and Sequoia Capital China.
In a statement, QFPay said the funds would be used to “further research new digital payment products and solutions” and expand its presence within core markets.
QFPay international CEO and co-founder Patrick Ngan said support from its new investors would “catalyse” its expansion plans.
“We have been witnessing tremendous growth in digital payment adoptions across Asia and given the need for localised strategy and networks in each of the markets, having support from trusted strategic partners…plays an important role in navigating through the complex business environments”.Subscribe to our daily newsletter Back