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China payment machines maker Yunnex raises $45m

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Yunnex, a China-based point-of-sale (POS) machine manufacturer, has raised RMB300 million ($45 million) in Series B funding from GSR Ventures and other strategic investors.

Ajisen China Holdings, a Chinese fast casual restaurant listed in Hong Kong, said it had committed $17 million to the round, while existing backer Shanghai Xiong Hou Investment also took part.

Founded in 2012, Guangzhou-based Yunnex sells internet-enabled code-scanning POS machines to offline merchants. Its machines support not only traditional payment methods such as credit cards, but also payments made via Tencent Holdings' WeChat and Alibaba Group's Alipay services by scanning a quick response code (QR code) from the apps.

In addition, the machines includes software features, such as customer relationship management and data processing. The company claims to work with more than 100,000 Chinese merchants in 200 cities.

GSR provided angel funding and a Series A round for the company. Last year, FH Capital led a RMB100 million extended Series A, with GSR re-upping. The new investment will be used to develop hardware and software technology, and to expand into other cities, Yunnex told local media.

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