AVCJ

Banyan joins $152m round for China's QianbaoCard

  • LinkedIn  
  • Google plus  
  • Save this article  

QianbaoCard, a Shanghai-based start-up that provides financial services to local merchants and consumers, has raised a RMB1 billion ($152 million) Series B round of funding from Banyan Capital and other domestic investors.

The one-year-old company started out by offering free point-of-sale (POS) terminals to local merchants. The data generated from credit card payments and online payments enabled QianbaoCard to develop lending services for merchants and consumers. The company has also launched a mobile app to help merchants improve operational efficiency as well as a consumer-centric app that provides information on special offers from merchants.

Through partnerships with more than 140,000 merchants, QianbaoCard's services currently cover 200 Chinese cities. It claims to facilitate more than RMB1.7 billion worth of payment transactions via its POS terminals every month.

While most online-to-offline service providers focus on connecting consumers and merchants, QianbaoCard emphasizes back-end services. A Banyan spokesperson told local media that this an area in which the firm sees considerable growth potential.

QianbaoCard raised an undisclosed sum in Series A funding in March of last year. The company plans to use the latest capital injection to upgrade its products and services and also to expand into lower-tier cities.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Greater China

Latest News

Asian GPs slow implementation of ESG policies - survey
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs