Sequoia, Matrix join $20m round for Chinese fintech player

MDI Ventures, the VC arm of Telkom Indonesia, also participated, alongside Japan’s Rakuten Capital and United Arab Emirates-based VentureSouq. QFPay’s operational footprint includes 12 Asia Pacific countries plus the United Arab Emirates.

“QFPay has the largest footprint in Asia and is one of the most experienced and established digital payment technology providers in the region,” Li Zhanglu, a vice president at Sequoia China, said in a statement. “QFPay's continued growth accredits the robustness of its international growth strategy and unique business approach for charting greater success.”

QFPay specializes in digital payments services including mobile QR code scanning, which it sees as a rapidly growing aspect of the sector in Asia. Other focus areas include food ordering and customer loyalty programs. The company claims to have served 1.2 million merchants and executed 1 billion transactions to date. Customers include luxury fashion and jewelry brands, restaurants, hotels, and convenience store chains.

Chinese leadership in digital payments technologies has precipitated vigorous R&D and ecosystem development in the broader region. Once the digital payment infrastructure is in place, fintech start-ups in the segment are expected to begin lateral expansions into other banking services, including lending insurance and wealth management. QFPay said it would use its fresh capital to consolidate its presence in its core existing markets while developing new payment products and services.

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• Topics
• Greater China
• Expansion
• Financials
• Technology
• China
• Sequoia Capital
• Matrix Partners
• Rakuten
• Financial Services