SoftBank leads $154m Series D for China's Ekuaibao
Ekuaibao, a Chinese software-as-a-service (SaaS) provider specializing in corporate reimbursements, has raised RMB1 billion ($155 million) in Series D funding led by SoftBank Vision Fund 2.
Existing investors Tiger Global Management, Sequoia Capital China, Future Capital, and Mandra Capital re-upped. It takes the company's overall funding to RMB1.5 billion.
Ekuaibao raised $50 million in an extended Series C round in October 2019 led by Tiger Global, and received $15 million in Series B funding led by Mandra in January of the same year. Prior to that, it received angel funding from China Renaissance K2 Ventures, a RMB13 million pre-Series A from Future Capital, and a RMB30 million Series A - in 2016 - from DCM.
Founded in 2014, Ekuaibao helps enterprises manage procurement costs and facilitate employee reimbursement requests via an online platform and a mobile app. The system integrates purchasing, reimbursement, payment, and bookkeeping functions.
In February, regulators expanded China's electronic value-added tax (VAT) invoice program to further digitalize invoice management. A major pain point for corporate treasury departments in the country is receipt management, for which there is no unified standard. Everything must be verified and recorded manually.
Ekuaibao's latest offering is a one-stop aggregator for consumption and payments. Employees only need complete transactions via verified e-commerce platforms, and the company will reimburse them directly while issuing an invoice. There is no need for advance payment, billing, and reimbursement, which is easier for employees and reduces treasury department workloads.
In addition, Ekuaibao has also launched a replacement solution for traditional accounting file management, which typically incurs high storage and labor costs. It uses digital certifications to automate processing and avoid forgery. The company describes this as a key step towards the digital transformation of corporate finance.
Other players in China’s enterprise payment and expense management software space that have received PE and VC backing include Xforceplus, Fenbeitong, and Huilianyi.
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