QFPay, a leading digital payment technology company in Asia, has received a new round of USD20 million funding from existing investors Sequoia Capital China and Matrix Partners. This latest funding round also boasts an all-star list of new strategic investors including MDI Ventures, the corporate venture capital arm of Telkom Indonesia, the largest state-owned telecommunication company in Indonesia; Rakuten Capital, the corporate venture capital arm of Rakuten, Inc., a global leader in internet services headquartered in Tokyo; VentureSouq, a venture capital firm based in Dubai with a global portfolio of technology start-ups, supporting companies to successfully expand into the Middle East.
Established in 2012, QFPay grew into a leading global digital payment company with business presence across Asia and the Middle East in 13 markets including Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and the United Arab Emirates. With this new round of capital injection, QFPay will continue to expand its presence deeper into its core markets and further research and develop new digital payment products and solutions.
“We have built our track record, know-how and expertise in this industry since we launched in China which is dubbed as the birthplace of digital payment. We are excited to leverage what we have learned in the past 7 years to help lead the cashless movement in the rest of Asia as demand for digital payment, particularly QR-code payment method, heats up in the region.”, explains Mr Tim Lee, Co-Founder and CEO of QFPay. Asia remains the leading growth region for digital payments, largely driven by demand for financial inclusion of the unbanked population. Notably, in the ASEAN region, mobile payment gross transaction value is expected to surge by over 25% CAGR until FY2027 to reach USD$109 billion, spelling tremendous opportunities for stakeholders in the digital payment industry.
Standing on the Shoulders of Giants, Trusted by Industry Leaders
Leveraging its leadership in the digital payment ecosystem with a comprehensive suite of proven digital payment product and solution offerings, QFPay has been paving the way and contributing to the industry expansion as a whole, winning transformative and significant partnerships with top players in the industry including banks, telecom operators, cross-border payment networks and consumer retail brands.
Such track record of achievements has attracted the attention of global premier financial and strategic investors with one of its biggest supporters being Sequoia Capital China, which has participated in all three rounds of the company’s capital raise. “QFPay has the largest footprint in Asia and is one of the most experienced and established digital payment technology providers in the region,” says Mr Li Zhanglu, Vice President of Sequoia Capital China. “Led by their founding team comprised of industry veterans who have on average more than 20 years of experience with leading payment companies, QFPay’s continued growth accredits the robustness of its international growth strategy and unique business approach for charting greater success.”
“Strategic value from new investors in this round is expected to catalyse QFPay’s expansion plans” adds Mr Patrick Ngan, Co-Founder and International CEO of QFPay. “We have been witnessing tremendous growth in digital payment adoptions across Asia and given the need for localized strategy and networks in each of the markets, having support from trusted strategic partners like MDI Ventures, Rakuten Capital and VentureSouq as your investors and advisors plays an important role in navigating through the complex business environments.”