QFPay Raises US$20 Million in Its Latest Round of Funding from an All-Star Roster of Investors to Further Fuel its International Expansion

August 13, 2019 - 05:40
QFPay Raises US$20 Million in Its Latest Round of Funding from an All-Star Roster of Investors to Further Fuel its International Expansion

  • QFPay secures an all-star roster ofnew strategic investors in the latest round of capital raise including MDIVentures, Rakuten Capital and VentureSouq; existing investors Matrix Partners andSequoia Capital China also participated
  • A leading digital payment technology company,QFPay has established business presence in 13 markets across Asia and MiddleEast since 2012

SINGAPORE - MediaOutReach - 13 August 2019 - QFPay, a leading digital payment technologycompany in Asia, has received a new round of USD20 million funding from existinginvestors Sequoia Capital China and Matrix Partners. This latest funding roundalso boasts an all-star list of new strategic investors including MDI Ventures,the corporate venture capital arm of Telkom Indonesia, the largest state-ownedtelecommunication company in Indonesia; Rakuten Capital, the corporate venturecapital arm of Rakuten, Inc., a global leader in internet servicesheadquartered in Tokyo; VentureSouq, a venture capital firm based in Dubai witha global portfolio of technology start-ups, supporting companies to successfullyexpand into the Middle East.

Established in 2012, QFPay grew into a leading global digitalpayment company with business presence across Asia and the Middle East in 13markets including Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos,Malaysia, Myanmar, Philippines, Singapore, Thailand and United Arab Emirates.With this new round of capital injection, QFPay will continue to expand its presencedeeper into its core markets and further research and develop new digitalpayment products and solutions.

"We have built our track record, know-how and expertise inthis industry since we launched in China which is dubbed as the birthplace of digitalpayment. We are excited to leverage what we have learned in the past 7 years tohelp 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. TimLee, Co-Founder and CEO of QFPay. Asia remains the leading growth region for digitalpayments[1],largely driven by demand for financial inclusion of the unbanked population. Notably,in the ASEAN region, mobile payment gross transaction value is expected tosurge by over 25% CAGR until FY2027 to reach USD$109 billion[2],spelling tremendous opportunities for stakeholders in the digital paymentindustry.

Standing on the Shoulders of Giants, Trusted by IndustryLeaders

Leveraging its leadership in the digital payment ecosystemwith a comprehensive suite of proven digital payment product and solutionofferings, QFPay has been paving the way and contributing to the industryexpansion as a whole, winning transformative and significant partnerships withtop players in the industry including banks, telecom operators, cross-borderpayment networks and consumer retail brands.

Such track record of achievements has attracted the attention ofglobal premier financial and strategic investors with one of its biggest supportersbeing Sequoia Capital China, which has participated in all three rounds of thecompany's capital raise . "QFPay has the largest footprint in Asia and is oneof the most experienced and established digital payment technology providers inthe region," says Mr. Li Zhanglu, Vice President of Sequoia CapitalChina. "Led by their founding team comprised of industry veterans whohave on average more than 20 years of experience with leading paymentcompanies, QFPay's continued growth accredits the robustness of itsinternational growth strategy and unique business approach for charting greatersuccess."

"Strategic value from new investors in this round is expectedto catalyse QFPay's expansion plans" adds Mr. Patrick Ngan, Co-Founder andInternational CEO of QFPay. "We have been witnessing tremendous growth indigital payment adoptions across Asia and given the need for localized strategyand networks in each of the markets, having support from trusted strategicpartners like MDI Ventures, Rakuten Capital and VentureSouq as your investorsand advisors plays an important role in navigating through the complex businessenvironments."

[1] PriceWaterhouse Coopers 2019 Global Consumer Insights Survey: https://www.pwc.com/gx/en/consumer-markets/consumer-insights-survey/2019/report.pdf

[2] Nomura Global Markets Research Anchor Report -- ASEANinternet: Opening up the mobile wallet: https://www.nomuraconnects.com/focused-thinking-posts/asean-internet-opening-up-the-mobile-wallet/

About QFPay

QFPayis a leading mobile payment technology, solution and service provider withpresence across 13 markets in Asia and Middle East. Since its incorporation in2012, QFPay is empowering merchants with end-to-end online and offline QR-codemobile payment solutions and value added services including food orderingservices and customer loyalty programs.

To date, QFPay's solutions have served over 1.2 millionmerchants and executed over 1 billion transactions. These customers range from large,medium and small merchants, from luxury fashion and jewellery brands torestaurants and hotels, exhibitions to convenience store chains.