China-based online payment company Qiandaibao has raised a nine-figure renminibi amount ($16.3m to $163m) of funding from investors including IDG Capital, an affiliate of publishing and data company IDG, ChinaVenture reported on Wednesday.
The round also featured copper producer Jiangxi Copper, Banyan Fund and Haitong Securities.
Founded in 2008, Qiandaibao operates an online payment service aimed at smaller cities with less advanced payment infrastructure.
As of the second quarter of 2104 the company hosted 0.3% of China’s mobile payments, equating to $228bn, according to a report from market research firm iResearch.