Lianlian, a China-based payment services provider backed by its peer American Express, raised more than RMB1bn ($146m) in funding today from Sequoia Capital and Boyu Capital, according to China Money Network.
Founded in 2003, Lianlian owns online payment services platform Lianlian Pay, an online and mobile third-party payment platform that offers cross-border transfers, international remittance and renminbi online acquiring.
The platform has reportedly been used by more than 20,000 businesses to date, including Amazon and JD.com, and processed transactions for almost 300 million users.
The funding will go towards an international expansion of Lianlian Pay and allow the company to build a global capital network for cross-border payments.
Shen Nanpeng, global executive partner of Sequoia, Chen Yuqing, general manager of manufacturing company Everbright Industrial, and Chen Bin, president of investment fund Cybernaut, will join the board of directors.
Lianlian has raised approximately $730m to date, according to China Money Network. The company secured hundreds of millions of dollars from Everbright and Cybernaut earlier this year, though further details could not be ascertained.
American Express injected $125m into Lianlian in 2012 as part of a partnership agreement.