Hong Kong-based barcode-payment technology provider QFPay has collected $20m in a round backed by subsidiaries of telecommunications company Telkom Indonesia and e-commerce firm Rakuten, e27 reported yesterday.
MDI Ventures and Rakuten Capital were joined in the round by venture investment platform VentureSouq and venture capital firms Sequoia Capital China and Matrix Partners.
Founded in 2012, QFPay has created a software platform that enables online and offline retailers to process customer payments through mobile wallet services such as WeChat Pay, Alipay and Union Pay.
The company’s technology generates a QR code for each payment that, upon activation, deposits funds from the customer’s nominated digital payment account. It has so far served more than 1.2 million merchants and is active in 13 markets across Asia and the Middle East.
Patrick Ngan, co-founder and chief executive of QFPay, said: “Strategic value from new investors in this round is expected to catalyse QFPay’s expansion plans.
“We have been witnessing tremendous growth in digital payment adoptions across Asia and given the need for localised 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.”
QFPay secured $16.5m in series B funding from undisclosed investors in 2014, after Sequoia Capital had provided an undisclosed amount of series A funding the previous year.