QianBaoCard, a China-based payment terminal producer affiliated with fintech provider QianBao, has raised RMB1bn ($152m) in a series B round led by fund manager Banyan Capital, China Money Network has reported.
Founded in 2016, QianBaoCard has developed point-of-sale machines that offline retailers can use to accept digital payments, and also provides credit and marketing services.
The platform enables merchants to gain an insight into customers’ preferences and offer personalised experiences. QianbaoCard claims its terminals are currently being used by merchants in more than 200 cities across China, processing more than RMB1.7bn in transactions per month.
The series B money will support the company’s continued expansion efforts across China, focusing on smaller cities referred to as third-tier and fourth-tier cities.
QianBaoCard has not disclosed details about its series A round. QianBao is itself a subsidiary of refrigerator manufacturer Guangdong Homa Appliances.