Mobile payments startup QFPay raises USD 20 mln for global expansion

Tuesday 13 August 2019 10:01 CET | News

QFPay, a China-based QR code-based payment company, has received USD 20 million in fresh funding from existing investors Sequoia Capital China and Matrix Partners.

New investors include MDI Ventures (the corporate VC arm of Telkom Indonesia), Rakuten Capital, and VentureSouq.

With this new round of capital, QFPay will continue to expand its presence into its core markets and develop new digital payment products and solutions.

Established in 2012, QFPay helps merchants with end-to-end online and offline QR-code mobile payment solutions, including food ordering services and customer loyalty programs. QFPay served over 1.2 million merchants, ranging from large, medium and small merchants, from luxury fashion and jewellery brands to restaurants and hotels, exhibitions to convenience store chains.

The startup has presence across 13 markets in Asia and the Middle East, including Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and the UAE.

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Keywords: QFPay, China, mobile payments, startup, QR-code payments
Countries: World