QFPay builds end-to-end online and offline mobile payment solutions centered on QR-code technology and offers add-on services such as food ordering and customer loyalty programs. Founded in 2012, the company is the largest global partner of WeChat Pay and Alipay and enables them to process payments for merchants worldwide. QFPay says it has served more than 1.2 million merchants and processed over 1 billion transactions. The company currently operates in 13 markets across Asia and the Middle East. The recent funding will be used to develop new digital payment products as demand for QR-code payment methods grows. Financially, Crunchbase reports QFPay has now raised $36.5 million in total, including this latest round. QFPay builds card readers and merchant-facing payment software, charging merchants for hardware rather than giving readers away. The company processes close to $400 million per year on an annualized basis and serves about 30,000 merchants across China. QFPay charges 899 RMB (just under $150) for its readers and legally caps transaction fees at 0.78 percent. It has released an API for third-party developers (about 100 developers on the platform) and is developing software tools for CRM, analytics and loyalty. Management includes executives with experience at PayPal, MasterCard, HSBC and Western Union, and the team began working on the company roughly six months after Square launched. Competitors named in the article include Lakala and iBoxPay.

Total raised

$20M

Funding rounds

2

Latest round

Equity

Latest activity

Aug 2019