Major Asian digital payment tech firm QFPay has raised another $20 million from both existing investors and a new list of renowned names including Sequoia Capital and Rakuten.
Sequoia Capital China, which has participated in all three funding rounds, joins Matrix Partners as returning investors. New investors also include Rakuten Capital, the VC arm of major Japanese internet service provider, Rakuten; MDI Ventures, the VC arm of Indonesia’s largest telecomm, Telkom Indonesia; and VentureSouq, a Dubai-based VC firm specialising in tech startups.
According to QFPay co-founder and CEO, Patrick Ngan, the value from new investors this round extends beyond just funding to matters such as market-specific strategic growth.
«We have been witnessing tremendous growth in digital payment adoptions across Asia and given the need for localized 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,» he elaborated.
Asia’s digital payment boom
Asia is currently the leader for digital payments driven by demand from the region’s largely unbanked population. The ASEAN region is a major contributor to the sector with the market expected to grow 25 percent CAGR till 2027 to reach $109 billion, according to a research report by Nomura. QFPay is well-positioned to capture some of this growth with presence in 13 markets in Asia and the Middle East including Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and United Arab Emirates.
“We have built our track record, know-how and expertise in this industry since we launched in China which is dubbed as the birthplace of digital payment,» added Tim Lee, co-founder and CEO of QFPay.
«We are excited to leverage what we have learned in the past seven years to help lead the cashless movement in the rest of Asia as demand for digital payment, particularly QR-code payment method, heats up in the region.»
