Payments firm Ksher scores $10m in series A+ round led by MindWorks

Ksher, a cross-border payments solutions provider, has secured nearly US$10 million in a series A+ round led by MindWorks Capital.

The fundraise saw participation from undisclosed strategic investors from Japan and China, according to a statement. The round follows Ksher’s seed round from Infinity Venture Partners and series A funding from Sequoia Capital China.

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Founded in 2016, Ksher operates a mobile payments platform that enables overseas merchants to receive funds from different payment methods such as Alipay, WeChat Pay, and UnionPay. This past year, it has also connected to global e-wallets like AirPay, Line Pay, and Grab Pay.

The company initially focused on helping merchants reach the rising number of Chinese outbound travelers, but it has since expanded to offer hardware, point-of-sale system integrations, and app development to support multicurrency and multiple e-wallet transactions.

It also recently rolled out marketing solutions for merchants such as brand marketing, online retail, booking and delivery support, as well as customized membership features.

With the new funds, Ksher CEO Bryan Zhou said the firm plans to further expand its presence and capabilities through partnerships with financial institutions and government agencies.

Right now, the startup collaborates with banks – such as Rakuten Bank in Japan, Mashraq Bank in the UAE, and Ribank in Russia – to provide more localized services, along with partnerships with the Thai Immigration Bureau and the Thailand Ministry of Interior. The company obtains licenses in its operational jurisdictions, according to the statement.

More than just increasing collaboration, the funds would also allow Ksher to add new solutions, such as financing, installment plans, membership systems, loyalty points, and coupons.

Headquartered in Beijing, the company operates in 14 countries including Thailand, Malaysia, and Singapore. To date, it claims to have onboarded more than 100,000 merchants and processed more than US$1 billion in transaction volume across all of its markets.