Mobile payments firm QFPay raises $20m to fuel global expansion

China-based digital payments firm QFPay has received US$20 million in funding to further drive its global expansion efforts.

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New strategic investors MDI Ventures, Rakuten Capital, and Dubai-based VentureSouq participated in the round alongside existing investors Sequoia Capital China and Matrix Partners.

Established in 2012, QFPay currently operates a digital payment ecosystem in 13 markets across Asia and the Middle East. These include Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and the UAE.

With the investment, QFPay will continue to expand its presence in its core markets. The firm also looks to further research and develop new digital payment products and solutions, according to a statement.

“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 the QR code payment method, heats up in the region,” said Tim Lee, co-founder and CEO of QFPay.

According to a 2019 report by PricewaterhouseCoopers, Asia remains the leading growth region for digital payments, which was attributed to the demand for financial inclusion of the unbanked population. The gross transaction value from mobile payments in Southeast Asia is also expected to climb at a compound annual growth rate of over 25% until 2027, according to recent market research by Japanese financial holding company Nomura Holdings.