American private equity firm TA Associates has completed an undisclosed sum of investment in YeePay, a payments service provider in China.
Founded in 2003, Beijing-based YeePay provides online and offline integrated payment solutions enabling consumers and businesses to make and receive payments via the Internet, mobile devices and phones.
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It has more than 93,000 active merchant customers in more than 20 provinces and has processed US$77bn of transactions in 2014, up over 100% from 2013.
YeePay joins TA Associates’ other current payment processing investments, including BillDesk (IndiaIdeas.com) in India and BluePay Processing in the US.
TA Associates Asia Pacific managing director and co-head of Asia Edward Sippel said: "We are very pleased to have advised on this investment and look forward to a close collaboration with the talented YeePay team and our investing partners at Far East Horizon."
YeePay co-founder and CEO Bin Tang said: "We will leverage their financial support and strategic guidance as we pursue a variety of market opportunities, including the introduction of additional value-added services."
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