Mobile payments firm QFPay has obtained $20m financing from Sequoia Capital China and Matrix Partners.
Both Sequoia and Matrix are existing backers of the payments firm.
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The pair were joined by Telkom Indonesia’s corporate venture capital (VC) unit MDI Ventures, Japanese firm Rakuten’s VC arm Rakuten Capital, as well as Dubai-based VC firm VentureSouq.
Sequoia Capital China vice president Li Zhanglu said: “QFPay has the largest footprint in Asia and is one of the most experienced and established digital payment technology providers in the region.”
QFPay intends to use the fresh capital to expand its product line.
The firm also plans to expand its footprint in its core markets using the infusion.
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By GlobalDataQFPay co-founder and international CEO Patrick Ngan said: “Strategic value from new investors in this round is expected to catalyse QFPay’s expansion plans.
“We have been witnessing tremendous growth in digital payment adoptions across Asia and given the need for localised 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.”
Currently, QFPay has operations across Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and the UAE.
