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.
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."