Hong Kong-headquartered Qupital has reportedly bagged a Series A extension round to grow its services internationally.
The fresh equity was supplied by Decacorn Capital, Alibaba Entrepreneurs Fund, MindWorks Ventures and CreditEase, according to a report from E27.
Qupital previously netted $15m for its initial Series A round back in 2019 from CreditEase FinTech Investment Fund, Alibaba Entrepreneurs Fund and Mindworks Ventures.
This fresh batch of equity was raised to extend its reach beyond Hong Kong, Shanghai and Shenzhen, to other areas in China, including Beijing, Guangzhou and Hangzhou.
Qupital’s B2B platform aims to provide customers with quality financing services and solutions through a digitised financing process employing big data and credit assessment models.
Its platform helps SME businesses to raise affordable working capital from professional investors, leveraging big data and machine learning technology to find the best suitability for involved players.
In a joint statement, Qupital co-founders Andy Chan and Winston Wong told e27, “As Qupital is looking to expand our reach in Asia, Decacorn’s strong ties to the local ecosystem coupled with cross-border experience across the US, Europe and Israel, provides us with the resources and connections that we value.”
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