21 July 2017
download the report now

SME invoice financing startup Qupital secures $2 million seed funding

18 May 2017  |  4411 views  |  0 Hong kong modern buildings 1

Hong Kong online invoice discounting exchange Qupital has secured $2 million in seed funding.

The round was led by MindWorks Ventures and Alibaba Entrepreneurs Fund, with co-investment from DRL Capital, Aria Group and other investors.

Founded in March 2016 by two University undergraduates, Qupital aims to address Asia's reported $200 billion SME financing gap by allowing clients to turn their accounts receivables into cash. The accounts receivables market in China is estimated to be worth more than $3 trillion annually.

"Qupital's vision is to help inject liquidity into the market, reducing SMEs cost of financing and enabling professional investors access to an entirely new asset class of accounts receivables", says co-founder Winston Wong. "At the same time, we are excited about the opportunity to work with Alibaba to reach a brand-new audience of businesses, both in Hong Kong and regionally."

He says Qupital currently serves a range of SMEs in the export, manufacturing, and distribution sectors.

"Qupital is a textbook example of how internet and technology helps to optimise a traditional industry," says David Chang, managing partner at MindWorks Ventures, a Hong Kong-based regional venture capital firm. "There is a large financing gap in Asia for underserved SMEs, and we look forward to Qupital becoming the dominant player for this market."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK P2P lender MarketInvoice raises £7.2m

UK P2P lender MarketInvoice raises £7.2m

18 July 2016  |  5762 views  |  0 comments | 8 tweets | 4 linkedin
Invoice2go raises $15 million, strikes payments deal with Stripe

Invoice2go raises $15 million, strikes payments deal with Stripe

04 November 2015  |  4597 views  |  0 comments | 8 tweets | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.finastra.comvisit vasco.com/news/PSD2-compliant-solutionsvisit www.ncr.com

Who is commenting on wholesale banking?

Top wholesale banking topics

Most viewed Most shared
German fintech factory FinLeap raises EUR39 millionGerman fintech factory FinLeap raises EUR3...
12544 views comments | 19 tweets | 15 linkedin
EPC gears up for pan-European instant paymentsEPC gears up for pan-European instant paym...
9784 views comments | 10 tweets | 28 linkedin
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
7808 views comments | 16 tweets | 12 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
6222 views comments | 25 tweets | 15 linkedin
Bank of England comes good on promise to provide non-banks with direct access to RTGSBank of England comes good on promise to p...
5019 views comments | 5 tweets | 11 linkedin

Featured job

Competitive base, bonus, benefits
London or South-East, UK

Find your next job