YeePay secures new funding

Source: YeePay

YeePay, a provider of innovative e-payment services based on Internet, mobile and telephone in China, today announced the completion of a round of financing led by Draper Fisher Jurvetson, DFJ Dragon and joined by Intel Capital China, WR Hambrecht and several other institutional investors.

YeePay also announced the addition of two board members, Tony Luh, Managing Director of DFJ Dragon, and Lee S. Ting, Managing Director of WR Hambrecht and an independent board member of the Lenovo Group.

Silicon Valley's prominent venture capital firm Draper Fisher Jurvetson, together with its global affiliate fund DFJ Dragon, which is focused on investing in China, led the round of investment in YeePay.

"China is the fastest growing economy in the world. We see major opportunities in the Internet space and payment is one of them. YeePay has demonstrated its ability to innovate and gain traction in the market. We are confident that it will emerge as a leader in the e-payment market," said Tim Draper, Managing Director of Draper Fisher Jurvetson. Draper Fisher Jurvetson is also well known for its successful investments in China including Baidu, Focus Media and KongZhong.

"With the rapid development of Internet and banking infrastructure in China, we believe that demand for payment systems has long-term growth potential," said Cadol Cheung, Director of Intel Capital, Asia Pacific. "YeePay's integrated multi-channel e-payment solutions provide a necessary tool for online banking transactions and e-commerce, thus paving the way for local commercial growth."

"We are very excited to receive venture financing from world-class investors like DFJ, DFJ Dragon, Intel Capital and WR Hambrecht. We believe their collective expertise in the industry will bring tremendous value to YeePay," said Bin Tang, CEO of YeePay. "The funding will enable us to expand aggressively into our target markets and roll out more innovative payment solutions to consumers and merchants throughout China."

Launched in April 2005, YeePay has quickly become a market leader in the e-payment space in China. YeePay's services enable merchants to process secure bankcard payments. Currently there are over one billion domestic bankcards issued in China. YeePay is the first company to provide integrated multi-channel payment solutions that not only support online transactions over the Internet, but also facilitate offline payments based on mobile phone or landline, which cover a much broader user base and can be applied to a greater number of traditional businesses in China. YeePay has formed strategic partnerships with leading commercial banks in China including ICBC, China Merchant Bank, China Construction Bank and MingSheng Bank. YeePay has also signed up top Internet companies and offline merchants for payment processing, including Baidu, Sohu, TOM, Shanda, KingSoft, DangDang, eLong, Shenzhen Airlines, GoMe Electronics and China Unicom. YeePay has received numerous awards in recognition of its outstanding service and innovation in payment solutions, including being named as the ''Best Payment Platform for China'' by China eCommerce Association and the ''Top 50 Innovators'' award by China Internet Society.

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