QFPay, a QR code-based payment technology company headquartered in Hong Kong, has received US$20 million in fresh funding from existing investors Sequoia Capital China and Matrix Partners.

New strategic investors, including MDI Ventures (the corporate VC arm of Telkom Indonesia), Japan’s Rakuten Capital, and Dubai-based VentureSouq, also invested.

With this new round of capital injection, QFPay will continue to expand its presence deeper into its core markets and further research and develop new digital payment products and solutions.

“Strategic value from new investors in this round is expected to catalyse QFPay’s expansion plans” adds Patrick Ngan, Co-founder and International CEO of QFPay. “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.”

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Established in 2012, QFPay empowers merchants with end-to-end online and offline QR-code mobile payment solutions and value added services, including food ordering services and customer loyalty programs. To date, QFPay claims it has served over 1.2 million merchants and executed over 1 billion transactions. These customers range from large, medium and small merchants, from luxury fashion and jewellery brands to restaurants and hotels, exhibitions to convenience store chains.

The startup has presence across 13 markets in Asia and the Middle East, including Cambodia, China, Hong Kong, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and the UAE.

“We have built our track record, know-how and expertise in this industry since we launched in China which is dubbed as the birthplace of digital payment. We are excited to leverage what we have learned in the past 7 years to help lead the cashless movement in the rest of Asia as demand for digital payment, particularly QR-code payment method, heats up in the region,” said Tim Lee, Co-founder and CEO of QFPay.

Also Read: Hong Kong to implement QR codes on MTR station, calls for application

Asia remains the leading growth region for digital payments, largely driven by demand for financial inclusion of the unbanked population. Notably, in the ASEAN region, mobile payment gross transaction value is expected to surge by over 25 per cent CAGR until FY2027 to reach US$109 billion, spelling tremendous opportunities for stakeholders in the digital payment industry.