YeePay, a Beijing, China-based payments service provider, completed an investment of undisclosed amount.
Founded in 2003 by Bin Tang, CEO, YeePay provides online and offline integrated payment solutions enabling consumers and businesses to make and receive payments via the Internet, mobile devices and phones.
The company focuses on a variety of sectors, including airline & travel, asset management, digital entertainment, education, fast moving consumer goods, insurance and telecom.
The company has access to more than 100 commercial banks in China and was among the first businesses to obtain a nationwide payment license from the People’s Bank of China. It is also licensed by the China Banking Regulatory Commission to conduct mutual fund-related transactions, and by the State Administration of Foreign Exchange for cross-border transactions.
YeePay has over 93,000 active merchant customers and operates in more than 20 provinces with 31 regional offices.
In 2014, it processed US$77 billion of transactions, up over 100% from 2013