Qupital, a Hong Kong based online invoice discounting exchange, secured $2m in seed funding.
The round was led by MindWorks Ventures and Alibaba Entrepreneurs Fund, with participation from DRL Capital, Aria Group and others.
The company plans to use the funds to expand its small and medium enterprise (SME) financing platform and accelerate its regional expansion.
Founded in March 2016 by Andy Chan, a Brown University alumnus, and Winston Wong, a Hong Kong University of Science and Technology alumnus, in Hong Kong to address a lack of efficient SME financing solutions in the market, Qupital currently serves a wide range of SMEs in the export, manufacturing, and distribution sectors.
The company actively approaches hedge funds, family offices and other mature professional investors to fund the invoices.