Qupital, a Hong Kong-based online, small and medium enterprise (SME) trade financing platform, completed a Series A capital raise of $15m.
The round was led by CreditEase FinTech Investment Fund (CEFIF), with participation from the Alibaba Hong Kong Entrepreneurs Fund and MindWorks Ventures.
The company intends to use the funds to expand presence in mainland China, enlarge their technology development and risk management teams, strengthen its cross-border e-commerce expansion, and further enhance its internal credit control systems, e-commerce finance product, and overall technological capabilities.
Co-founded by Winston Wong and Andy Chan, Qupital is a supply chain finance platform which enables SME businesses to raise capital by connecting them with professional investors, whilst – at the same time – providing a brand-new asset class to investors.
In 2018, the company launched its strategic partnership with Alibaba.com, a B2B business platform, aiming to help Hong Kong B2B businesses transform to e-commerce.