Happay, a Chinese BNPL (Buy Now Pay Later) platform, raised USD10M in funding.
AP Ventures, an Australian investment firm, invested $10m taking a 20% stake and valuing Happay at USD50m.
Led by Chen Jin, Founder and CEO, who has more than 20 years of experience in the commercial real estate and retail industry, Happay is a zero-interest credit payment product in China.
The company is in the process of expanding its business and operating model across China’s tier one cities, including launching into key shopping centers such as Shenzhen Mixc World, Shenzhen Coastal City, Shenzhen KingGlory Plaza, Mixc One in Xiaoshan in Hangzhou, and Lanzhou Center, the largest mall in northwest China.
By the end of October, within two months of launch, Happay has nearly 1,000 stores partnering with it. It has partnered with international and domestic brands such as MO&Co, bebe, Devialet, etc. Meanwhile, the company has also expanded more broadly into adjacent sectors including children’s education, fitness, medical beauty, dentistry, etc., including strategic relationships with chain brands, such as Meland and GYMBOREE.