QFPay raises an additional 20 million USD from renowned investment firms.
QFPay, a leading digital payment technology company in Asia, has raised \$20 million in a new funding round from existing investors Sequoia Capital China and Matrix Partners. This latest funding round has secured notable strategic investors, including MDI Ventures (the corporate venture capital arm of Telkom Indonesia, the largest state-owned telecommunications company in Indonesia), Rakuten Capital (the corporate venture capital business of the Rakuten Group, which invests its own funds), and VentureSouq (a Dubai-based venture capital firm that has a portfolio of global technology startups and supports companies entering the Middle East).
Tim Lee, co-founder and CEO of QFPay, stated, "Since starting our business in China, the birthplace of digital payments, we have built a track record, expertise, and insights in this industry. As demand for digital payments, particularly QR code payments, continues to rise in the Asia region, we are very pleased to leverage our seven years of expertise to lead the cashless movement."

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