Alibaba has expanded its investment portfolio in Hong Kong and has chosen Qupital to be its first FinTech investment in the city.
Qupital has just secured a seed investment round of $2 million, led by MindWorks Ventures and Alibaba Entrepreneurs Fund, with co-investment from DRL Capital, Aria Group and several other investors. The funding will be used to enhance its technology platform and also to facilitate expansion in the region.
Cindy Chow, Executive Director at Alibaba Entrepreneurs Fund, commented about the investment: “We are happy to see Qupital continue to help other entrepreneurs in Hong Kong and it is an exciting time to be part of the growing FinTech ecosystem.”
About: Qupital is an online invoice trading platform. We are able to help businesses raise funding against their unpaid invoices in 24 hours or less. If you are a Hong Kong company selling to businesses using open account trading, then we can provide access to financing. Accessing cash when you need it the most is critical for the success of any business, especially startups and SMEs. Qupital’s aim is to address this problem.
Source: Forbes
