Qupital secures $2Mn from Alibaba to expand its SME financing platform
Qupital has secured $2 million in a seed round of funding led by Mindwork Ventures and Alibaba Entrepreneurs Fund. What’s more impressive, apart from the investment size, is that both the firms have invested for the first time in a Hong Kong-based FinTech startup. The round witnessed participation of few other investors including DRL Capital and Aria Group.
Founded by Andy Chan and Winston Wong, Qupital was incorporated with an aim to address the lack of efficient SME financing solutions in the market. Andy Chan, co-founder and CEO, Qupital, says: 'We began our journey together in Hong Kong when we noticed that there were many businesses here that had cash locked up in unpaid invoices while being underserved by traditional lenders with slow and cumbersome processes'.