99Bill

About 99Bill

99Bill, known in Chinese as Kuaiqian (快钱), is a third-party payment company headquartered in Shanghai, China. It was established in 2004 by Oliver Kwan. Kwan, a seasoned entrepreneur in the TMT and FinTech sectors, previously served as a Senior Vice President at NetEase, Inc. He identified an opportunity to streamline online payments in China by connecting buyers, sellers, and banks. Kwan holds a Bachelor of Science from Shanghai JiaoTong University and a Master of Science from the University of Arizona.

The company operates as a comprehensive payment platform, providing online and offline financial services. 99Bill was among the first in China to offer payment solutions based on email addresses and mobile phone numbers, enabling users to send and receive money through these identifiers. The firm's business model focuses on providing payment processing services for a wide range of corporate clients across more than 20 industries, including travel, insurance, and online shopping. Revenue is generated by charging merchants a fee for transactions processed through its platform. Its core market consists of businesses and individuals in China seeking secure and convenient electronic payment services.

99Bill offers a diverse portfolio of products, including online RMB payment acceptance, mobile payments, point-of-sale (POS) terminal services, and cross-border payments. The platform supports payments from over 50 domestic and international banks. A significant milestone occurred in December 2014 when Dalian Wanda Group acquired a controlling stake in the company for a reported sum of over 2 billion yuan ($322 million). This acquisition was a strategic move by Wanda to integrate online payment solutions across its various businesses, including its e-commerce joint venture with Tencent and Baidu, and to compete in the burgeoning internet finance sector.