QFPay

About QFPay

QFPay operates as a fintech company providing digital payment solutions to merchants across Asia. The company was founded in Beijing in 2012 by Tim Lee, with a Hong Kong entity, QFPay HK, established in 2015. Co-founders include Molly Zhang and Patrick Ngan, who previously spent 16 years in investment banking at firms like Lehman Brothers before joining QFPay to lead its international expansion. Will Leung is the Co-Founder and General Manager of QFPay HK.

The firm's core business involves enabling both online and offline retailers to accept a wide array of payment methods through a single, integrated platform. QFPay's business model is based on charging a transaction fee for each payment processed, without levying annual fees or equipment rental charges. The company serves a diverse client base, from small merchants to large enterprises like 759 Store, SF Express, and the City University of Hong Kong. As of 2024, QFPay has served over one million merchants.

QFPay provides a suite of products for in-store and online commerce. For physical stores, it offers mobile POS terminals and QR code stickers that support up to 15 payment types, including Visa, Mastercard, Apple Pay, Google Pay, Alipay, and WeChat Pay. For e-commerce businesses, the company offers plugins for platforms like Shopify, WooCommerce, and Magento, alongside features such as customizable checkout pages, payment links for direct invoicing, and recurring payment options for subscription models. A key feature is the unified merchant portal that allows businesses to track transactions in real-time, simplifying reconciliation.

Since its inception, QFPay has achieved several milestones. In 2016, it became one of the initial service providers for WeChat Pay and Alipay in Hong Kong. It was the first to support Hong Kong's Faster Payment System (FPS) in 2018 and began providing payment services for the Hong Kong-Zhuhai-Macao Bridge shuttle buses the same year. By 2019, QFPay had secured partnerships with Hang Seng Bank and became the payment provider for the Standard Chartered Hong Kong Marathon. The company has raised a total of $69.6 million in funding over five rounds, with its latest Series C round in August 2019 bringing in $20 million from investors including Sequoia Capital and Matrix Partners China.