Shanghai Smartpay

About Shanghai Smartpay

Shanghai SmartPay Jieyin Ltd., operating under the brand name "Jieyin", has established itself as a key provider of remote electronic payment services in China. The company was co-founded by CEO Greg Shen Guowei.

SmartPay focuses on facilitating payments for merchants with high volumes of recurring transactions. Its core market includes bill payments for mobile carriers and utilities, as well as airline ticketing. The company's business model is tailored to the Chinese market, leveraging the widespread use of mobile phones and fixed-line telephones to process payments through SMS, WAP, and IVR systems. This approach allows consumers and intermediaries to make payments without relying on traditional banking infrastructure for every transaction.

A significant milestone for SmartPay was the completion of a Series B financing round, which raised approximately US$10 million from investors including RRE Ventures, Evolution Capital, and Lunar Group Capital. These funds were earmarked for expanding its services and capitalizing on its growth in the Chinese payments sector. The company has formed strategic partnerships with major banks like China Construction Bank and China Merchants Bank, and merchants such as China Unicom. Initially launched in regions like Anhui and Liaoning, SmartPay expanded its real-time payment system to major hubs like Shanghai and Hebei, allowing users to pay for phone bills, online gaming, and utilities.