Qupital Limited
{{Short description|Financial technology company}}
Qupital Limited is a financial technology company backed by Alibaba that develops a platform for cross-border e-commerce financing. The company is headquartered in Hong Kong and has offices in Shanghai and Shenzhen.{{Cite web |last=PYMNTS |date=2018-03-16 |title=Alibaba Partners With Qupital For SMB Financing - PYMNTS.com |url=https://www.pymnts.com/news/b2b-payments/2018/alibaba-qupital-business-financing/,%20https://www.pymnts.com/news/b2b-payments/2018/alibaba-qupital-business-financing/ |access-date=2024-06-25 |language=en-US}} In 2018, Alibaba Group partnered with Qupital Limited for SMB financing.
History
In March 2016, Qupital Limited was founded in Hong Kong by Andy Chan and Winston Wong.{{Cite web |last=Russell |first=Jon |date=2017-05-18 |title=Hong Kong's Qupital raises $2M led by Alibaba to finance invoice loans for SMEs |url=https://techcrunch.com/2017/05/17/qupital-raises-2-million/ |access-date=2024-06-25 |website=TechCrunch |language=en-US}}{{Cite web |last=Yap |first=Tun Yong |title=(Exclusive) Decacorn Capital invests in Qupital to fuel expansion of B2B fintech e-commerce platform in China |url=https://e27.co/exclusive-decacorn-capital-invests-in-qupital-to-fuel-expansion-of-b2b-fintech-e-commerce-platform-in-china-20201211/ |access-date=2024-06-25 |website=e27 |language=en}}{{Cite web |last=Shu |first=Catherine |date=2020-06-24 |title=Hong Kong fintech startup Qupital will offer services to eBay cross-border sellers |url=https://techcrunch.com/2020/06/23/hong-kong-fintech-qupital-partners-with-ebay-to-provide-financing-for-sellers/ |access-date=2024-06-25 |website=TechCrunch |language=en-US}} In March 2017, the company secured $2 million seed funding in a round led by Alibaba Entrepreneurs Fund and Mindworks Ventures. During the 2017 FinTech Awards, Qupital was recognized as Outstanding SME Financial Platform.{{Cite web |last=Net |first=經濟通 ET |title=FinTech Awards 2017 |url=http://fintech.etnet.com.hk/ |access-date=2024-06-25 |website=FinTech Awards 2017 - 經濟通 ET Net |language=en}} In March 2019, Qupital completed $15 million series. It also reached US$100 million in total loans disbursed.{{Cite web |last=Shu |first=Catherine |date=2019-03-29 |title=Hong Kong-based fintech startup Qupital raises $15M Series A to expand in mainland China |url=https://techcrunch.com/2019/03/26/hong-kong-based-fintech-startup-qupital-raises-15m-series-a-to-expand-in-mainland-china/ |access-date=2024-06-25 |website=TechCrunch |language=en-US}} In June 2019, the company opened an office in Shanghai and in Shenzhen in October. The same year, Qupital Capital was listed among Hong Kong ICT Awards 2019 winners.{{Cite web |date=2019-04-10 |title=Hong Kong ICT Awards 2019 – ICT Startup Award Promote Outstanding Hong Kong ICT Startups Enhance Local ICT Technique Applications - Jumpstart Magazine |url=https://www.jumpstartmag.com/hong-kong-ict-awards-2019-ict-startup-award-promote-outstanding-hong-kong-ict-startups-enhance-local-ict-technique-applications/ |access-date=2024-06-25 |language=en-US}}{{Cite web |date=2019 |title=Hong Kong ICT Awards 2019 |url=https://www.hkictawards.hk/pdf/general_awards_programme_2019.pdf |website=hkictawards.hk}}
As of October 2021, Qupital Limited has achieved over US$500 million in loan advancement.{{Cite web |date=2021-11-18 |title=Hong Kong's Qupital raises $150 million |url=https://www.finextra.com/pressarticle/90333/hong-kongs-qupital-raises-150-million |access-date=2024-01-03 |website=Finextra Research |language=en}} In November 2021, Qupital Limited raised $150 million during the Series B funding round.{{Cite web |date=2021-11-18 |title=Hong Kong's Qupital raises $150 million |url=https://www.finextra.com/pressarticle/90333/hong-kongs-qupital-raises-150-million |access-date=2024-06-25 |website=Finextra Research |language=en}}{{Cite web |date=2021 |title=Hong Kong's Qupital secures $150m Series B {{!}} AVCJ |url=https://www.avcj.com/avcj/news/3025459/hong-kongs-qupital-secures-usd150m-series-b |access-date=2024-06-25 |website=www.avcj.com |language=en}}{{Cite web |title=HK-based fintech startup Qupital raises $150m to expand footprint |url=https://www.dealstreetasia.com/stories/fintech-startup-qupital-150m-268470 |access-date=2024-06-25 |website=DealStreetAsia |language=en}} UK-based Nordstar's e-commerce-focused fund joined the round as a new investor, and lent its network to broaden Qupital's customer base in Western markets. The company also entered into Asia's first e-commerce securitization facility with Citi. In January 2022, the company introduced its new Shopify merchant offering.{{Cite web |title=Qpdao opens a new era of cross-border e-commerce investment and financing industry |url=https://www.newsnetmedia.com/story/48791331/qpdao-opens-a-new-era-of-cross-border-e-commerce-investment-and-financing-industry |access-date=2024-06-25 |website=www.newsnetmedia.com |language=en}}
In 2024, Qupital Limited raised additional financing during series B round.{{Cite web |title=Qupital bags Series B2 funding to fuel market expansion and product offerings |url=https://ibsintelligence.com/ibsi-news/qupital-bags-series-b2-funding-to-fuel-market-expansion-and-product-offerings/ |access-date=2024-06-25 |website=IBS Intelligence |language=en-US}}