Proceeds to Further Expand Electronic Payment Services in China
SHANGHAI, China, Dec. 18 /Xinhua-PRNewswire/ -- Shanghai SmartPay Jieyin
Ltd., ("SmartPay") an electronic payment services leader in China, today
announced the recent completion of a Series B round of equity financing.
Under the terms of the financing, RRE Ventures, Evolution Capital, Lunar
Group Capital and other existing shareholders will provide equity financing
to the Company resulting in total proceeds of approximately US$ 10 million.
The Company will use the proceeds to capitalize on its rapid recent expansion
and emergence as a leader in the growing Chinese payments market.
SmartPay provides remote payment services to consumers and intermediaries
in China. The Company focuses on merchants with large, recurring transaction
volumes including mobile and utility billings, airline ticketing and other
transactions. The Company uses ubiquitous "remote" mobile and fixed
telephones devices to process these payments, including SMS (short messaging
services), WAP (wireless application protocol) and IVR (interactive voice
protocol).
SmartPay has built a strong business by focusing on the unique qualities
of the domestic Chinese market. The Company works with leading banks,
utilities, mobile operators and merchants and leveraged its first mover
advantage in developing a business model that is uniquely suited to the
rapidly growing Chinese market.
SmartPay's growth in terms of users and transactions has rapidly
accelerated in the recent period. This, combined with the Company's
independent corporate structure and highly-incentivized entrepreneurial
leadership team has allowed the company to become a leader amongst China's
emerging payments-related businesses.
SmartPay will utilize the proceeds of this financing to expand services
and accelerate the growth of key performance metrics. In addition, the
Company will allocate a certain portion of the proceeds to ongoing
exploratory work into new partnerships and a future public offering.
SmartPay's CEO, (Greg) Shen Guowei, commented, "SmartPay is well
positioned as a leading, rapidly growing provider of remote payment services
in China. The Company has made steady and consistent progress by focusing on
a use case that is most applicable for the Chinese market, leveraging the
rapid growth in mobile and fixed line phone usage along with the huge growth
in certain, primarily offline, transactions."
SmartPay's CEO further commented, "Through this financing, the
consolidation ongoing in the payments sector, and the opportunities for
leaders in our space, we look forward to continuing to build a payments
business that provides real value for our customers, partners, and of course
our shareholders."
About SmartPay
SmartPay provides remote payment services in China under the brand
name "Jieyin". Chinese consumers and intermediaries utilize SmartPay Jieyin
for the payment of mobile, utility, travel-related and other payments.
SmartPay continues to launch additional payment services under the "Jieyin"
brand name. Investors in SmartPay include RRE Ventures (
http://www.rre.com ), Evolution Capital, Lunar Group Capital, Accel Partners
and others.
For more information, please contact:
Janet Yu, Public Relations
SmartPay Jieyin Ltd.
East Ocean Plaza II, 9th Floor
618 Yan'an East Road
Shanghai 200001 China
Tel: +86-21-5385-5299
Fax: +86-21-5385-5320
Email: janet.yu@smartpay.com.cn
Web: http://corp.smartpay.com.cn
