Qupital runs an online invoice discounting platform supporting SMEs to raise cash. Founded in March 2016, the startup aims to address the lack of efficient SME financing solutions in the market.
Qupital currently serves a wide range of SMEs in the export, manufacturing and distribution sectors. The company approaches hedge funds, family offices and other mature professional investors to fund the invoices.
Qupital raised US$2 million in a seed funding round in May 2017, a round led by Hong Kong-London firm MindWorks Ventures and the Alibaba Entrepreneurs Fund. Co-founder Andy Chan said back then that there was no plan to expand to new markets. However, he said that the company was looking into adding new products including support for purchase order financing as well as new features that would enable investors with capital but limited time to pay in money on an automated basis.