Decacorn Capital invests in Qupital to fuel expansion of B2B fintech e-commerce platform in China

Decacorn joined existing investors Alibaba Entrepreneurs Fund, MindWorks Ventures and Chinese fintech conglomerate CreditEase

Decacorn Capital, a Singapore-based cross-border tech VC firm, announced today it has invested in Qupital, a China-based fintech startup. Decacorn joined Qupital’s Series A+ funding round, alongside existing investors Alibaba Entrepreneurs Fund, MindWorks Ventures and Chinese fintech conglomerate CreditEase.

The funding news comes off the back of a US$15 million Series A round in 2019.

As shared exclusively with e27, Qupital plans to utilise the new funds to bankroll its expansion beyond Hong Kong, Shanghai and Shenzhen to other key e-commerce hubs in China, namely, Beijing, Guangzhou, Yiwu and Hangzhou.

Founded in 2016, Qupital is a B2B fintech platform that harnesses big data, blending fintech with e-commerce by using its proprietary credit assessment model to provide short term working capital to Chinese e-commerce merchants selling on Amazon, eBay and Lazada amongst others.

As per a 2019 TechCrunch report, Qupital had processed 8,000 trades, totalling HK$2 billion (US$258 million) in value.

“Besides the razor-sharp and well-demonstrated execution capability of the Co-founders Andy and Winston, it is Qupital’s unique big data analytics capability where we see the real moat,” said Debneel Mukherjee, Founder and Managing Partner at Decacorn Capital.

“We believe Qupital is at its inflexion point, ready to scale rapidly fuelling the working capital needs for the online exporters fulfilling the massive upsurge in global digital online shopping trend,” he added.

“As Qupital is looking to expand our reach in Asia, Decacorn’s strong ties to the local ecosystem coupled with cross-border experience across the US, Europe and Israel, provides us with the resources and connections that we value,” said Andy Chan and Winston Wong, Co-founders of Qupital.

Decacorn Capital’s most recent investments included GridIO, BioCatch and Sixgill.

The firm has invested across different verticals and geographies, from Israel to USA and Estonia besides its home turf in Singapore and in cybersecurity, Artificial Intelligence and big data analytics.

It is also known as an investor in Snap Inc and had exited through the startup’s IPO.