China-based fintech startup Ksher has secured around $10 million in a fresh funding round, the local media reported.
The funding round for Ksher also saw participation from undisclosed strategic investors from Japan and China. Reportedly, Mu Mian Capital served as an exclusive finance consultant.
According to Ksher’s chief executive Bryan Zhou, the fund will be used to expand in other markets by entering into strategic partnerships with other financial institutions, fintech startups and even government agencies.
Reportedly, the funds will also be used by Ksher to add new solutions to its platform, such as financing, installment plans, membership systems, loyalty points, and coupons.
Ksher’s cross-border payment solution provider allows businesses to receive funds from different payment platforms such as AliPay and UnionPay.
So far, the Beijing-headquartered company has collaborated with banks such as Japan’s Rakuten Bank, UAE’s Mashraq Bank, and Ribank in Russia, the Thai Immigration Bureau and the Thailand Ministry of Interior.
Ksher launched as a cross-border aggregate payment service for travel scenarios, and then gradually segmented into financial and marketing technology services for global merchants.
Previously, Ksher has secured funding from angel investor Qian Yongqiang in 2016. The next year, the company completed another funding round led by Japan’s venture capital firm Infinity Venture Partner. In 2018, it obtained the round A financing of Sequoia Capital in 2018.
Established in 2016, Ksher’s business has established itself in around 14 countries such as Singapore, Thailand and Malaysia. The number of merchants on its platform has exceeded 100,000, and the annual transaction volume has increased from $1 million to $1 billion.