Banyan Capital has led a RMB1 billion (US$152 million) series B round in QianBaoCard.com, a Shanghai-based local shopping online to offline (O2O) platform.
Founded in 2016 and headquartered in Shanghai, QianBaoCard.com provides merchants with point-of-sale (POS) machines through which they can accept digital payments, as well as credit and marketing services. Ding Shengbin, CEO of QianBaoCard.com, said data collected from transactions could enable the company to provide tailored services to its customers and help them grow their businesses.
The firm says its payment terminals currently covers more than 200 cities in China, working with local merchants in the dining, entertainment and beauty industries. It facilitates more than RMB1.7 billion (US$258.6 million) transactions on average every month.
QianBaoCard.com is an affiliate of Qianbao.com, a fintech unit of Guangdong Homa Appliances Co. Ltd., which is listed on the Shenzhen Stock Exchange.
The firm plans to use the new financing to expand in third-tier and fourth-tier cities and add more merchants to use its terminals.