LatiPay nabs $3m to connect China to New Zealand merchants

Auckland, New Zealand-based payments firm LatiPay has raised $3m in its Series A round as it looks to enter new markets.

The investment was led by Singapore-based Jubilee Capital Management with New Zealand-based backers Tuhua Fund and Zino Fund as well as an angel investor also participating.

LatiPay aims to connect New Zealand merchants to Chinese consumers.

The service lets Chinese consumers pay in Yuan while merchants receive payments in their local accounts, in local currency, at no cost.

The company is already partnered with 19 Chinese banks as well as digital wallets including AliPay, WeChat pay, JDPAY and Baidu wallet.

Launched in 2015, LatiPay expanded into Australia in December and will use the new capital to enter the Singaporean and US markets as well as bring more merchant onto the platform.

The investment is the third made by Jubilee technology fund which launched in November with $30m but plans to reach a final close at $100m.

Copyright ? 2017 FINTECH GLOBAL

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