China-based payment company Blackfish raises $50m in Series A+

Blackfish, a China-based e-commerce and mobile payments solution, has raised $50m in its Series A+ round.

First time backers to Blackfish included Lightspeed Venture Partners, Rakuten Ventures, China Growth Capital, and

Previous backers to also participate in this new funding were Lightspeed China Partners, Morningside Venture Capital, JAFCO Asia, Gobi Partners, Fullshare Holdings and the management team of Blackfish Technology.

The company kicked off the year with the closing of its Series A round, which raised CNY 950m ($138m)

The company’s mobile app offers a membership-based membership model for e-commerce, travel and services to provide consumers with exclusive offers and benefits. Its service is focused on millennials and generation Z as these are the most active online shopping users. Through the Blackfish mobile app consumers can use it as a card-free, cash-free payment method.

Blackfish Technology co-founder and president Conor Yang said this high level of funding is to speed up its membership system and accelerate the development of new products.

In the future, the company will look to establish a new consumption system for the member community, which will improve the distribution of member benefits.

Earlier in the year, Lightspeed Venture Partners closed a pair of funds, totaling $1.8bn. Its twelfth flagship vehicle secured $750m to back seed, Series A and Series B rounds, while its third later-stage investment vehicle raised $1.05bn.

Earlier in the week, fellow Chinese digital payments company WeChat launched its services into the Malaysian market. WeChat Pay MY is a mobile payment solution designed to support local consumers with secure payment methods.

Copyright © 2018 FinTech Global

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