China-based payment service provider LianLian Pay has reportedly raised $146m in its latest investment round.
The capital was supplied by Sequoia Capital and Boyu Capital, according to a report by China Money Network.
As part of the deal, Sequoia Capital global executive partner Shen Nanpeng, Everbright Industrial general manager Chen Yuqing, and Cybernaut president Chen Bin, will join LianLian Pay as directors, the article said. In these roles they will be a part of the strategic planning for the enterprise.
LianLian is a non-banking third-party payments service provider, supporting cross-border transactions, mobile payments and RMB currency acquiring. Its cross-border payment service supports the settlement of 19 currencies.
With this capital injection, the company will look to improve its global presence, which will include the launch of its services internationally and the creation of a new global capital network focused on cross-border payments, the article said.
This marks LianLian’s second round of funding this year, with Everbright Industry and Cybernaut Investment having previously made an undisclosed investment. Since the company was founded in 2003, it has raised a total of $730m, the article said.
Earlier in the year, FinTech Global revealed Sequoia Capital was looking to raise six new venture vehicles, focusing on the US, China and India. Among the new funds were three focused on China these included: Sequoia Capital China Venture Fund VII, Sequoia Capital China Growth Fund V, Sequoia Capital China Seed Fund I.
Sequoia China recently took part in the $40m funding round of South Korean financial services app developer Viva Republica. The company is the developer of financial services app Toss, which is a P2P money transfer service.
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