Hong Kong-based FinTech Qupital is expanding its reach as it unveils a deal to provide financing services to eBay sellers in one of the world’s fastest growing markets, Greater China.
Under the agreement with eBay, Qupital will become one of the global eCommerce platform’s finance partners in Hong Kong, the firm stated in a press release.
Qupital said the agreement will enable it to provide financing to eBay sellers doing business in the region, through its “flagship product QiaoYiDai,” to “assist them in resolving their cash flow and working capital issues.”
Qupital’s specialty is working with small and medium-sized businesses (SMBs), including eCommerce sellers, who can struggle to obtain financing from traditional lenders.
“The greatest value of fintech-driven financing lies in the use of big data to improve financing efficiency, risk control, and client experience,” said Johnny Tang, chief business officer of Qupital, in a press release. “Qupital believes that the cooperation with eBay will significantly enhance such values and benefit a large number of cross-border e-commerce merchants.”
Alibaba Hong Kong Entrepreneurs Fund and MindWorks Ventures, investors in the company’s seed round, also took part.
Through its centerpiece QiaoYiDai product, Qupital said it offers an average credit limit of $150,000, rising to a maximum of $1.5 million for qualified borrowers.
For its part, eBay has been expanding its payment options on its eCommerce platform as part of its larger effort to ensure, seamless, end-to-end transactions for sellers and buyers across the world.
“Our payment strategy is, you know, a big part of that flexibility, and being able to serve our sellers with a more seamless experience and give buyers more relevant choice is scaling globally,” Keala Gaines, eBay’s head of global payments services, told PYMNTS in a recent interview.