A cross-border provider solutions provider, Ksher, secured nearly US$10 million in a Series A+ funding round that was led by MindWorks Capital.
The funding also saw participation from undisclosed strategic investors from China and Japan, a statement revealed. It follows Series A funding from Sequoia Capital China and a seed round from Infinity Venture Partners.
Ksher was founded in 2016, and it has been operating a mobile platform that helps merchants receive funds from the likes of Alipay, UnionPay, and WeChat pay payment methods since then. In the last one year, the platform has connected with e-wallets such as Line Pay, AirPay, and Grab Pay.
Ksher initially had its focus on helping merchants to reach the rising number of outbound travelers from China, but with time it expanded and started offering point-of-sale system integration, app development, and hardware to support multiple e-wallet transactions and multicurrency.
Recently, the platform rolled out marketing solutions for traders such as online retail, delivery support, booking, and brand marketing, plus it is customizing membership features.
Ksher stated that the acquired US$10 million would be used to further expand its presence and capabilities in the market through partnerships with government agencies and financial institutions.
Currently, Ksher collaborates with banks such as Ribank in Russia, Mashraq in the UAE, and Rakuten Bank in Japan to provide more accessible services. It has also partnered with Thailand Ministry of Interior and the Thai Immigration Bureau. The company also claims that it has obtained licenses in its operational jurisdictions.
Bryan Zhou, Ksher CEO, also revealed that in addition to the fund expanding their presence, it would also be used to add new solutions, including membership systems, coupons, loyalty points, and installments plans.
The startup is headquartered in Beijing, but it is operational in 14 countries, including Singapore and Thailand. From 2016 till now, the company claims that it has onboarded 100,000+ merchants and processed more than US$1 billion in transactions across its markets.