Yeahka’s portfolio company Fushi Technology raises US$15 million

By Leandra Monteiro

Yeahka, a payment technology platform in China has announced that Fushi Technology, a key member of the company’s merchant SaaS product portfolio, together with ABC International Holdings Limited and Cowin Capital, have reached investment intention on Fushi Technology’s Series A+ funding. ABC International plans to invest US$10 million, while Cowin Capital, a investment firm in China, plans to invest another US$5 million through a fund under its management named Shenzhen South China Chengzhanggongying Equity Investment Fund (Limited Partnership).

The raised funds will be used for expanding Fushi Technology’s SaaS open platform “Haoshengyi”, hiring talent to support its business development and service upgrades, as well as strengthening the platform’s capabilities in channel expansion and marketing services.

Two months after raising more than RMB100 million in Series A funding in February this year, Fushi Technology has yet again secured another capital funding, showcasing the advantages of Fushi Technology’s SaaS digitalized platform and the substantial development prospect of the merchant services market. As a key investor and strategic partner of Fushi Technology, Yeahka will leverage Fushi Technology’s quick growth to provide enhanced services to both merchants and consumers, and establish a more sustainable technology-enabled business model.

Yeahka is a payment-based technology platform that focuses on SaaS products and strives to cater to merchants’ needs in digital transformation. Earlier in 2019, Yeahka invested in Fushi Technology through its indirectly wholly owned subsidiary, Shenzhen Qianhai Saosao Technology Co., Ltd and RYK Capital Partners Limited. Fushi Technology has since become an associate company of Yeahka.

According to the company, as of the end of 2020, the “Haoshengyi” platform covered 25 cities and regions in China, serving more than 320,000 merchants in total, and the count of its peak daily transactions grew over 4 times year-on-year to over 7.3 million. Furthermore, the latest data shows that, as of 22 March, 2021, the count of its peak daily transactions has exceeded 8.1 million.