Beijing-based payments service provider YeePay has picked up Boston-based TA Associates as a new investor. YeePay processed US$77 billion of transactions last year, double the prior year.
Far East Horizon, an integrated financial service provider in China, partnered with TA on the investment.
Founded in 2003, YeePay provides online and offline integrated payment solutions enabling consumers and businesses to make and receive payments via the Internet, mobile devices and phones. The Company focuses on a variety of sectors, including airline & travel, asset management, digital entertainment, education, fast moving consumer goods, insurance and telecom. YeePay has access to more than 100 commercial banks in China and was among the first businesses to obtain a nationwide payment license from the People’s Bank of China.
YeePay is also licensed by the China Banking Regulatory Commission to conduct mutual fund-related transactions, and by the State Administration of Foreign Exchange for cross-border transactions. The Company has over 93,000 active merchant customers and operates in more than 20 provinces. In 2014, YeePay processed US$77 billion of transactions, up over 100% from 2013. YeePay is headquartered in Beijing, with 31 regional offices across China.
According to iResearch, the third-party payment industry in China has grown significantly in recent years with a compound annual growth rate (CAGR) of 54.1% between 2011 and 2013, and a forecast CAGR of 40.1% between 2013 and 2017. Total transaction volume was $3.2 trillion in 2013 and is expected to reach $12.4 trillion by 2017.
YeePay joins TA Associates’ other current payment processing investments, including BillDesk (IndiaIdeas.com) in India and BluePay Processing in the U.S. YeePay also joins TA’s other current and past investments in Asia, including Aicent, BillDesk (IndiaIdeas.com), Dr Lal PathLabs, Fractal Analytics, Forgame Holdings, Idea Cellular, Micromax Informatics, Nintex, Rategain, SpeedCast together with its six associated acquisitions, and Tega Industries.
For additional data on YeePay access CardData®. For historical news and commentary on YeePay visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on YeePay are available exclusively through CardWeb.com.®