Qupital raises USD $300 million in new funding push

Qupital has secured USD $300 million in new capital commitments led by M Capital, comprising a Series C round and new asset-backed securities financing from MUFG and Quester Capital.

The Hong Kong-based trade finance fintech said the funding will support expansion across China, the United States, Japan, and Southeast Asia.

Qupital provides financing to cross-border eCommerce merchants and says it has served tens of thousands of enterprises. Cumulative loans processed on its platform have exceeded USD $9.5 billion.

The latest fundraising combines equity and structured financing. M Capital led the Series C investment, while Mitsubishi UFJ Financial Group and Quester Capital provided additional commitments for asset-backed securities.

Growth plans

Qupital plans to use the money to expand its loan pool for eCommerce businesses and invest further in artificial intelligence research and product development. It is also exploring capital market options, including an initial public offering, further fundraising, and acquisitions.

The company said it has remained profitable and increased profitability over the past two years. It attributes that performance to automated underwriting based on real-time sales and operating data from merchants selling on online marketplaces such as Amazon, TikTok Shop, Tmall, and JD.com.

The group provides working capital to online merchants involved in international trade. Its model uses transaction data to assess borrowers and extend short-term credit to businesses that often fall outside traditional bank lending processes.

Cross-border eCommerce finance has become a growing area for specialist lenders as online merchants seek faster access to cash for inventory, logistics, and marketing. Demand has risen as more sellers operate across multiple marketplaces and geographies, increasing the need for funding tied to live sales data rather than conventional collateral.

Qupital said it was the first platform in Asia to securitise loans made to eCommerce merchants. That structure allows it to raise institutional funding against pools of receivables and recycle capital into new lending.

Market backdrop

The company framed the fundraising against continued growth in cross-border online trade and what it described as a large financing gap for small and medium-sized enterprises. Investors have shown sustained interest in lenders that combine credit analytics with access to marketplace data, particularly in Asia, where eCommerce supply chains are closely tied to export manufacturing.

The involvement of MUFG, one of Japan's largest banking groups, points to continued interest from mainstream financial institutions in structured exposure to fintech-originated assets. For firms such as Qupital, that funding can be as important as venture capital because it directly supports loan origination.

Qupital also said it expects profit margins to rise further within the next year as it expands the use of automated credit assessment. The company did not disclose its valuation in the Series C round.

Its existing backers include Alibaba, MindWorks Capital, Greater Bay Area Homeland Development Fund, and the Innovation and Technology Ventures Fund of the Hong Kong SAR Government. Those investors have supported the company as it built a business around digital merchants selling through large online platforms.

Andy Chan, Co-Founder & President of Qupital, outlined the market opportunity in a statement accompanying the announcement.

"Double digit year-on-year growth in cross-border eCommerce drives an unprecedented trillion-dollar liquidity gap, and this Series C round puts Qupital in prime position to bridge it. We are capturing this massive wave head on to build the core financial infrastructure for global eCommerce to support underserved SMEs," he said.

Winston Wong, Co-Founder & CEO of Qupital, said the company sees automation as central to trade finance for online sellers.

"Agentic commerce and social eCommerce are redefining the speed of global trade. AI automation addresses traditional underwriting time lags to deliver higher efficiency and flexibility, and processes massive datasets that are beyond human capability to refine credit decisions. Converting live transactional data into instant trade credit is no longer just an advantage, it is the baseline for the future of digital commerce," he said.