More than 40,000 brands are served. The overseas fund management platform "Qbit" has obtained a tens of millions of US dollars Series B1 round of financing | HardcoreTech exclusively reports.
Written by Hu Yiting
Edited by Yuan Silai
HardcoreTech has learned that recently, the one-stop overseas fund management platform Qbit announced the completion of a tens of millions of US dollars Series B1 round of financing. This financing will mainly be used for the expansion of Qbit's global business team, the research and development of fintech technologies and projects, as well as the application and acquisition of important global licenses.
Qbit was founded in 2019 and is a Neobank (Innovative Digital Bank) that provides one-stop overseas fund management for global enterprises. The company is headquartered in Singapore and has established local service centers in seven cities around the world, including Hong Kong, China, Hangzhou, Shenzhen, and Silicon Valley.
In terms of business, Qbit's core products include Quantum Card, Global Account, Global Acquiring, Open API, etc., covering more than 180 countries and regions, providing more than 40 mainstream currency services. The cumulative transaction amount exceeds 6 billion US dollars, the cumulative card issuance volume is 4.88 million, and it serves more than 40,000 brands.
Among them, Qbit's main product, Quantum Card, can be used by enterprise-level customers for expense management, including advertising, influencer marketing, overseas business travel, cross-border trade, product procurement, international logistics, platform store rent, and other purposes; the recharge methods support cross-border e-commerce store payment returns, overseas bank accounts, overseas e-wallet accounts, etc.
Qbit's main product Quantum Card, image source: the enterprise
In addition to enterprise-end management, customers can also batch open Quantum Card employee accounts for their use in multi-currency online and offline consumption and travel hotel reservations around the world, and can also bind to Apple Wallet and Google Wallet. During the use process, enterprise customers can view and manage expense costs in real-time on the platform backend or directly through the API, and download custom cycle transaction records for reconciliation.
Regarding regulatory and compliance issues, Qbit CEO Wu Yujun told HardcoreTech that Qbit's compliance team has more than ten years of bank compliance experience. On the basis of data compliance guarantees, the team will understand the basic information and business operations of the customer company's directors and shareholders, and will also conduct transaction monitoring during the transaction process to control risks.
In terms of license acquisition, Qbit has obtained multiple licenses and compliance qualifications such as Hong Kong MSO, Hong Kong TCSP, US MSB, and PCI DSS Level 1.
Currently, as a Visa Hong Kong Principal Member, Qbit has issued Hong Kong Visa cards, which have a Visa and Qbit dual risk control system for 7*24-hour security protection. At the same time, it can support customers to customize their own brand logo card face, covering a wider business consumption scenario and providing flexible rebate policy support.
In addition to providing overseas expense management services, since most of the customers come from the advertising industry, brand e-commerce going overseas, game going overseas, and other directions, Qbit launches customized financial solutions for their specific needs.
For brand e-commerce, Qbit Global Account can meet their global collection, payment, and settlement needs for directly connecting to mainstream platforms such as Shopify and PayPal, building independent stations, e-commerce platforms, and crowdfunding channels. It can also complete the payment of services such as cloud services, AI and other software subscriptions, and advertising marketing by recharging the Quantum Card.
For the needs of overseas influencer marketing, customers can use Qbit Quantum Card to settle KOLs with small amounts and multiple transactions and long-term cooperative commissions, and use the Global Account to pay KOLs with large amounts and low frequencies. For the latter, Qbit Global Account supports SWIFT transfers in more than 180 countries and regions, and can support local payment networks in the United States, Europe, Hong Kong, China, Singapore, Southeast Asia, and other places, with faster payment speed and lower cost.
In terms of business planning, Wu Yujun said: "From the perspective of serving customers, Qbit focuses on small and medium-sized enterprise customers with a global business layout. In the future, while we are steadily developing markets in developed countries such as North America and Europe, we will also serve more and more overseas developing country customers, such as some customers in Southeast Asia, Africa, and the Middle East."