Qupital, a Hong Kong trade finance platform for cross-border e-commerce sellers, has secured $300 million in combined new capital commitments through a Series C round and new asset-backed securitisation financing, the company announced on 13 September. The Series C was led by M Capital, an Asia-headquartered asset manager, with Mitsubishi UFJ Financial Group (MUFG), one of Japan’s largest banking groups, and Quester Capital providing the additional ABS commitments.
Qupital describes itself as “Asia’s leading AI-driven fintech platform” for cross-border e-commerce trade finance, serving merchants that sell on marketplaces including Amazon, JD.com, Tmall, TikTok Shop and Pinduoduo. It says it was the first platform in Asia to securitise e-commerce merchant loans.
The company raised a $2 million seed round in 2017 led by the Alibaba Entrepreneurs Fund and MindWorks Ventures, then a $15 million Series A in 2019 led by CreditEase FinTech Investment Fund.
Its 2021 financing combined $150 million in Series B equity, led by the Greater Bay Area Homeland Development Fund alongside the Hong Kong government’s Innovation and Technology Venture Fund, MindWorks Capital, Silverhorn and the Alibaba Entrepreneurs Fund, with a receivables-backed securitisation facility arranged with Citibank that Qupital’s own corporate timeline credits as Asia’s first e-commerce merchant-financing securitisation. HSBC and Lending Ark Capital joined that facility in 2024.
Co-founder and chief executive Winston Wong said “agentic commerce and social e-commerce are redefining the speed of global trade. AI automation addresses traditional underwriting time lags to deliver higher efficiency and flexibility, and processes massive datasets, which 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.”
Co-founder and president Andy Chan said the round “puts Qupital in prime position” to address what he called a “trillion-dollar liquidity gap” in cross-border e-commerce, adding: “We are capturing this massive wave head on to build the core financial infrastructure for global e-commerce to support underserved SMEs.”
Qupital credits two years of compounding profitability to an automated risk engine that draws on real-time sales and operational data from merchants trading on those marketplaces, which it says drives faster underwriting and rising profit margins.
M Capital describes itself, in the release, as a Hong Kong-based financial services group that “strives to be a leading alternative asset management company in Hong Kong,” serving high-net-worth individuals, family offices, financial institutions, corporations and offshore funds. Qupital’s own corporate timeline separately credits “M Capital Group” with leading the round in September 2026, and records MUFG joining the securitisation facility the month before.
Qupital said the new capital would fund expansion into China, the US, Japan and Southeast Asia, alongside further AI research and development. It expects profit margins to expand beyond 45% within the next 12 months, and is “actively exploring” an IPO, further funding and acquisitions to scale operations and optimise its capital structure.
