SmartPay Jieyin Ltd has announced the completion of a strategic round of equity financing with RRE Ventures.

SmartPay announced the strategic financing at a demonstration of its mobile payment services held in Beijing with several of its bank, telecommunications, merchant and advisory partners.

SmartPay's services focus on transactions that are best processed from a mobile handset, where it has built a strong leadership position.

Under the terms of the financing, RRE will take a minority equity stake in SmartPay. Current SmartPay shareholders, including Accel Partners, Icon Ventures Asia, Lunar Group and others, have exercised rights to invest additional capital in the company.

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