Internet

Online Payment Firm YeePay Gets Money

Chinese Internet e-payment services provider YeePay has scored an undisclosed amount of financing from a group of venture capital veterans.

Draper Fisher Jurvetson, DFJ Dragon, Intel Capital China, WR Hambrecht and other institutional investors joined in providing the funds.

Launched in April 2005, YeePay's services enable merchants to process secure bankcard payments. Currently there are over one billion domestic bankcards issued in China, and YeePay is the first company to provide integrated multi-channel payment solutions that not only support online transactions over the Internet, but also facilitate offline payments based on mobile phone or landline, which cover a much broader user base and can be applied to a greater number of traditional businesses in China.

"China is the fastest growing economy in the world. We see major opportunities in the Internet space and payment is one of them. YeePay has demonstrated its ability to innovate and gain traction in the market. We are confident that it will emerge as a leader in the e-payment market," said Tim Draper, Managing Director of Draper Fisher Jurvetson. Draper Fisher Jurvetson is also well known for its successful investments in China including Baidu, Focus Media and KongZhong.

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