SmartPay, one of China's leading electronic payment providers, has announced the recent completion of a Series B round of equity financing.

Under the terms of the financing, RRE Ventures, Evolution Capital, Lunar Group Capital and other existing shareholders will provide equity financing to the Company resulting in total proceeds of approximately US$10 million. The company says it will use the proceeds to capitalize on its rapid recent expansion and emergence as a leader in the growing Chinese payments market.

SmartPay says it will utilize the proceeds of this financing to expand services and accelerate the growth of key performance metrics. In addition, the company will allocate a certain portion of the proceeds to ongoing exploratory work into new partnerships and a future public offering.

SmartPay provides remote payment services to consumers and intermediaries in China. The company focuses on merchants with large, recurring transaction volumes including mobile and utility billings, airline ticketing and other transactions. The company says it uses ubiquitous "remote" mobile and fixed telephones devices to process these payments, including SMS, WAP and IVR.

SmartPay has built a strong business by focusing on the unique qualities of the domestic Chinese market. The Company works with leading banks, utilities, mobile operators and merchants and leveraged its first mover advantage in developing a business model that is uniquely suited to the rapidly growing Chinese market.