Qupital eyes IPO after landmark $300m Series C round
Qupital, an AI-driven trade finance platform focused on cross-border e-commerce, has raised $300m in combined new capital, anchored by a Series C funding round aimed at accelerating its expansion into overseas markets.
The financing was led by Asia-based asset manager M Capital, with additional asset-backed securities commitments from Mitsubishi UFJ Financial Group (MUFG) and Quester Capital.
The round brings together equity and structured financing, underlining continued institutional appetite for trade finance FinTechs.
Qupital has processed more than US$9.5bn in cumulative loans for tens of thousands of enterprises to date.
The fresh capital will be channelled into broadening the company’s financing reach across China, the US, Japan and Southeast Asia, alongside continued investment in its proprietary artificial intelligence risk engine to sustain strong credit performance.
The business draws on live sales and operational data from merchants trading on major global marketplaces, including Amazon, TikTok Shop, TMall and JD.com. This data feeds an automated underwriting engine that the company says gives it high operational leverage while allowing margins to keep expanding.
Qupital has been profitable for the past two years, a run it attributes to its technology-led approach to risk assessment. Looking ahead, the company expects its profit margins to climb beyond 45% within the next 12 months as it scales its AI capabilities further. Alongside the funding, Qupital confirmed it is weighing a number of capital markets options, including a possible initial public offering, additional fundraising and strategic acquisitions, as it looks to strengthen its capital structure.
Qupital co-founder and president Andy Chan said, “Double digit year-on-year growth in cross-border e-commerce drives an unprecedented trillion-dollar liquidity gap, and this Series C round puts Qupital in prime position to bridge it. We are capturing this massive wave head on to build the core financial infrastructure for global e-commerce to support underserved SMEs.”
Qupital co-founder and CEO 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.”
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