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Startups

Alibaba-backed financing platform Qupital raises $150m for growth

Hong Kong startup 'on path to becoming a unicorn,' says 30-year-old founder

Andy Chan, right, and fellow Qupital co-founder Winston Wong plan to triple the company's staff by the end of 2022. (Photo courtesy of Qupital).

HONG KONG -- Hong Kong e-commerce financing service Qupital has raised $150 million to expand its reach in Asia.

The company, long backed by an Alibaba Group Holding affiliate, focuses on arranging loans for Chinese vendors selling goods abroad via e-commerce platforms. Qupital's U.S. dollar loans can finance offshore warehouses and other logistics and marketing costs.

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