QPOS, a mini POS solution for small businesses in China, reportedly has secured RMB100 million (roughly $16m) in Series B funding. Li Yinghao, co-founder and COO of QPOS, confirmed with TechNode the fundraising without disclosing the target amount, saying it’s not completed yet.

Founded in March 2011, QPOS received its first funding from Sequoia China in early 2013. Feng Weiquan, co-founder and CEO of the company, was the GM for Greater China at MasterCard Worldwide.

The QPOS is low-cost —  sold at a little more than $100 — and is accompanied with mobile apps that can generate analytics results for businesses. QPOS takes transaction-based commissions.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com