Chinese offline payment solution provider Lakala has secured 1.5 billion RMB ($240 million USD) in funding at a valuation of 10 billion RMB ($1.6 billion USD).

The round has come from China Taiping Life Insurance Group, China Reinsurance, China Continent Insurance, and The Cilvil Aviation Development Fund, according to an internal e-mail from the company’s CEO Sun Taoran. Sun added that online recruitment site 51job and software company Glodon are the founding investors of their credit system Kaola Credit.

Lakala, founded in 2005, is one of China’s leading innovators in the e-payment sector, focusing on software solutions for electronic payments, utility billing and digital loyalty programs. It also holds a series of patented terminal devices, like household card payment devices and card-to-mobile payment devices, covering convenience stores, supermarkets, shopping malls, and community groceries.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.