What happened: Lianlian Number, the parent company of cross-border payment solution provider Lianlian Pay, received a new round financing of RMB 1 billion ($146.3 million), boosting the total received funding to almost RMB 5 billion. The new investment was made by Sequoia Capital and Boyu Capital. By June, Lianlian Pay’s business scale has hit RMB 2 trillion and has served over 300,000 Chinese companies.
Why it’s important: E-commerce service providers are taking the trend of China’s fast growing global retail business to build another digital service infrastructure ecosystem. From logistics to payment, from smart supply chain to blockchain product origin tracking, crucial elements in the industry are in a new wave of digitalization. Capital holders, meanwhile, are aggressively joining the game to secure their own future interest channels.