Although financial details of the transaction were not disclosed, TA Associates partnered with Far East Horizon, a tailored financial leasing company, on the deal.
YeePay is the first company in China to provide a single platform integrating both online and offline electronic payments and last year processed $77bn (£52bn) of transactions, up over 100 per cent from 2013. “YeePay offers a number of very compelling investment attributes, including a diversified customer base featuring some of the leading brands in China, an attractive recurring revenue model and an experienced management team,” TA Associates’ Edward Sippel said.
Founded in 2003, the Beijing-based company enables consumers and businesses to make and receive secure payments over the internet, mobile and telephone. “Since our founding, we have enjoyed continued growth and believe a partnership with a growth private equity firm like TA, and an innovative and experienced financial services provider such as Far East Horizon, will prove highly beneficial to our continued success,” said Bin Tang, YeePay co-founder.