Latitude Technologies is an online payments firm that operates under the brand name of Latipay. The platform lets users access three leading Chinese e-wallets WeChat, JDPay, Alipay and through their preferred bank payment channels, which includes 19 prominent Chinese Banks.
It enables Chinese customers to pay for New Zealand-based goods and services in Yuan while merchants get the complete payment directly in their local bank account in their local currency. In nutshell, it allows Chinese customers to pay for New Zealand products in yuan while New Zealand sellers are paid in kiwi dollars.
The fintech startup has received $3 million in series A round of funding from Jubilee Capital Management, a Singapore-based venture capital firm. The round also witnessed participation of new investors including New Zealand-based Tuhua Fund, Zino Fund, and an undisclosed angel investor.
These four investors have come on board the investor list with this new round. Its existing shareholders include Jim Rogers, Chairman of Rogers Holdings and Beeland Interests.
With the freshly raised capital, Latipay will add more merchants onto this platform and focus on expansion. The startup was founded by Peter Wei a year ago and commenced its operations in Australia in December 2016. It plans to launch its service in Singapore and the US in May this year.
Latipay targets exporters, tourism and education businesses, due to Chinese compliance rules. The ability to pay in yuan, while the merchant is paid in New Zealand dollars, will be useful for consumers living in China but also Chinese consumers in New Zealand.
The lead investor, Jubilee Capital, invests into high-growth technology enterprises. It recently obtained the registered fund management license from Monetary Authority of Singapore.
The VC firm introduced a new fund christened Jubilee Technology Fund (JTF) with an initial capital size of $30 million. Latipay is its third investment and the fund plans to raise a total of $100 million.