Qupital secures US$300m Series C and ABS commitments from M Capital, MUFG and Quester

Hong Kong-based Qupital has secured US$300m of combined new capital commitments spanning a Series C equity round and asset-backed securities funding, providing fresh capacity to expand its cross-border e-commerce financing business.

The Series C is led by M Capital, while Mitsubishi UFJ Financial Group and Quester Capital have made additional ABS commitments. Qupital did not disclose how the US$300m is divided between equity and asset-backed funding, meaning the transaction should not be characterised as a US$300m Series C round.

That distinction is significant for the working-capital market. Equity can fund Qupital’s technology, operations and balance sheet, while ABS funding is more directly linked to the platform’s capacity to finance merchant assets and recycle capital into new originations.

Qupital provides working capital to businesses selling through platforms including Amazon, TikTok Shop, Tmall and JD.com. The company uses sales and operational data from merchants as part of its automated underwriting process and said cumulative loans processed through its platform have now exceeded US$9.5bn.

The new capital will support financing expansion across China, the US, Japan and Southeast Asia, alongside further investment in Qupital’s proprietary risk technology. The company also said it is exploring future capital-markets options including an initial public offering and acquisitions.

For trade financiers, the institutional funding structure is arguably more significant than the venture-capital element. Qupital describes itself as the first Asian platform to securitise e-commerce merchant loans, creating a route through which pools of short-duration credit assets can be financed by institutional investors rather than relying solely on the fintech’s own equity.

MUFG’s participation therefore adds a bank balance sheet to a funding model built around technology-enabled origination.

Cross-border e-commerce merchants can face substantial timing gaps between paying suppliers, purchasing inventory and receiving proceeds from online marketplaces. The ability to fund those gaps at scale depends not only on underwriting demand but on maintaining sufficient refinancing capacity behind the loan book.

Qupital’s latest transaction addresses both sides of that equation. New equity supports expansion, while ABS commitments increase the institutional capital available behind the financing platform.