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Yeahka’s Portfolio Company Fshi Technology Receives Further Funding of Hundreds of Million RMB to Accelerate Development of Open SaaS Strategy

Yeahka’s portfolio company Fshi Technology Co., Ltd, announced the completion of its Series B funding. It is reported that the investor of this financing round is RYK Capital Partners Limited, with an investment amount of US$21 million (RMB134 million).

The proceeds will be put towards general working capital, product development, marketing, daily liquidity needs as well as acquisitions. This round of funding for Fshi Technology was its third round of financing this year, following its over RMB 100 million Series A funding in February and nearly RMB100 million in Series A+ funding in March.

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Meanwhile, Fshi Technology announced the acquisition of 60% equity of Shenzhen Zhizhanggui Cloud Service Co., Ltd. (“Zhizhanggui”) by means of cash and newly issued equity. According to Fshi Technology, the acquisition of Zhizhanggui will equip it with the standardized infrastructure of “hardware + software,” which will become the cornerstone for Fshi’s development. It will further accelerate the development of its open SaaS strategy through integrating mature SaaS modules into offline merchants.

After the completion of the Series B funding and the acquisition of Zhizhanggui’s equity, Fshi Technology will focus on market expansion. It will increase its market share by exploring merchants’ demands and refining its products and services. To promote digital transformation, Fshi Technology will provide merchants with one-stop smart operation solutions, covering areas such as payment, marketing, management and other intelligent business solutions, through the use of payment as an entry point and deployment of scenario-based solutions, AI and Big Data analytics.

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According to public information, Fshi Technology was established in 2016 and is committed to becoming China’s largest one-stop digitalized platform for merchants. Its SaaS open platform “Haoshengyi” has integrated with various SaaS industry applications including CRM and marketing. It has penetrated into various use case scenarios including food and beverage, retail, apparel, lifestyle services, and entertainment, providing comprehensive SaaS products and services ranging from membership management, food ordering, kitchen management, supply chain management, fintech to interactive marketing, etc.

In 2019, Hong Kong-listed Yeahka (09923.HK) invested in Fshi Technology, making it a key member of Yeahka’s ecosystem. Through “Haoshengyi,” its merchant SaaS digital platform, Fshi Technology explores merchants’ needs and provides services to merchants together with Yeahka.

Leveraging the management experience and technological capabilities of Yeahka, Fshi Technology has also further strengthened the product matrix of “Haoshengyi” and team management, enabling it to provide in-depth digital services to more merchants. The completion of Series B funding fully demonstrates the potential of the merchant services market and the potential of Fshi Technology’s SaaS digital platform.

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[To share your insights with us, please write to sghosh@martechseries.com]

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