Qbit, a one-stop cross-border financial services platform, has announced a strategic partnership with Choco Up, a global revenue-based financing (RBF) platform.With Qbit’s global financial infrastructure and Choco Up’s flexible and easy access financing solutions, the two companies will be creating a full range of financial solutions for direct-to-customer (DTC) brand companies who are looking to expand internationally. The partnership will offer companies solutions for cross-border payment and collection, intelligent management of overseas spending and funds, and financing growth, as well as helping companies grow their global business and promote the healthy development of China’s cross-border e-commerce ecosystem.
According to the data released at the State Council’s regular policy briefing on July 12, 2021, China’s independent online stores have grown rapidly in recent years, with the total number reaching about 200,000. Independent online stores are the main carriers of the DTC model, and have become a microcosm of China’s cross-border e-commerce industry due to their rapid growth. However, many overseas DTC businesses are facing challenges such as high cost of cross-border transactions, lengthy processing times, complex overseas financial systems, difficulty in obtaining funding, and a lack of rapid growth capital. Developing an effective enterprise structure to achieve rapid growth in global expansion has become a challenge for all business owners.
Qbit’s global financial infrastructure covers over 180 countries and regions, supporting more than 40 major currencies, with compliance licenses in several countries and regions, and in-depth cooperation with banks and licensed institutions. Qbit’s global account enables enterprises to make low-cost, time-efficient cross-border payment and foreign exchange. At the same time, their “Quantum” virtual credit card also supports enterprises to achieve intelligent spending management in multiple scenarios around the world, improving the efficiency of enterprise capital management.
Choco Up is able to provide companies with flexible funding ranging from $10,000 to $10 million. Furthermore, Choco Up securely connects a company’s sales and marketing records to their data integration platform in a matter of hours, and complete an AI-driven risk assessment for businesses to obtain funding and kick-start their global expansion. Unlike traditional financing methods, Choco Up uses a revenue-based financing model which puts up funds in exchange for a regular share or a certain percentage of the recipient companies’ revenue , with the amount flexibly adjusted based on the company’s sales. In addition, Choco Up’s integrated data analytics platform supports companies to analyse and optimize their business in order to maintain a competitive advantage in the market. This will help companies to achieve long-term business growth by obtaining financial support in key areas such as commodity supply chain, marketing promotion and global new market expansion.
“As a Neobank that provides one-stop overseas fund management services for Chinese companies expanding abroad, Qbit is committed to leading the transformation of the cross-border financial industry through technological innovation. We do this by simplifying the business processes of traditional banks and providing end users with efficient, convenient and accurate cross-border financial services, ” said Yujun Wu, the CEO of Qbit. “We are pleased to reach a consensus with Choco Up to work together to create a comprehensive and flexible financial solution tailored for Chinese companies seeking international expansion. ”
Brian Tsang, co-founder and COO of Choco Up said, “This strategic partnership with Qbit offers DTC merchants new financing and payment channels, as well as flexible and efficient business solutions for different kinds of DTC companies. We look forward to having a fruitful collaboration with Qbit to unlock various business growth potentials for enterprises.”
Exports are one of the “troika” driving economic growth and plays an important role in stabilizing the economy and promoting development. During this crucial period of transformation of Chinese cross-border e-commerce, Qbit and Choco Up’s partnership will provide financial solutions tailored for DTC brand enterprises to help them solve financial issues such as overseas transactions, growth financing , product development , refine business models, improve product barriers, and promote the development of a new foreign trade industry.