Fapiaoer Funding, Investors & Competitors

Fapiaoer has raised $150M across 2 funding rounds, most recently a $141M Series B in October 2019.

Last Fapiaoer funding round

$141M

Series B · Oct 2019

Cumulative funding Fapiaoer raised

$150M

across 2 funding rounds

Key investors in Fapiaoer

  • IDG Capital
  • Hillhouse Investment
  • CDH Investments
  • WANDA Group
  • Tencent
  • Shenzhen Capital Group
  • China Capital Zhongcai Fund Management
  • Pusi Capital

Fapiaoer Overview

About Fapiaoer

Fapiaoer is a China-based electronic invoicing platform under Tencent-backed GaoPeng. It streamlines invoice creation, storage, and reimbursement for enterprises using cloud technology. GaoPeng incubates WeChat commercialization projects and optimizes group-buying e-commerce. Fapiaoer serves businesses nationwide with compliant digital fapiao solutions integrated into payment systems.


Founded

2017

HQ

ChinaShenzhen

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Fapiaoer Funding History

Fapiaoer has raised a total of $150M across 2 funding rounds.

Fapiaoer's first fundraising round was a $10M Series A in February 2018. The most recent completed round was a $141M Series B in October 2019.

Fapiaoer funding rounds

Fapiaoer funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2019Series BPusi Capital; IDG Capital; Tencent; Hillhouse Investment; China Capital Zhongcai Fund Management; Shenzhen Capital Group; WANDA Group; CDH Investments$141MIn October 2019, Fapiaoer, a Chinese electronic invoicing service provider based in Shenzhen and part of the Tencent-backed Hainan Golden Technology group, closed a Series B round of about CNY 1 billion (roughly USD 141 million). Tencent led the round. Shenzhen Capital Group, CDH Investments, China Investment Corporation and China Finance Fund joined as new investors, alongside existing backers Hillhouse Capital, Wanda Group, Prometheus Capital (Pusi Capital) and IDG Capital. The group was set up as a Tencent subsidiary after the Chinese government called for electronic invoicing in 2015. It offers solutions to businesses in catering, hospitality, retail and property management, and operates the WeTax electronic invoicing platform. Its clients include Didi Chuxing, China Unicom, China Telecom, China Mobile and FedEx. The proceeds were reported as funding for the invoicing and tax-services platform's expansion.
Feb 2018Series AIDG Capital; Hillhouse Investment; WANDA Group; CDH Investments$10M-

Who has invested in Fapiaoer?

8 investors have backed Fapiaoer across its funding rounds, including IDG Capital, Hillhouse Investment, CDH Investments, WANDA Group, Tencent and Shenzhen Capital Group.


Fapiaoer Investors

Investors in Fapiaoer by funding rounds participated
InvestorHQRoundsRoleFirst check
IDG CapitalHong KongHong Kong2ParticipantFeb 2018
Hillhouse InvestmentChinaBeijing2ParticipantFeb 2018
WANDA GroupChinaBeijing2ParticipantFeb 2018
CDH InvestmentsHong KongHong Kong2ParticipantFeb 2018
Pusi Capital--1ParticipantOct 2019
TencentChinaShenzhen1ParticipantOct 2019

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Fapiaoer Competitors

Fapiaoer competitors include listed companies like Alibaba Group, S&P Global, Moody's and Constellation Software, and private ones like Ant Group and Mambu.

Public and private companies comparable to Fapiaoer
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Alibaba GroupChinaChinaPublicly listed$154B$15B$266B1.6x
S&P GlobalUnited StatesUnited StatesPublicly listed$15B$7.7B$136B10.2x
Moody'sUnited StatesUnited StatesPublicly listed$7.7B$3.8B$87B11.4x
Ant GroupChinaHangzhouPrivate$25B-$79B3.2x
Constellation SoftwareCanadaCanadaPublicly listed$12B$2.5B$53B4.2x
MambuNetherlandsAmsterdamPrivate--$5.5B-

Fapiaoer Public Comps

Fapiaoer is still privately-owned, but its public comps include Alibaba Group, S&P Global, Moody's, Carvana, Constellation Software, Fiserv, Verisk Analytics, HiThink, Shein and Broadridge.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Alibaba Group$154B$15B1.7x1.6x17.4x12.0x
S&P Global$15B$7.7B9.9x10.2x19.8x19.3x
Moody's$7.7B$3.8B12.1x11.4x24.4x21.8x
Carvana$20B($110M)4.2x3.0x(768.0x)29.7x
Constellation Software$12B$2.5B4.9x4.2x22.6x15.5x
Fiserv$21B$8.9B2.9x3.1x6.8x7.2x
Verisk Analytics$3.1B$1.7B9.9x9.5x18.2x16.8x
HiThink$905M$533M23.1x18.5x39.2x31.4x

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Common questions about Fapiaoer

When was Fapiaoer founded?Fapiaoer was founded in 2017.
Where is Fapiaoer headquartered?Fapiaoer is headquartered in Shenzhen, China.
Is Fapiaoer publicly listed?No, Fapiaoer is a private, VC-backed company.
How much funding has Fapiaoer raised?Fapiaoer has raised $150M across 2 funding rounds.
What was Fapiaoer's last funding round?Fapiaoer's last funding round was a $141M Series B in October 2019.
Who are Fapiaoer's investors?Fapiaoer's investors include IDG Capital, Hillhouse Investment, WANDA Group, CDH Investments, Pusi Capital, Tencent, China Capital Zhongcai Fund Management and Shenzhen Capital Group.
Which companies are comparable to Fapiaoer?Companies comparable to Fapiaoer include Alibaba Group, S&P Global, Moody's, Ant Group, Constellation Software and Mambu.

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