Leading cross-border fintech startup Dowsure raised $20 million to fuel the growth of millions of cross-border e-commerce sellers in China
/PRNewswire/ — Dowsure Technologies, has attracted the attention of global strategic investors, fueling the growth of millions of e-commerce sellers from China on marketplaces like Amazon, eBay, Shopee and more, unleashing the potential lending size of more than CNY 150 billion annually.
Shenzhen-based Fintech startup Dowsure recently closed its USD 20 million Series B financing round, which is led by an undisclosed global top-tier strategic investor, and followed by VenturesLab, Qianhaiyifang, and existing investor Plug & Play China.
Cross-border e-commerce market has received numerous attentions in the year of 2021, with more than 6 million sellers on Amazon and over half of them are from China. With traditional loan assessment logic from banks, these sellers are considered as “underbanked” considering they don’t have strong fixed collateral support and a solid financial track record. Solving the capital needs for these store owners has been the strategic goal of banks and financial institutions around the world, especially in China.
Dowsure is highly recognized as the leader in this market by providing unified lending experiences for cross platform sellers, including Amazon, eBay, Shopee, Lazada and DTC sellers from Shopify and more. As Amazon’s lending service provider, Dowsure has built its proprietary assessment model for marketplace store owners, with the data API connectivity and account locking features, Dowsure has worked with dozens of Chinese banks in enabling pure credit loan based on store data with no collaterals, as technology and data provider. With 8 months in operations for lending tech business, the company has facilitated more than CNY 35 billion in GMV for Chinese sellers on Amazon platform.
Dowsure’s assessment model and algorithm can also be implemented in other digital assets which have continual online cash flow, but are still considered underbanked by traditional financial institutions. The company has the vision to unleash the value of digital assets in the online world, other than marketplaces sellers, Dowsure has already worked with software marketplaces and application stores for product prototype, preparing to disrupt capital solutions for more industries with more funding partners.
Mark Mai, Founder of VenturesLab: “The market Dowsure is targeting has huge potential and sizing, we recognize Dowsure’s approach to solve the underbanked issued in cross-border e-commerce industry as the best practice in this market, and this model was also approved by multiple top banks in mainland China and HK, we’re confident that Dowsure will continue to innovate and scale to become a Fintech unicorn soon.”
Qianhaiyifang’s Chairwoman Serena Lai: “We’re thrilled to participate in Dowsure’s latest round of investment, China has the world’s most complete consumer goods supply chain and the largest cluster of cross-border sellers, but these companies’ financial needs have not been fully satisfied, the emergence of Dowsure has provided an innovation solution to this pain point. We believe in the company’s ability to provide reliable dual account locking API and an advanced fintech model, which served as a foundation for digital credit products. Therefore, in addition to investing in Dowsure, Qianhaiyifang has also formed a strategic alliance with the company to jointly develop digital financial products for the cross-border e-commerce industry and seek to better serve this exciting emerging market.”
Chen Zhao, Managing Partner of Plug & Play China: “Dowsure was our first investment for this industry in China, and we’re glad to provide continuous support for Byron and his solid team. We believe in their ability to keep building innovative lending solutions for the e-commerce industry, with the potential to expand into global market, and to different digital asset industry.”