Meituan-Dianping announced that it has fully acquired third-party payment provider QianDaiBao and gained a third-party payment license after the deal.
Public information showed that QianDaiBao was among the first batch of Chinese enterprises to gain a third-party payment license granted by People's Bank of China (PBOC).
The company was founded in November 2008 and provides a comprehensive payment solution for small merchants. QianDaiBao holds the license to operate payment businesses such as internet payment, mobile phone payment and merchant services.
Meituan Payment was delisted from App Store in June 2016, reportedly due to the company's operation without a payment license.
The company raised USD 3.3 billion in its series E round which was backed by Chinese internet giant Tencent in January 2016. In July, Meituan-Dianping received a “strategic investment” from state-controlled conglomerate China Resources.
Meituan-Dianping is said to be preparing to spin off its hotel business for independent financing, according to a Tencent Technology News report in August 2016. (Translated by Jerry)