Payments App Circle Raises $60 million, Open Office in China
U.S.-based payments app Circle has raised $60 million from Chinese investors and launched a company in China, as it seeks to expand in the world's second-largest economy.
The latest funding comes from existing investor and Beijing-based tech investment fund IDG Capital Partners, as well as Chinese firms including Baidu, CICC Alpha and Everbright Investments, Circle's co-founder Jeremy Allaire said.
"We're not aiming to compete with the domestic market as that would be a suicide mission given the strength of local players like Alipay and WeChat, but we can connect Chinese consumers with the euro zone and dollar markets," Allaire said.
Circle's China unit operates as a separate locally incorporated company and has not yet launched a product, pending a deal with a local banking partner a...
