Fushi Technology

In 2016, Fushi Technology was established in Shenzhen, China, with a focus on providing end-to-end SaaS solutions for merchants. While not a household name, the company became a key portfolio member of the Hong Kong-listed fintech company Yeahka, which first invested in Fushi in 2019. This strategic partnership provided Fushi with access to payment technology and AI capabilities that had already been proven in the competitive Chinese market. The company’s journey took a significant step in March 2021 when it announced a US$15 million Series A+ funding round. This capital injection, led by ABC International and Cowin Capital, was earmarked for expanding its SaaS platform, hiring talent, and boosting its channel expansion and marketing services. A pivotal moment in Fushi's globalization strategy occurred in May 2023 with the acquisition of Ascentis, a leading Singapore-based provider of CRM and eCommerce SaaS solutions. This move made Fushi the controlling shareholder and was a clear signal of its ambition to expand into the burgeoning Southeast Asian market by integrating its existing point-of-sale, AI, and digital payment solutions with Ascentis's established O2O and CRM expertise. Today, Fushi Technology continues its expansion, aiming to become a dominant one-stop digital services platform for merchants across China and Southeast Asia.