Lunar Capital Exits China Mobile Payment Business to Ping An (Asia)
Source: Asian Venture Capital Journal | Author: Tim Burroughs
China-focused private equity firm Lunar Capital and co-investors, venture capital firms RRE Ventures and Icon, have sold their stake in China-based third-party online payment provider SmartPay to an affiliate of insurance and financial services holding company Ping An Insurance Company of China. Ping An intends to grow the business to expand its presence in the third-party payments space. Financial details of the transaction were not disclosed.