Huifu expands into SaaS through investment

Shanghai-based tech firm Huifu announced on Thursday that it will complete a strategic investment in startup Acewill to expand its digital business in the catering industry.

Both sides declined to reveal the details of the deal.

Acewill now offers digital services including SaaS (Software as a Service) for 120,000 restaurants and cafes in China, including Starbucks, Ajisen Ramen, Xiaonanguo and South Beauty. 

HK-listed Huifu has expanded into the SaaS arena alongside its core payment business. In the first half, Huifu’s SaaS business transaction volume jumped 45 percent year on year.

Before that, Huifu has cooperated with e-commerce giant Weimob to offer integrated services covering payment and SaaS for online retailers.

In 2019, Huifu revenue grew 13 percent to 3.68 billion yuan (US$530 million) with 39 percent net profit growth, thanks to booming transaction volume and expansion in SaaS.