Chinese outbound visa service ByeCity receives $20M capital boost from Alibaba
Chinese outbound visa provider ByeCity raised $20 million in a Series B funding round from Alibaba Group Holding Ltd and CBC Capital. The company will use the new capital to improve its platform, according to ECNS.
ByeCity Chief Executive Officer (CEO) Zeng Song said: "ByeCity has built up its unique strength in visa application services. The company will maintain its current business advantage and add more tourism services to better meet the needs of outbound travelers."
The Beijing firm, which was founded in 2000, makes online visa application easier for its clients. With the new funding, ByeCity will be able to improve its branding, services, and online platform, the report detailed.
According to Tech In Asia, Chinese citizens who want to travel abroad need to join a tour group or apply for a visa. ByeCity assists these customers in securing visas and claims to succeed 99.8% of the time. In the event that the company is unsuccessful in obtaining the visa, the company issues a refund to its customers, the report explained.