Yeahka

What Yeahka does

Yeahka (移卡科技, 9923.HK) is a Shenzhen-headquartered fintech platform listed on the Hong Kong Stock Exchange since 2020 that provides one-stop payment services, merchant SaaS solutions, precision marketing, and in-store e-commerce tools to approximately 9.2 million small and mid-sized merchants in China and selected overseas markets. The company operates a platform-plus-modules architecture anchored by its core payment processing business, which processed RMB 2.34 trillion in domestic GPV and RMB 5.0 billion in overseas GPV in 2025, supplemented by digital operation SaaS products (智掌柜 for restaurants, 聚惠扫扫 for retail payments), precision marketing via its Chuangxinzhong subsidiary, fintech services, and in-store e-commerce. Its technology stack includes a proprietary data warehouse built on owned big data clusters, an internal Yeahka AI Lab for frontier research, and AI agent products such as Fynix AI Shop for overseas merchants in Southeast Asia.

The company generates revenue primarily through transaction-based fees on payment volume, supplemented by SaaS subscriptions for merchant digital tools, marketing services revenue, and value-added fintech services. Its customer base spans Chinese SMEs served through self-serve and direct channels, domestic enterprise brands for in-store e-commerce (Midea, Toshiba, China Telecom), and overseas enterprise brands for cross-border payments via the YeahPay brand (Huawei, BYD, Stefano Ricci, Honor, OPPO, Jumbo, ChaPanda, TWG, Singapore's Union Gas). The go-to-market combines direct B2B sales with localized teams in overseas markets, channel partnerships (notably Octopus Cards in Hong Kong), and technology integrations (ByteDance Jichuang 2.0 for AI-powered advertising). In FY2025, Yeahka reported revenue of RMB 3,310.5 million (+7.3% YoY), gross profit of RMB 788.2 million (+8.1%), and core EBITDA of RMB 352.8 million (+52.7%), with overseas profit contribution exceeding 10% of the total payment business for the first time in Q1 2026.

Strategic subsidiaries include Fushi Tech (overseas AI agent platform for Southeast Asian merchants, targeting growth from ~34,000 to 150,000 merchants within two years), YeahPay (overseas payment brand processing RMB 2.439 billion in Q1 2026 cross-border transactions, approximately 4x year-on-year), and Chuangxinzhong (AI-driven precision marketing subsidiary ranked as ByteDance Jichuang 2.0's top agency-tier partner by model consumption as of June 2026). The company holds payment licenses in Hong Kong, Singapore, the United States, and Japan, and employs roughly 70% technical staff across its 1,001-5,000 employee base.

Name

Yeahka

Legal name

深圳市移卡科技有限公司 (Shenzhen Yiqia Technology Co., Ltd.)

Website

https://yeahka.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Yeahka (移卡科技, 9923.HK) is a Shenzhen-based fintech providing one-stop payment processing, merchant SaaS, precision marketing, and cross-border payment services to 9.2 million Chinese SMEs and overseas merchants across Hong Kong, Singapore, the US, and Japan.

Ownership category

akta.pro rank

Product category

Merchant Payment Processing

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Sales Financing (52222)

SIC

Finance Services (6199)

akta.pro primary industry

Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA)

akta.pro secondary industries

Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE), Merchant Cash Advance & Payment-linked Lending (CRAFALAK)

Keywords

• Mobile payment services
• Merchant payment processing
• Cross-border payments
• Digital merchant solutions
• Precision marketing services

Headquarters

HQ city

Shenzhen

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Payment Services: Domestic and overseas payment processing services generating transaction fees. Domestic payment GPV reached RMB 2.34 trillion in 2025 with 0.1% growth; overseas payment GPV reached approximately RMB 5.0 billion with 323.3% YoY growth.
2. Digital Operation Services (SaaS): SaaS-based merchant solutions including restaurant, retail, and open platform digitalization tools. Business ecosystem continues to evolve with merchant digital tools.
3. Precision Marketing Services: Integrated full-scenario resources and traffic with diverse marketing methods. Subsidiary Chuangxinzhong provides AI-powered precision marketing for enterprise clients.
4. In-store E-commerce: Short video, live streaming, and local life services for merchants. Q3 2025 in-store e-commerce GMV reached RMB 1,418 million, up 68.4% YoY.
5. Cross-border Payment Services: Overseas payment brand YeahPay processes cross-border transactions for merchants. Q1 2026 GPV reached RMB 2.439 billion, approximately four times prior year period.
6. Fintech Services: Partnerships with authoritative financial institutions providing financial services to merchants.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Yeahka is a Chinese fintech company providing one-stop payment services for small and mid-sized merchants, supplemented by SaaS merchant solutions (digital operations, precision marketing, fintech services, in-store e-commerce). The company also offers cross-border payment services via its overseas brand YeahPay and AI agent-based merchant automation via Fushi Tech's Fynix AI Shop. Its payment infrastructure processed a domestic GPV of RMB 2.34 trillion in 2025 and an overseas GPV of approximately RMB 5.0 billion (up 323.3% YoY).

Product overview

Yeahka (9923.HK) is a fintech company offering a platform-plus-modules architecture anchored by one-stop payment services for small and micro merchants, supplemented by merchant solutions (including 智掌柜 for restaurant operations, 聚惠扫扫 for retail payments, and an open platform), precision marketing services (including Chuangxinzhong for AI-driven advertising), fintech services, and in-store e-commerce services. Overseas operations are led by Fushi Tech through the Fynix AI Shop AI agent product and YeahPay cross-border payment brand, with AI capabilities grounded in the Yeahka AI Lab research unit and proprietary data warehouse.

Differentiator

Problem solved

Functional benefit

Brands

• Fynix AI Shop: General-purpose AI agent product for overseas small and mid-sized merchants in Southeast Asia, enabling autonomous handling of customer acquisition, conversion, payments, and repeat purchases without human intervention.
• YeahPay
• Chuangxinzhong (创信众)

Products and services

• One-Stop Payment Service (一站式支付服务)

Quantifiable outcome

• Fraud loss rate reduced to less than 0.000022%
• +7 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability9 records

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core and flagship.

• ByteDancecoreTechnology or Integration · 1 June 2026Chuangxinzhong, Yeahka's precision marketing subsidiary, became ByteDance's top-ranked partner by model consumption among all agency-tier partners of ByteDance's Jichuang 2.0 model. The partnership enables AI-powered advertising and content production through integration of LLM capabilities with advertising and user operations.
• Octopus Cards LimitedcoreStrategic or Co-development Partner · 3 February 2026Strategic partnership to develop Hong Kong's digital payment ecosystem. YeahPay's merchants will be able to accept Octopus payments, expanding service coverage across Hong Kong's transportation, retail, and other sectors. Octopus has over 20 million cards in circulation and 98% market penetration.
• HuaweiflagshipChannel Partner/ Reseller/ Distributor · 1 January 2026Huawei joined YeahPay's merchant network for cross-border payment services as part of new merchant partnerships spanning multiple verticals.
• BYDflagshipChannel Partner/ Reseller/ Distributor · 1 January 2026BYD partnered with YeahPay for cross-border payment services as new merchant partnerships expanded to include new energy mobility sector.
• Stefano RicciflagshipChannel Partner/ Reseller/ Distributor · 1 January 2026Luxury brand Stefano Ricci joined YeahPay's merchant network, expanding payment services into the luxury retail vertical.
• JumbocoreChannel Partner/ Reseller/ Distributor · 1 January 2026F&B brand Jumbo partnered with YeahPay for cross-border payment services and is also a client for customer loyalty solutions.
• ChaPandacoreChannel Partner/ Reseller/ Distributor · 1 January 2026ChaPanda joined YeahPay's merchant network, expanding F&B sector coverage in the overseas payment ecosystem.
• TWGcoreChannel Partner/ Reseller/ Distributor · 1 January 2026TWG tea brand partnered with YeahPay for cross-border payment services in the F&B vertical.
• HonorflagshipChannel Partner/ Reseller/ Distributor · 1 January 2026Honor joined YeahPay's merchant network for cross-border payment services as part of consumer electronics expansion.
• OPPOflagshipChannel Partner/ Reseller/ Distributor · 1 January 2026OPPO partnered with YeahPay for cross-border payment services, expanding consumer electronics merchant coverage.
• Singapore's Union GascoreChannel Partner/ Reseller/ Distributor · 1 January 2026Singapore-based Union Gas joined YeahPay's merchant network, expanding energy services coverage in Southeast Asia.

Scale indicators18 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• LianLian DigiTech: Chinese cross-border payments company also listed in Hong Kong; competes head-to-head with Yeahka/YeahPay in serving Chinese exporters and brands needing international payment infrastructure.
• PingPong Payments: Cross-border payment processor serving Chinese SMB exporters; directly comparable to YeahPay in business model (transaction-fee cross-border settlement for merchants).
• dLocal: Cross-border payments enabler focused on emerging markets including Southeast Asia; comparable to YeahPay in serving global merchants accepting payments in and to emerging markets.
• Airwallex: Asia-Pacific headquartered cross-border payments fintech with licenses across multiple jurisdictions; directly competes with YeahPay for cross-border payment processing and FX.

Broad incumbents

• Adyen: Global unified payments platform for enterprises offering merchant acquiring, gateway, and cross-border processing; comparable to YeahPay for enterprise-grade international payment infrastructure but with much broader geographic reach.
• Ant Group (Alipay): Dominant Chinese consumer payments platform and merchant acquirer; directly competes with Yeahka in domestic SMB payment processing and increasingly in cross-border and merchant digital services.
• Tencent (WeChat Pay): WeChat Pay is the other dominant Chinese wallet and merchant payment processor; competes with Yeahka for SMB payment acceptance and merchant value-added services.
• Block (Square): Integrated payments + SaaS (Square, Cash App) platform for SMBs; broadly comparable to Yeahka's one-stop payment + digital operations + marketing ecosystem, though serving Western SMBs.
• Stripe: Global internet payment gateway and developer-focused infrastructure; comparable to Yeahka's payment gateway business and increasingly to its AI-driven merchant tools.

Emerging players

• PagSeguro: Emerging-market payments and merchant services provider; comparable business model (payments + SaaS + acquiring) to Yeahka but focused on Latin America rather than Asia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds8 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Yeahka