500.com invests in China payment services company

500.com, a China online sports lottery company, has agreed to invest in Zhejiang Shangmeng Technology Limited Company (Sumpay.cn), which is licensed to provide third-party payment services in China.

New York Stock Exchange-listed 500.com will buy 63 percent of Sumpay for about $35.6 million in cash.

 The company said “by leveraging Sumpay.cn’s online payment capabilities, the investment will enable 500.com to reduce costs related to third-party payment transactions on its platform.” 500.com will cooperate with Sumpay.cn to help grow and diversify its online payment services business.