Cross-border E-commerce Payment Platform PingPong Wins RMB 9-digit Series C
iYiou.com, 9/18/18
Hangzhou-based third-party cross-border payment company Pingpeng Intelligent Technology ("PingPong") recently announced that it has secured RMB 9-digit Series C funding from Sinowisdom Asset Management and other investors. The funding amount has been confirmed to be about RMB 700 mln by an industry insider.
PingPong, founded in June 2015, provides low cost comprehensive payment solutions to Chinese sellers on cross-border e-commerce platforms. Using cross-border collections as a basis, PingPong also offers value-added services such as VAT payments, export tax rebates, and PingPong's accelerated payment processing service "Light Year." PingPong is integrated into ten of US e-commerce giant Amazon's global websites as well as Wish, Newegg, and Shopee. PingPong is the only Chinese-owned company with payment licenses for the United States, Europe, Japan, and Hong Kong.
PingPong has peak single day transaction volume of more than USD 100 mln, had processed 1 mln cash transfers to users, and recorded annual transaction volume of more than USD 10 bln as of May 31, 2018, according to data provided by the company. PingPong helps more than 100,000 Chinese merchants improve their overseas collections and link to 4 bln online shoppers around the world. PingPong's business covers 43 countries and regions globally.
Editor's Note: For more background on PingPong, please see CICC Leads Series B3 Funding of Cross-border E-commerce Payment Service 'PingPong', MD 3/22/18 issue, and Cross-border E-commerce Payment Platform 'PingPong' Wins RMB 9-digit Series B1, MD 3/14/17 issue.
Keywords: VC online payment e-commerce Internet funding Series C Sinowisdom cross-border e-commerce Pingpeng PingPong
Sending
