Market Overview

PingPong Named to List of World's Fastest-Growing Fintechs

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SAN MATEO, Calif., April 24, 2019 /PRNewswire-PRWeb/ -- CB Insights has named PingPong, a global cross-border payment and e-commerce platform, to the Fintech 250 list. The list represents a prestigious group of fintech organizations who are creating innovative financial services using technology. PingPong was honored for achievements in the category of cross-border payments, an announcement that comes in the wake of raising $102M in its Series C round in September 2018.

"We're thrilled to be recognized for our achievements in cross-border payments in the United States and around the world," said Karen Li, managing director and CEO of PingPong Global Solutions Inc., PingPong's U.S. branch. "We're working hard to bring a new level of financial services to e-commerce merchants in the US. This award makes us even more excited for everything to come."

In a few short years, PingPong has become one of the leaders in cross-border payments for e-commerce merchants with more than 42,000 active users of its financial services. Since its founding in New York in 2015, PingPong's grown rapidly across the United States, Asia, and Europe.

From 2016 to 2017, PingPong embarked on a series of partnerships with many of the world's leading e-commerce marketplaces, including Amazon, Wish, Shopee, Cdiscount, and Newegg. In September 2017, PingPong launched a new loan solution service designed for Amazon sellers. Then in October 2017, PingPong became the first Chinese fintech company to receive a Payment Institution (PI) license from the government of Luxembourg.

"Our mission is to empower cross-border sellers to improve their cash flow and accelerate business growth," said PingPong founder and CEO Robert Chen. "To that end, we're always looking for ways to break down barriers to e-commerce and create innovative, new solutions for our merchant partners. We're thrilled to be recognized for all our hard work with this honor."

PingPong's growth story continues in 2019. In April, PingPong added zero-fee GST payments in Canada to better serve e-commerce sellers who typically pay foreign exchange fees when making payments. PingPong is in the process of expanding its offices in the Silicon Valley region, plus growing its roster of e-commerce services to include new tools and products in new countries.

"In the last year, we've expanded into Australia, South Asia, and Russia. That's important because new markets mean new opportunities for our cross-border e-commerce merchants," said Ning Wang, PingPong's chief business officer. "It's tremendous recognition of this year's global growth and accomplishments to be named one of the world's top fintechs by CB Insights."

The CB Insights research team selected the Fintech 250 companies based on several factors, including data submitted by each company and their Mosaic Score. The Mosaic Score, based on CB Insights' algorithm, measures the overall health and growth potential of private companies. Through this evidence-based, statistically driven approach, the Mosaic Score can help predict a company's momentum, market health and financial viability.

"After we named the inaugural Fintech 250 in 2017, they went on to raise $23B including 30 rounds of over $100 million. 22 of the Fintech 250 have already exited with half via IPO. This year, we've added 113 new companies to the Fintech 250 using the CB Insights Mosaic algorithm, and the group is broad, covering everything from insurance tech to consumer banking to capital markets tech. We look forward to the success of this year's group," said CB Insights CEO Anand Sanwal.

ABOUT PINGPONG
Since 2015, PingPong has been on a mission to empower e-commerce sellers to grow their businesses and thrive in the global economy. Today, more than 42,000 e-commerce merchants around the world trust PingPong to help them keep more of their hard-earned profits with better rates on cross-border payments, Canada GST payments, VAT payments, supplier payments, and more. PingPong has more than 400 employees in offices across the U.S., Europe, and Asia. More information about PingPong is available at: https://pingpongpayments.com.

 

SOURCE PingPong

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