Ping An Group, one of the largest insurance players in China, invested USD 5 M in USD-30m-fourth-round financing of Payoneer, an online payments firm that facilitates cross-border payments.
The funds will be used to promote the brand and leverage Ping An local know how in China. It is estimated that there are 20k sellers in China using Payoneer. Ping An has been investing in 30 financial innovation projects, 10 of which in US, such as financial technology, m-banking and artificial intelligence.
“We share a strategic vision with Ping An of how we can help Chinese businesses grow their cross-border sales by facilitating scalable, efficient, cross-border payments services,” said Scott Galit, CEO of Payoneer. “This is a huge market opportunity and this financing is just the beginning of our collaboration with Ping An, solidifying Payoneer’s position as the go-to payments company for businesses looking to scale in China, Asia and the rest of the world.”
“Payoneer has an exciting business strategy in China and offers payment solutions to marketplaces, ecommerce platforms, technology companies, professionals and small business owners around the world,” said Jiang Zhang, Director of Ping An Ventures.
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