Investments

Shopping App Wish Gets $300M At $11.2B Valuation

Shopping App Wish Gets $300M At $11.2B Valuation

The popular mobile shopping app Wish has raised about $300 million in a Series H round, according to reports.

The round, which was led by General Atlantic, gives the San Francisco-based app a post-money valuation of $11.2 billion.

Much of the company’s business is built around the sourcing of affordable goods from China, and the tariffs imposed on Chinese goods by President Trump’s administration could potentially harm its business. The company, anticipating this, said it will use the new capital to grow its “merchant footprint in Europe and North America.”

According to analysts, Amazon will cite Wish as a competitor to help protect it against claims of having a monopoly in the eCommerce sphere.

Wish was launched in 2010 by Danny Zhang, a former Yahoo! employee, and a former Google employee named Peter Szulczewski. In 2014, the company was worth $400 million.

The San Francisco-based company utilizes a Pinterest-like interface that uses algorithms and Big Data to provide users with a customized retail experience. The mobile app lets users “buy or save” products presented in an array of images.

Last year, in order to help Wish users with their shipping needs, ShippingEasy was integrated into the marketplace’s shopping app. The partnership enabled Wish customers to track orders and print shipping labels.

“Sellers use the Wish shopping app to reach millions of worldwide consumers each day, and now they will benefit from the integration with ShippingEasy,” ShippingEasy Vice President Strategy & Business Insights Navin Kekane said at the time. “Among many other benefits, ShippingEasy’s powerful automation and two-way inventory sync[ing] through our inventory management solution will allow Wish sellers to put more hours back in their day so they can concentrate on growing their business.”

With the rollout, ShippingEasy offered sellers automatic order import from Wish and other major selling channels, as well as one-click and batch printing and custom forms. The platform also offers discounted shipping rates and built-in inventory management with multi-channel automation.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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