FinTech PingPong Payments Teams With India Sourcing Network

PingPong Payments, a FinTech unicorn working on cross-border payment solutions, has partnered with India Sourcing Network to help Indian sellers get funds from international buyers, according to a press release Thursday (March 31).

Per the release, this will help make borderless eCommerce possible. The move will add more opportunities through leveraging PingPong’s same-day payments to make faster payment corridors, making more competitive pricing and allowing for end-to-end sourcing and payment needs for smaller businesses.

The release noted that the eCommerce market globally is likely to grow by 12.7%, hitting $5.5 trillion this year. That will see an “unprecedented” opportunity for U.S. sellers to win new online customers, according to PingPong.

Additionally, product suppliers might be weary of slow invoicing and unnecessary fees with older banking models, so they might gravitate to newer FinTech solutions. PingPong Managing Director Kenny Tsang said companies would benefit from the greater amount of access to cross-border payments, saying India Sourcing Network was “thriving.”

“PingPong’s partnership with ISN offers Indian suppliers and global sellers competitive pricing options, by leveraging PingPong’s same-day payments system to solve the sourcing and supplying needs of tomorrow,” Tsang said in the release.

He added that the partnership would let U.S. sellers “receive tailored offerings from suppliers and find alternative trade opportunities to those destinations experiencing ongoing shipping delays.”

Earlier this year, PYMNTS wrote that PingPong was considering an initial public offering (IPO) for $1 billion. In January, it was reported that the company was working on a listing for the Hong Kong markets for this year, though it had considered doing it in mainland China.

See also: Payments Firm PingPong Considers $1B IPO

The company also had a goal of making around $300 million in a pre-IPO funding round, and as of January, its valuation was $5 billion.

PingPong got unicorn status in 2020, having reached $1.5 billion by the end of that year. The company was also approved to do business as an electronic money institution (EMI) in Luxembourg.