Payoneer has received funding from the investment arm of Ping An Group, a China-based financial services provider. No financial terms were disclosed. Payoneer is a global payment platform.
NEW YORK, June 9, 2014 (GLOBE NEWSWIRE) — Payoneer Inc., a leading online payments company transforming the way technology companies and SMEs send and receive cross-border payments, has received an investment from the investment arm of Ping An Group, a leading integrated financial services provider and the largest non-state-owned enterprise in China.
This endorsement by Ping An, along with collaboration to jointly promote the Payoneer brand and leverage Ping An’s local know-how, will accelerate Payoneer’s growth in China, enhance its customer relationships and further strengthen the value proposition Payoneer offers businesses throughout Asia and beyond.
“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.”
Ping An is one of the largest and most respected financial services providers in China and the world. Ping An was ranked No. 181 on the Fortune Global 500 Top Companies in 2013. As Ping An’s three pillars of business – insurance, banking and investment – continue to thrive across more than 80 million customers, its investment in Payoneer serves as validation of Payoneer’s growing brand, industry leadership and market opportunity in China.
“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. “We are confident that this partnership will result in the addition of many value-added services and support Chinese business owners as they grow their sales around the world and support global companies as they expand in the fast-growing China market.”
For more information on how Payoneer is expanding international fund transfer for businesses, visit www.payoneer.com.
Payoneer provides an industry-leading global payment platform that connects thousands of businesses with millions of trading partners and professionals worldwide, removing the limitations that typically impede cross-border commerce. Payoneer enables companies to send payments to over 200 countries and territories as easily as if they were making local payments, while professionals and small businesses worldwide can immediately receive funds for services provided or products sold, no matter where they are. For payers and payees alike, Payoneer ensures smooth, cost-effective, secure, compliant transactions. Our range of flexible payout options includes transfers to local banks worldwide, prepaid debit cards, international wire transfers and local eWallets. Venture-backed and profitable, Payoneer is ranked in the top 100 of the Inc. 500 Financial Service companies. For more information, visit us at www.payoneer.com or follow us on Twitter and Facebook.
About Ping An
Ping An Insurance (Group) Company of China, Ltd. was established in 1988 in Shenzhen, China. Today, it has developed into a personal integrated financial services group with three core businesses of insurance, banking and investment. The Group’s shares are listed on the Hong Kong Stock Exchange (stock code: 2318) and on the Shanghai Stock Exchange (stock code: 601318).
Ping An was ranked No.181 in U.S. Fortune’s Global 500 ranking, and No.1 among China’s non-State owned enterprises. Ping An has about 557,000 life insurance sales agents and 203,000 full-time employees. As of 31 December 2013, the Group’s consolidated total assets and equity attributable to shareholders of the parent company reached RMB3.36 trillion and RMB182.709 billion, respectively. For more information, visit at http://about.pingan.com/en/index.shtml.