China Broadband Capital has made an investment in New York-based Payoneer, a digital payments company. No financial terms were disclosed.
NEW YORK and BEIJING, Dec. 5, 2017 /PRNewswire/ — Payoneer, an innovative digital payments company transforming the way businesses send and receive cross-border payments, announced today that China Broadband Capital (CBC), one of China’s leading investment funds, has made an investment in the company. The Series E-1 funding follows last year’s $220+MM Series E investment round, which included Technology Crossover Ventures (TCV), W Capital and other existing investors. CBC now joins Ping An as China-based investors in Payoneer. The funding will be used to further strengthen Payoneer’s global platform and accelerate investment in the company’s local China operations.
“CBC has invested in and helped many of the world’s most innovative companies expand in China and throughout the world. Payoneer is positioned better than any other payments company to help Chinese companies grow globally, as well as help non-Chinese companies sell into China,” said Edward Tian, Chairman of CBC. “We believe that Payoneer’s global footprint, banking ecosystem and proprietary compliance infrastructure will position Payoneer as the preeminent solution to help companies of all sizes grow internationally.”
Scott Galit, CEO of Payoneer, stated, “CBC is one of the most prestigious and respected investors, as evidenced by their portfolio of leading technology companies, including Airbnb and LinkedIn China. Their knowledge of the China market, along with a shared belief in the transformation of global trade, aligns us very well. This investment adds another brick to Payoneer’s strong global foundation. We are excited to add CBC as a shareholder and are honored by their endorsement.”
“We share Payoneer’s view that the digitalization of commerce has created a new paradigm for companies that want to grow globally, and we believe that Payoneer is well suited to support the needs of those companies,” noted Tian. “We are excited to share our knowledge with Payoneer’s management team and are happy to be part of the win-win dynamic that Payoneer is creating between trading partners and businesses throughout the world.”
Galit added, “We strongly value CBC’s support to help us empower businesses to grow globally by delivering the financial services and support they need to successfully expand across borders. In addition, we are excited to add to our already strong balance sheet. Having significant resources and strategic support will allow us to make the right long-term investments and enable us to realize our vision of being a partner for growth for local businesses of all sizes.”
Payoneer empowers global commerce by connecting businesses, professionals, countries and currencies with its innovative cross-border payments platform. In today’s borderless digital world, Payoneer enables millions of businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments. Additionally, thousands of leading corporations including Amazon, Google, Airbnb, UpWork and Getty Images use Payoneer’s mass payout services.
With Payoneer’s fast, flexible, secure and low-cost solutions, businesses and professionals in both developed and emerging markets can now pay and get paid globally as easily as they do locally. Founded in 2005 and based in New York, Payoneer is funded by CBC, Greylock Partners, NYCA Partners, PingAn Ventures, Susquehanna Growth Equity, TCV, Viola Ventures, and Wellington Management. The company is profitable, ranked in the top 100 of Inc. 5000’s Financial Services companies, and was awarded a spot on the 2017 CNBC Disruptor 50 list. www.payoneer.com
CBC, founded by Edward Suning Tian in 2006, is a China-based private equity firm focusing on TMT investments. With its extensive industry expertise , CBC has been regarded as one of the most influential investors in the Internet and technology space in China, leading many exceptional investments in both the Enterprise and the Consumer Internet sectors. CBC leverages its operational background to create significant value for its portfolio companies. CBC currently manages multiple USD and RMB funds with a total AUM of over USD 2 billion and has built a strong portfolio consisting of leading industry companies such as 21Vianet, AsiaInfo, Longshine, Qiniu, Fraudmetrix, Dianping, Focus Media, Oriental Pearl, Babytree, Ximalaya, and Wacai.
In addition, CBC expands its footprint globally by partnering with leading global technology innovators, contributing significant value to their success in China. Over the years, CBC has invested in market leaders such as LinkedIn China, Planet, Docker, Evernote, Airbnb, and won the reputation as the best China partner for global technology companies through its active post-investment value-add.
The unique combination of its diversified skill sets, experience and networks places CBC in the best position to help shape the “Digital Eco-System” for China. With its outstanding performance and strong brand image, CBC won the 2016 Chinese private equity investment institutions TOP100 Award.