Sure, it’s an honor “just to be nominated” – but winning is even better! We can say that with all confidence after just being named one of the “Most Innovative Fintechs in 2018” by CB Insights, and we’re delighted to share the details with you here.
On October 22, 2018, PingPong was named to the 2018 CB Insights Fintech 250 List of Fastest-Growing Fintech Startups. PingPong was honored for achievements in the category of cross-border payments.
“This award recognizes the hard work we do every day creating financial services to empower e-commerce sellers in the United States and around the world,” said Karen Li, head of PingPong Global Solutions Inc., PingPong’s U.S.-based operations. “I’m incredibly proud of our team, and I’m happy to share this award with our customers we work closely together with. We couldn’t have done it without you!”
Founded in 2015, PingPong Has Grown Rapidly
In just a few years, PingPong has taken a commanding position among cross-border payment fintechs. Founded in New York in 2015, PingPong’s been growing rapidly across the United States, China, and Europe.
The years between 2016 to 2017 were busy for PingPong, as we embarked on partnerships with Amazon, Wish, Newegg and other major e-commerce marketplaces. In September 2017, PingPong expanded beyond cross-border payments to launched its new loan solution service for Amazon sellers. Then in October 2017, PingPong officially expanded to Europe when it became the first Chinese fintech company to receive a Payment Institution (PI) license from the government of Luxembourg.
“We’re on a mission to empower e-commerce sellers in the new global economy,” explained PingPong founder and CEO Robert Chen. “It’s an honor to be recognized by CB Insights as one of the leading fintechs in the world, and we’re proud to share this honor with our employees and customers.”
PingPong’s Recent Growth
PingPong has continued growing rapidly in 2018. In February, PingPong added free VAT and supplier payments to better serve e-commerce customers who typically pay cross-border fees when making payments. In September 2018, PingPong’s cross-border e-commerce payment platform raised $102M Series C Round, as reported in CrunchBase.
PingPong is in the process of expanding its Silicon Valley offices and enlarging its menu of e-commerce services to include new tools and products to new countries.
“PingPong has expanded operations in the past year to Australia, South Asia, and Russia. Each new country is important because it brings more opportunities for our merchants to grow their businesses.” said Ning Wang, PingPong’s chief business officer. “To be named one of the world’s top fintechs is a wonderful recognition of this year’s achievements.”
PingPong has more than 300 employees across offices in the U.S., China, Hong Kong, Japan, and Luxembourg. PingPong Europe S.A. (EU) is a licensed Payments Institution with The Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. In the US, PingPong is registered as a Money Services Business with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN registration number is 31000104088714) and is a non-depository financial institution on the National Mortgage State Licensing System (1572799).
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