US-based online international payment provider Payoneer has secured investment from China-based insurance company Ping An on Monday. The amount invested has not been disclosed.
Payoneer provides a system in which customers are able to make international payments to over 200 countries across the world as if they were making a local payment. Ping An will also collaborate with Payoneer to help it promote its brand in China.
The total disclosed funding for Payoneer prior to the Ping An investment was $39m, $25m of which came from a series D round in March led by Susquehanna Growth Equity, the private equity affiliate of technology and trading firm Susquehanna International Group, which included Carmel Ventures, Greylock IL and Vintage Venture Partners.
“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, chief executive 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.”