What is PingPong? PingPong Review

PingPong provides one-stop financial services for cross-border sellers across the country, supporting multiple platforms such as Amazon North America, Japan, Europe, Wish and Newegg.

About PingPong

1. PingPong was founded in 2015 and is affiliated to Hangzhou PengPong Intelligent Technology Co., Ltd. Its founder is Chen Yu;

2. As of May 31, 2018, PingPong's daily transaction peak was over 100 million US dollars, more than 80 companies used PingPong with annual sales of over 100 million yuan, and a total of over 1 million transactions were processed for users. There were 15 listed companies that used PingPong for years.

Function

1. Multi-currency payment, supporting USD, GBP, EUR, JPY, AUD and CAD;

2. Unified management of multiple platforms;

3. Lightyear: Cash can be withdrawn immediately after Amazon orders are placed, and cash can be withdrawn immediately after Amazon and Wish orders are placed;

4. VAT service: After receiving payment to your PingPong account, you can pay VAT directly with the balance of the same currency in your PingPong store, which can be directly transferred to the tax authorities of seven European countries, saving extra withdrawal and remittance costs;

5. Fumao: For customs declaration and tax refund products, the tax refund will be credited to your account within 1-3 working days, and the net profit may increase by another 3%-7%.

Supported platforms

Amazon North America, Japan, Europe, Australia, Wish, Newegg, Shopee

cost

All fees for cross-border collections are capped at 1%, with no hidden fees or exchange losses.

Development History

In August 2014, the pingpong founding team began to form.

In March 2015, Pingpong USA was established in New York and obtained U.S. financial currency payment qualifications.

In March 2016, PingPong ads officially landed on Amazon Seller Central.

In September 2016, PingPong connected to Wish.

In December 2016, PingPong Finance was awarded the "Industry Dark Horse Benchmark Award" by the Hangzhou Comprehensive Pilot Zone.

In July 2017, PingPong officially landed on Amazon Japan

On September 1, 2017, PingPong became the first fintech company to obtain a European payment license.

In October 2017, PingPong officially landed on Amazon Europe.

On February 11, 2018, PingPong took the lead in supporting VAT payment in seven European countries, covering all Amazon sites in Europe.

On May 21, 2018, PingPong officially landed on Shopee Malaysia.

On May 24, 2018, PingPong officially landed on Amazon Australia.

Financing

In November 2015, PingPong received angel round investment.

In August 2016, PingPong Finance completed a US$20 million Series A financing round, with investors including Wofu Fund, a subsidiary of Tsinghua Holdings, and Fidelity Investments' Asian branch, Eight Roads Capital.

In March 2017, PingPong announced the completion of its B1 round of financing led by GF Securities.

In March 2018, PingPong announced the completion of its B3 round of financing led by the Fintech Fund under China International Capital Corporation Limited (CICC). The specific amount and equity information have not yet been disclosed.