PingPong
“Can a Chinese cross-border payments specialist become the global embedded-finance infrastructure provider for marketplaces and enterprises moving money across borders?”
Founded2015
HQHangzhou, China (founded in New York, US)
Latest roundLater Stage VC
IndustryFintech / Cross-border payments
The story
Founded 2015 in New York (HQ'd in Hangzhou) to collect Amazon/Wish/Shopee payouts for Chinese cross-border sellers. Expanded into multi-currency accounts, FX, card issuing, and acquiring, building out 60+ financial licences to operate as a globally regulated payments platform. Now pivoting from merchant-facing services to selling embedded cross-border infrastructure (pay-in, pay-out, FX, card issuing) to enterprises and marketplaces, competing with Airwallex, Nium, and Rapyd.
Last 12 months
Product timeline
2015
Founded in New York as a cross-border payment service provider for Chinese e-commerce exporters· pivot
2019
Announced €100M investment in Luxembourg to anchor EU operations· banking
2022
Partnered with Uncapped to offer revenue-based finance to e-commerce merchants· lending
2024
Launched embedded lending in the US through partnership with Kanmon· lending
2024
Crossed $300B in cumulative TPV; 60+ financial licences globally· banking
Regulated entities
3
regulatory licences held by PingPong
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in PingPong’s embedded-finance stack
Payments / PSP
PingPong Acquiring (self-operated)PingPongCheckout (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: minor
7 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.