Digital payments solution Payoneer has received an undisclosed investment from China Broadband Capital.
This investment comes as a Series E-1 round and follows on from the company’s initial round raise last year, when it bagged $220m. The Series E saw contributions from Technology Crossover Ventures and W Capital, among other existing investors. CBC marks the second China-based investor to back Payoneer, with the firm joining previous backer Ping An.
US-based Payoneer is digital payments solution that helps businesses to send and receive cross-border payments. The solution helps small and medium businesses to make these transactions, with the platform handling the regulatory and currency issues.
Some of the clients currently using Payoneer’s technology include Amazon, Google, Airbnb, UpWork and Getty Images.
This capital injection will be used to help boost Payoneer’s global platform and to accelerate investment into its local China operations.
CBC chairman Edward Tina said, “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.”
The payments sector in China was dominated by the payments and remittance companies, last year. More than half of the FinTech companies to raise capital in China were solutions in this space, with the next biggest being marketplace lending, which accounted for just 10 per cent of funding.
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