PingPong, a global payment network for online sellers, recently announced a $113 million investment in Luxembourg. to expand financial services for marketplace sellers, including Amazon EU.
San Mateo, United States - September 17, 2019 /PressCable/ —
PingPong, a global payment network for online sellers, recently announced a €100 million ($113 million) investment in Luxembourg. The investment will be focused on expanding financial services for marketplace sellers, including Amazon EU and Cdiscount.
“Increasing our investment in Luxembourg was the next natural step in advancing capabilities for European online sellers to send and receive global payments more safely and affordably,” explained Karen Li, managing director of PingPong U.S. “There are exciting advancements coming for both new marketplace sellers and more established sellers with the Luxembourg investment.”
For the ecommerce community, Europe represents one of the world’s largest and most profitable markets. Germany is the second-highest selling Amazon marketplace after the U.S. with nearly 20 billion dollars in annual sales, Amazon UK ranks next after Germany with 14.5 billion in annual sales.
“As the ranks of successful entrepreneurs grow and it becomes more feasible for product sellers to expand globally, we’re excited that PingPong is investing in Europe,” said Tim Jordan, executive strategist, PingPong. “This initiative is a great way for PingPong to help facilitate the opportunities for businesses to grow in this region.”
PingPong’s investment in Luxembourg is in step with other multinational companies who have set up operations in the country. The European nation is home to a stable economic and political environment known for welcoming global enterprise.
PingPong has been invested in Luxembourg since 2017, when they became a licensed Payments Institution with the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. PingPong’s payment license authorizes them to execute payments and conduct remittances originating from countries throughout the EU.
About PingPong
PingPong has been on a mission to empower ecommerce sellers to expand their businesses internationally since 2015. Today, more than 43,000 e-commerce merchants around the world trust PingPong to help them keep more of their hard-earned profits when sending and receiving cross-border payments, VAT payments, GST payments, supplier payments, and more. PingPong has more than 400 employees in offices across Europe, the U.S., and Asia.
Contact Info:
Name: Tim Jordan
Email: Send Email
Organization: PingPong Payments
Address: 1510 Fashion Island Blvd. Suite 250, San Mateo, California 94404, United States
Website: https://pingpongpayments.com
Source: PressCable
Release ID: 88918971
