Payoneer, an innovative digital payments company transforming the way businesses send and receive cross-border payments, announced today that China Broadband Capital (CBC), one of China’s leading investment funds, has made an investment in the company.
The Series E-1 funding follows last year’s $220+MM Series E investment round, which included Technology Crossover Ventures (TCV), W Capital and other existing investors. CBC now joins Ping An as China-based investors in Payoneer. The funding will be used to further strengthen Payoneer’s global platform and accelerate investment in the company’s local China operations.
“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,” said Edward Tian, Chairman of CBC. “We believe that Payoneer’s global footprint, banking ecosystem and proprietary compliance infrastructure will position Payoneer as the preeminent solution to help companies of all sizes grow internationally.”
Scott Galit, CEO of Payoneer, stated, “CBC is one of the most prestigious and respected investors, as evidenced by their portfolio of leading technology companies, including Airbnb and LinkedIn China. Their knowledge of the China market, along with a shared belief in the transformation of global trade, aligns us very well. This investment adds another brick to Payoneer’s strong global foundation. We are excited to add CBC as a shareholder and are honored by their endorsement.”
“We share Payoneer’s view that the digitalization of commerce has created a new paradigm for companies that want to grow globally, and we believe that Payoneer is well suited to support the needs of those companies,” noted Tian. “We are excited to share our knowledge with Payoneer’s management team and are happy to be part of the win-win dynamic that Payoneer is creating between trading partners and businesses throughout the world.”
Galit added, “We strongly value CBC’s support to help us empower businesses to grow globally by delivering the financial services and support they need to successfully expand across borders. In addition, we are excited to add to our already strong balance sheet. Having significant resources and strategic support will allow us to make the right long-term investments and enable us to realize our vision of being a partner for growth for local businesses of all sizes.”
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