Published On: Thu, Dec 7th, 2017

Israeli Digital Payments Company Payoneer Raises Investment From Chinese Fund

The investment will be used by Payoneer to expand the handling of incoming and outgoing payments from China and reduce currency conversions.

 

Israeli Digital Payments Company Payoneer, received an investment from Broadband Capital (CBC), one of China’s leading Internet and technology investment funds.

This is a strategic investment in the E-1 financing round, which will be used to develop Payoneer’s global activity and expand the use of the company’s services in China, including an infrastructure for sending and transferring international payments outside the country’s borders. Firms from around the world would be able to pay and get paid in China easily and at low cost, similar to local transaction rates.

According to Edward Tian, ​​CBC’s chairman, “The transition of commerce to the digital world allows companies to grow globally. We therefore believe that Pioneer’s global footprint and familiarity with China’s banking system will help Chinese companies grow in the world and non-Chinese companies sell into China. ”

Scott Galit, CEO of Payoneer, said: “We are excited about CBC joining the company’s shareholders. It is a leading partner specializing in promoting technology companies in the Chinese market. Their familiarity with the local market helps us build and strengthen Pioneer’s international operations. ”

Payoneer was founded in 2005 by Yuval Tal and raised a total of more than $270 million. The company develops a cross-border payment platform that connects businesses, professionals, countries and currencies. The company facilitates payments to millions of businesses and professionals in more than 200 countries and helps them reach new audiences. In addition, the company serves as a payment infrastructure for leading corporations, including Amazon, Google, Airbnb, Fiverr and Getty.

Founded in 2006, CBC is private equity currently manages over $2 billion. The company is considered one of the most influential investors in the field of Internet and technology in China, and has holdings in its portfolio of companies such as Airbnb and Linkedin China.

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