Cross-border payments company Payoneer announced today it has received funding from China Broadband Capital (CBC). While the amount of funding was undisclosed, the company specified that this week’s Series E-1 round follows the $220+ million Series E round received last year. This adds to the company’s total funding amount, which previously stood at $270 million.
This marks the second China-based investor for Payoneer, which picked up an investment from PingAn in 2014. Scott Galit, CEO of Payoneer, referred to CBC as “one of the most prestigious and respected investors” and noted that the investor’s knowledge of the China market align them very well.
The company, which facilitates mass payouts for businesses looking to transfer money internationally, will use the funds to strengthen its global partner program and to bolster investment in its China operations. Edward Tina, Chairman of CBC said, “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.” He added, “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.”
At FinovateAsia 2013, Payoneer launched a commercial account that offers businesses the ability to receive funds from a global network. Payoneer’s money-transfer solutions enable millions of businesses from more than 200 countries to reach new audiences by facilitating cross-border payments. The technology supports companies such as Newegg, Airbnb, and Fiverr; as well as Amazon, Google, Airbnb, and Getty Images, who use Payoneer’s mass payout services.
Earlier this fall, Payoneer ranked 1,912 on the Inc. 5,000 list, making the company a five-time Inc. 5,000 honoree. In June, Payoneer opened offices in the U.K. to take advantage of the Brexit opportunity, and in March the company earned a spot on CNBC’s Disruptor 50 list.