Ping++, an Integrated Payment Firm in China, Receives Tens of Millions of Dollars In Series B Funding Round

Jan 11, 2016, 11:00 ET from Ping++

SHANGHAI, Jan. 11, 2016 /PRNewswire/ -- Ping++, an integrated payment firm in China, recently announced that it has raised tens of million dollars during its series B round of financing. New investors China Broadband Capital Partners, L.P. (CBC) and Shengjing Technology led this new financing round, which also included the existing investors Sequoia Capital and Linear Ventures. The money from this round will be used in team expansion, in order to enrich the product line, and further establishment of the base system.

Using a similar business model of online payment systems developer Stripe, Ping++ offers an integrated payment SDK and a comprehensive payment solution for developers. It takes over all of the work where payment channels are concerned, by integrating the major third-party payment channels (WeChat payment, AliPay, Union Pay, etc) into one set of unified API, and providing A-Z service from channel application to order/data management through the dashboard. Now Ping++ supports payment in Apps, WeChat subscription, mobile webpage, PC and QR code, both online and offline.

The once hot capital market in China is now facing a cold winter. Many VCs have shifted their attention to toB services, expecting it to be the birthplace of the next "unicorn" start-ups in the next several years. In their opinion, what toB firms do, namely let professionals provide professional service, helps to improve the overall level of infrastructure and efficiencyof the entire industry. And this is exactly what Ping++ provides: professional service in payment.

"With the service of Ping++, no more complicated coding nor tedious applications are needed," stated the CEO of Jianshu, a client of Ping++. "We can use its dashboard to keep track of every penny that we've received, download financial statements, analyze data, and monitor system status. These services save a lot of our time and manpower, so we can better focus on our own business."

Currently, Ping++ has over 6,300 clients, coming from four major industries: online marketplace, internet finance, O2O and gaming. Asked about the comparison between them and Stripe, Yiye Jin, CEO of Ping++, said, "There is not much difference between Ping++ and Stripe in terms of business model, but the credit and payment systems differ a lot between the United States to China. Ping++ is designed mainly according to the domestic payment environment, and therefore is suited more for domestic firms."