Digital payments company Payoneer has secured investment from China Broadband Capital (CBC), a China-based investment fund.
The Series E-1 funding, which comes after $220m Series E investment round last year, included investment by Technology Crossover Ventures (TCV), W Capital and other existing investors.
Go deeper with GlobalData
Payoneer said it will use the fresh capital to further strengthen its global platform and to bolster investment in its China operations.
CBC chairman Edward Tian said: “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.
“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.”
Payoneer CEO Scott Galit said: “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.”
