PingPong is working with Morgan Stanley, Goldman Sachs, and Citic Securities on a listing that could happen as soon as 2022. The firm had previously considered a listing in mainland China.
PingPong is also seeking about USD 300 million in a pre-IPO private funding round. It is currently valued at about USD 5 billion.
Founded in 2015, PingPong collects payments for Chinese exporters selling through services such as Amazon.com, Shopify, and Shopee, a unit of Singapore’s Sea, its website shows.
PingPong is used by more than a million merchants for cross-border, value-added tax, and supplier payments, according to the website. It offers sellers the ability to manage multiple currencies in a single, secure platform, and has over 600 employees in locations across the US., Europe, and Asia.
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