Ping, a freelance Neobank recently secured $15 million seed in a round spearheaded by Y Combinator and other investors such as Block Tower, Danhua Capital, Signum Capital, Race Capital, and Goat Capital.
Freelancer centred neobank Ping has secured $15 million seed round intended for its expansion drive into new territories beyond Latin America.
The funding round featured prominent investors such as Y Combinator, BlockTower, Race Capital, Signum Capital, Danhua Capital, and Goat Capital as participants.
Speaking on the funding development, Jack Saracco, co founder of Ping has hinted that Ping will be “expanding big time”. The entrepreneur boasted that Ping presently serves customers across 16 countries, and is now looking to make a headway into the Southeast Asia and West African markets. Parts of the funding will also be channelled into improving sales and marketing.
The app based startup supports global freelancers and digital nomads. It is a platform that eases the payment process for individuals helping them receive dollar payments and convert such payments to their local currency. The Ping app simply helps users set up a US dollar bank account to transact with their employers and exchange their dollar for crypto or their preferred local currency through the bank.
Operating out of Miami, Ping was founded in 2021. According to the company over $1 million payments was processed in the first month of its launch, and the company launched through Y Combinator.
Ping’s technology is based on the rails of Lamatex designed as an on and off ramps for exchanging fiat currency, and cryptocurrencies. This platform allows users to transact with various cryptocurrencies including Bitcoin Litecoin, Ether, Tether and USD Coin. It is also enabled for the withdrawal of U.S dollar.
As originally reported in (https://www.theblock.co/post/185766/y-combinator-backs-payment-startup-ping-in-15-million-seed-round)