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PingPong launches embedded lending solution

Wednesday, June 12, 2024 — 13:58:48 (EDT)

NEW YORK, June 12, 2024 /PRNewswire/ -- PingPong, the global cross-border payments platform and business network, today announced the launch of its embedded lending solution. The innovation enables US enterprises of all sizes to facilitate global, cross-border growth. PingPong is expanding its value-added services to deliver fast and seamless access to financing by partnering with Kanmon, an embedded lending solution provider.

This announcement highlights PingPong's commitment to strategically partnering with businesses that operate internationally. PingPong helps enterprises integrate its platform into their existing software, workflows, and payment systems, enabling them to seamlessly manage their cross-border payments and drive expansion.

Kenny Tsang, Managing Director of PingPong, commented: "As part of our efforts to help make cross-border payments easier and ecommerce merchants grow faster, we are proud to partner with Kanmon to develop our embedded lending offering and empower US customers to scale their businesses - when and where they need it most.

Kenny continued: "This marks an important milestone for our value-added service offerings. We plan to onboard new partners and features to our platform as we adapt to the evolving needs of US merchants. Amid global supply chain and interest rate challenges, businesses require agile partners to support them at critical junctures. PingPong is committed to fostering US business growth through our expanding suite of services."

For the first time, PingPong US customers have access to fixed-term loans or accounts payable financing through the PingPong platform. The financing options enable businesses to access much-needed funding to grow faster, prepare for peak sales periods, replenish their inventory faster and invest in their business operations. Customers can also apply for term loans with a fixed payback period, providing general-purpose funds to preserve cash and facilitate growth.

Eligible companies can swiftly apply for loans of up to $250,000. The entire application process takes five minutes and can be conveniently launched from the PingPong platform. Upon approval, funds are seamlessly deposited into the business's PingPong account within 48 hours, ensuring swift access to the necessary capital.

Kanmon CEO Mengxi Lu emphasizes the importance of partnering with PingPong: "Kanmon's integration with PingPong has been a seamless and straightforward process. We are thrilled to offer a streamlined, end-to-end digital application process, delivering an exceptional financing experience to PingPong's US customers entirely through the PingPong platform. Our integrated solution allows us to quickly develop tailored services for partners like PingPong, helping businesses stay competitive and grow in challenging economic environments."

PingPong plans to grow its partner program aggressively by integrating more third-party service providers into its platform, expanding its value-added services to US customers.

Setting up US merchants with financing to prepare for peak sales periods.

PingPong's move is critical for US businesses, enabling them to seize opportunities arising from an improved economic outlook. KPMG's 2024 CEO Outlook found that 87% of US CEOs are confident in the growth prospect of the US economy, and a further 78% expect to see growth in the global economy. To maintain a competitive edge, enterprises require access to fast and flexible financing.

PingPong's financing solution is tailored for inventory-heavy businesses requiring flexible funding to capitalize on major sales events, such as Amazon Prime Day, end-of-season sales, Black Friday, and the holiday sales period. This funding enables businesses to grow sustainably by preserving working capital, extending payment terms for crucial supplier payments, and planning ahead for crucial sales moments, ensuring they can meet demand.

Eligible businesses can visit the PingPong website to apply for financing to grow their business. international.pingpongx.com/smb/financing

The financing is available to merchants across a wide range of industries, including home and kitchen, beauty and personal care, clothing, shoes and jewelry, toys and games, health, household and baby care, sports and outdoors, electronics, office products, and more.

To be eligible for financing, customers must meet the following criteria:

Be based in the United States.

Have been in operation for over 12 months.

A soft credit check will be conducted during the application process, but it will not affect the customers' credit scores.

About PingPong:

PingPong is a global cross-border payments platform and technology company founded in New York, USA. The PingPong ecosystem is built on the vision that empowers cross-border digital commerce to grow. Our one-stop innovative, secure, compliant and comprehensive suite of products includes e-commerce payment, B2B trade payment, acquiring service, card issuing, FX management, supply chain financing and enterprise solutions. international.pingpongx.com/

About Kanmon:

Kanmon is a leading fintech innovator specializing in embedded lending solutions for vertical software, marketplaces and payments companies. Established in 2021, Kanmon empowers our partners across various industries to seamlessly integrate bespoke financial products into the software platforms their merchant customers use daily. Our mission is to enhance business growth and operational efficiency through accessible and tailored financing options. By leveraging cutting-edge technology and deep industry expertise, we broaden the access to funding for US based merchants. Headquartered in San Mateo, California, Kanmon is committed to transforming the financial landscape, fostering partnerships, and driving economic progress in the US. For more information, visit www.Kanmon.com.

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Source: Company press release. end of article

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