Global Payment Platform Ping Secures $15M in Seed Round

Ping, the first global payment platform for freelancers announced that it has raised a seed capital of $15 million. The funding round was organized to further expand its operations from Latin America to new regions.

This funding series was spearheaded by Y Combinator, a renowned startup accelerator that invests in early-stage companies twice annually. Other investors are Race Capital, Signum Capital, Goat Capital, BlockTower, and many others that have the same vision and plans as the company.

With the new funds raised, the Neobank company founded in 2021 will continue to build its brand while expanding its client base.

However, the platform that has the intention of creating an international network will focus solely on using dollars or crypto to make payments for transactions. Likewise, users will have access to convert local currency as well as create bank accounts on the platform.

Interestingly, the platform has an invoicing system where users will have access to send their invoices directly to their employers. Similarly, users will be able to buy and trade cryptocurrencies like Ethereum (ETH), Bitcoin (BTC), and Litecoin through Ping. The features are currently available to both Android and iOS devices. 

Fintech’s Participation in the Crypto Sphere

Ping’s interest in the crypto sphere is the latest from the fintech space which has seen participation from a number of heavyweights in the industry. Moneybox, the Neobank in an interview with AltFi in April announced the raise of $46 million in a Series D funding round to further its operations and launch fresh crypto investment products.

Meanwhile, according to Omer Amsel, head of Web3.0 at Fireblocks, traditional banks, and financial services are increasingly venturing into crypto as many are already integrating it into their services.

Other Recent Seeds Fundraise in the Crypto Industry

Amid the prevailing market downturn, investors in the crypto space have continued to finance promising projects and companies in the industry, especially through seed rounds. Recently Web3.0 compliance firm Satschel secured $5.2 million in a seed-funding round led by VC firm Foundry Ventures to assist financial services organizations to comply with local laws.

Also, Goldsky, a cyber security firm after a seed funding round co-led by VC firms Felicia and Dragon Capital generated $20 million to enhance the accessibility and usage of blockchain data.