Ping Analysis: $15M Raised
What is Ping?
Ping offers US dollar accounts, crypto and fiat storage, transfers, conversion, and withdrawals for individuals and companies. The service also includes invoicing, recurring invoices, and an international card usable worldwide. Mobile apps are available for iOS and Android.
Location
Miami, Florida, United States
Employees
11-50
Founded
2021
Revenue
$300M
Product Features & Capabilities
- Open a US dollar account, receive payments globally, manage money in fiat and cryptocurrencies, send and manage invoices, create recurring invoices, instant conversion to cryptocurrencies, international card with no fees, identity validation for account setup.
How much Ping raised
1 - $15 million
November 9, 2021Lead Investor: Y Combinator, Race Capital, BlockTower, and others
Who are the founders of Ping
Market Focus
Ping primarily focuses on the financial technology (fintech) industry, providing a platform for managing finances, including sending and receiving payments in both fiat currencies and cryptocurrencies.
Competitors Overview
Ping's main competitors in the financial technology market include:
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Square: Known for its robust point-of-sale solutions, Square has raised significant funding totaling $520 million. It offers a wide range of services for retail businesses, making it a strong player in the payment processing sector.
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Flutterwave: This company specializes in payment processing solutions and has raised $489 million. Flutterwave focuses on facilitating cross-border transactions, which is a notable advantage in the global market.
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First Data: An established competitor in payment processing services, First Data has been acquired and provides a variety of payment solutions. However, it does not have publicly available funding details, which may limit insights into its current market position.
Ping ranks 14th among 24 active competitors, indicating a relatively lower market position compared to these established players, which have significant funding and market presence.
Investors
- Y Combinator
- BlockTower Capital
- Race Capital
- Danhua Capital
- Signum Capital
- DHVC
- 4 other investors (specific names not disclosed)
Business Model
Subscription fees and transaction fees from financial services and data management.
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