PingPong partnered with Kanmon to launch an embedded lending solution that enables U.S. enterprises of all sizes to facilitate global, cross-border growth.
“As part of our efforts to help make cross-border payments easier and e-commerce merchants grow faster, we are proud to partner with Kanmon to develop our embedded lending offering and empower U.S. customers to scale their businesses - when and where they need it most,” says Kenny Tsang, managing director of PingPong. “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 U.S. merchants. Amid global supply chain and interest rate challenges, businesses require agile partners to support them at critical junctures. PingPong is committed to fostering U.S. business growth through our expanding suite of services.”
Key takeaways:
- For the first time, PingPong’s U.S. 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 inventory faster and invest in 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 apply for loans of up to $250,000. The entire application process takes five minutes and can be 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.
- PingPong’s financing solution is tailored for inventory-heavy businesses requiring flexible funding to capitalize on major sales events, 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.
"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 U.S. 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," says Kanmon CEO Mengxi Lu.
