NEW YORK, March 23, 2021 /PRNewswire/ — FinTech unicorn ($1.5bn) PingPong, specialists in seamless cross-border payments, has partnered with Fulfilment by Amazon (FBA) third party seller aggregator Perch, to help build up the next generation of e-commerce businesses and bolster the evolving roll-up ecosystem. Perch has raised hundreds of millions in capital to fund acquisitions, having bought 30 e-commerce brands since inception – 50 percent of which are sellers and entrepreneurs outside of the US. Once under its ownership, the vast majority of Perch’s brands are experiencing high double-digit up to triple digit growth
COVID-19-related boosts contributed a staggering additional $174.87 billion in e-commerce revenue in 2020, amounting to a 44 percent year-on-year increase, with Amazon still dominating 40 percent of all online spending in the US. The spiralling demand for Amazon ‘mom-and-pop businesses’ is revealing the maturation of the e-commerce giant’s third-party marketplace, which accounts for more than half of all products sold on the site. These fast growth ‘roll up’ businesses are part of the FBA program which houses stock in Amazon warehouses and sells through its website. Stock is then delivered by Amazon rather than by the marketplace sellers themselves.
Ning Wang, Co-Founder and Chief Business Officer at PingPong comments: “Companies like Perch are thriving thanks to the benefits of roll-up business operations. Consolidated purchasing power means lower costs paid to suppliers, factories, manufacturers and shipping companies. Sellers also benefit from expertise in back-end global logistics, Amazon advertising, marketing efforts, and search engine optimization.
In a fast-moving e-commerce world, with new business models emerging daily, PingPong is constantly innovating to fuel the expansion of these fast-growth marketplace sellers with seamless cross-border payment services that allow e-commerce businesses to instantly collect, convert and transfer money from all corners of the world. With everything from role-based account permissions for enhancing security to simple supplier and overseas salary payments in local currencies, PingPong’s solutions create additional savings and bargaining power for sellers, while streamlining financial operations. By working in synergy with innovative aggregators like Perch, we’re unlocking the full potential of this nascent space and forming the newest retail conglomerate.”
Nate Jackson, Vice President of Acquisitions at Perch, comments: “E-commerce is fast moving, complex and competitive. The three factors to our success include access to capital, access to businesses who want to sell, and by far the most challenging – managing operational complexities and cash flow. Crucially, partnering with PingPong allows us to streamline our global e-commerce model with visibility of multiple accounts all in one place. PingPong also truly understands our need for flexibility and customizability, and its low exchange rates save us a lot of money – setting it apart from competitors. PingPong has been instrumental in our mission to make great brands even greater. Plus, with Amazon’s almost unlimited number of niche categories and accompanying communities of loyal consumers to capitalize on, we see infinite opportunities for future growth together.”
About PingPong Payments
PingPong Payments was founded in 2015 with the mission of helping global e-commerce sellers keep more of their profits, by beating the rates traditional banks offer. Today, the company acts as a multi-dimensional growth partner to more than 750,000 online sellers worldwide, has processed more than $10 billion in cross-border payments for e-commerce merchants to-date, and transfers more than $100 million per day for international e-commerce sellers. Global merchants around the world trust PingPong Payments to help them save on cross-border payments, VAT & supplier payments, and more. PingPong works with reputable brands such as Citibank, J.P. Morgan and Wells Fargo that have won licenses to operate efficiently and are subject to strong regulatory and supervisory frameworks across the U.S., Europe and Asia.
Perch is a technology-driven commerce company that acquires and operates Amazon FBA businesses with winning products in their respective categories. Perch seeks high-quality products and brands that have a steady history of strong customer reviews, are consistently one of the top three products within their category, and have potential for expansion. Perch quickly evaluates opportunities, guaranteeing entrepreneurs a 48-hour response on their businesses’ fit with its model and valuation range, providing a fast and risk-free way to understand their company’s potential.
For more information, please visit: www.PerchHQ.com
SOURCE PingPong Payments