Startup Ping gets Seed Funding by Y Combinator 

• Freelancer Neobank Startup raised seed funding of $15 million.
• The next move after it.
• The official admitted that the Startup will prove to be a huge ‘milestone’

Capital Raised by Startup at Crucial Point

The first Digital workers centric Neobank startup, Ping has raised a $15 million seed funding co-led by Y Combinator, Danhua Capital, Black Tower, Race Capital, Goat Capital and Signum Capital. 

The main goal is to enlarge the business from parts of Latin America to new global areas.At present, the company provides services to 16 countries and will now shift their focus in Western Africa and Southern Asia.

Ping app target audience is digital nomads, contractors and freelancers who work worldwide and need to collect and receive cross border payments. It facilitates users to change their funds to local currencies that are paid to them in dollars. 

It enables remote workers to make US bank accounts, receive payments in native currencies, generate invoices, deposit, and global transfers and to get payments in local currency and crypto/ stablecoins including Bitcoin, Ethereum, Litecoin,etc directly in their bank accounts. Low fees and healthy contractor-employer experience is also a plus point. 

Previously, digital workers were stressed of complicated problems to receive their payments. The options available were in the market, but were expensive and it also fetched a lot of time to convert the funds into native currencies. 

What Next Now?

According to co-founder and CEO Pablo Orlando, the Florida-Miami situated company was formed in 2021. He stated that they have resulted in $1 million plus in payment volumes merely in the initial stage of working. 

American technology startup Accelerator, Y Combinator, has four months back launched Ping. The company was founded by Argentine natives Pablo Orlando, Mary Saracco and Jack Saracco. 

The company was launched with a vision to solve payments related difficulties in Latin America. In fact, the population accounting for a total 70% does not own any traditional bank accounts. Jack Saracco regarded it as “certainly an interesting niche market that’s growing in the region.”

The funds will be utilized into increasing manpower, hiring talents in sales and marketing that will directly contribute to the startup’s revenue. They will also focus over product development in order to attract new users with their platform’s efficiency. Mary Saracco hopes that it will kick-start soon in March 2023. 

Jack Saracco is also from a crypto background. He lays the foundations of the startup’s headquarter near the side of Latamex, Latin American biggest fiat-to-crypto platform that helps customers to buy and sell crypto from the world’s largest exchange. 

Co-founder and CEO, Orlando remarks- ‘’Ping is the perfect solution for freelancers to get paid and for gig economy platforms like Braintrust, freelancer.com, Upwork to offer to their users,’’.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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