The payments provider Pingpong has switched on InvestXB, which it called an “infrastructure solution for alternative investment managers, administrators and corporate solutions providers in Luxembourg.”
“InvestXB delivers fast and compliant financial solutions designed for investment professionals launching and operating investment vehicles in Luxembourg, with the capability to support investors and assets globally,” the firm said in a press release on Monday.
The platform provides alternative investment firms, also called private market funds, with “access to 23 currencies for receiving, exchanging and sending funds, while facilitating disbursements and managing [foreign exchange] across over 200 countries and regions,” Pawel Stosik, general manager at Pingpong Europe, stated in the announcement.
“Our ability to onboard investment vehicles with global investors and assets, including international UBOs [ultimate beneficial owners] based anywhere in the world, gives investment professionals the flexibility they need in today’s interconnected investment landscape,” Stosik said.
Pingpong claimed in its press release that “traditional banks and legacy providers often take weeks, if not months, to approve and open accounts.” Funds will be able open bank accounts on the platform “within 24 hours” and “InvestXB will allow global investment vehicles to open additional accounts on the same day,” the company claimed.
Democratisation, disruption among challenges facing alternative funds industry
Challenges for alternative fund firms
Private market fund firms have long complained about difficulties and delays in opening bank accounts. Banks point to strict anti-money laundering and know-your-customer rules which require extensive checks. Private market funds often have specific strategies and structures that require specialist skills to fully evaluate, and can have investors and make investments in several jurisdictions around the world, which can further complicate the procedure.
Some industry executives have told journalists that they suspect bankers slow-foot the process because certain alternative fund accounts are less profitable for banks and they prefer those asset managers to look elsewhere.
Bankers have repeatedly rejected such claims and say they are interested in the business.
The Luxembourg Bankers’ Association (ABBL) has published a list of financial services providers open to onboarding private asset funds since 2023.
The most recent version, updated in May 2025, includes Pingpong and 31 other financial institutions. The list featured 21 financial institutions in November 2023.
Professional investors plan to shift more to private market funds, poll finds
European hub in Luxembourg
Pingpong said it has handled “more than $250 billion” (€217 billion) in payment transactions. It was founded in New York in 2015 and its global headquarters is now located in Hangzhou, China. The company “currently has 32 offices in 15 countries and 1,500 employees.”
Pingpong set up its European hub in Luxembourg in 2017 and received its current regulatory authorisation in 2020.
Its Luxembourg business posted net turnover of €12.5 million in 2024, compared to €12.6 million in 2023, according to its most recent annual report. Net profit was €833,000 in 2024, compared to €652,000 in 2023.
It employed an average of 13 employees in the Grand Duchy last year, compared to 11 in 2023.
