Payoneer
| Company type | Public |
|---|---|
| Industry | Financial services, Payment service provider |
| Founded | 2005 |
| Founder | Yuval Tal |
| Headquarters | New York City , United States |
Area served | Worldwide |
Key people | Scott Galit (Co-CEO), John Caplan (Co-CEO), Keren Levy (President), Arnon Kraft (COO) |
| Products | Online money transfers, digital payment solutions, working capital advances, prepaid debit cards |
Number of employees | 1200 (2019) |
| Website | www |
Payoneer Global Inc. is a United States-based financial services firm that specializes in online money transfers, digital payment solutions, and providing working capital to clients. Established in 2005 by entrepreneur Yuval Tal, the company maintains its headquarters in New York City and operates a significant office in Petach Tikva, Israel.
The company's leadership team features co-CEOs Scott Galit and John Caplan, President Keren Levy, and Chief Operating Officer Arnon Kraft. Payoneer caters to a diverse clientele within e-commerce and international payment sectors, utilizing its business framework to streamline cross-border financial transactions effectively.
In 2021, Payoneer disclosed revenues of , with assets valued at and equity amounting to . Although the company experienced operating losses that year—registering an operating income of and a net income of —it continues to grow its market presence by leveraging strategic management and pioneering payment technologies.
Payoneer’s offerings are designed to assist businesses in sending and receiving payments worldwide, providing e-commerce sellers with capital advances and efficient financial management tools. Its strength lies in an extensive global network combined with a versatile platform optimized for international trade.
The organizational structure supports worldwide activities and subsidiaries, solidifying Payoneer's status as a prominent entity within the financial technology sector. The company's public listing on NASDAQ under the symbol PAYO underscores its growth momentum and attractiveness to investors in the digital payments arena.
History
Founded in 2005 with an initial $2 million seed investment from founder and then-CEO Yuval Tal alongside private backers, Payoneer secured $4 million in a 2007 funding round led by 83North (formerly Greylock Israel). Subsequent investments came from Carmel Ventures, Crossbar Capital, Ping An Insurance, Wellington Management, Susquehanna Growth Equity, Naftali Bennett, and Nyca Partners. To date, Payoneer has raised over $265 million.
In March 2016, Payoneer expanded by acquiring Armor Payments, an internet escrow service aimed at B2B transactions ranging from $500 to $1 million where conventional payment channels are inadequate. That year also saw a partnership with Latin American eCommerce platform Linio. By August 2016, the company introduced an automated tax form feature within its mass payout services.
October 2016 marked a $180 million funding round led by Technology Crossover Ventures, pushing total capital raised to $234 million. China Broadband Capital invested in 2017. The company earned recognition from CNBC as one of the most disruptive firms during both 2017 and 2018.
In 2018, Yoel Naveh, former chief economist of Israel, joined Payoneer to head its working capital division. The firm launched a capital advance product in February 2019 and secured Electronic Money Institution authorization from the Central Bank of Ireland for serving EEU customers in the same year.
Payoneer engaged FT Partners in 2019 to support further expansion and private financing efforts. In December of that year, it acquired optile, a German payments orchestration platform, broadening its capabilities into merchant services and consumer payment acceptance alongside its existing B2B focus. Optile remains independently operated from Munich under founder Daniel Smeds.
Following Wirecard AG’s insolvency announcement in June 2020, Payoneer limited EUR receiving accounts associated with Wirecard but provided alternatives through Citibank EUR accounts.
In February 2021, Payoneer revealed plans for going public via a merger with SPAC FTAC Olympus Acquisition Corp., which is backed by former Bancorp CEO Betsy Z. Cohen. This transaction valued Payoneer at roughly $3.3 billion while raising $300 million through PIPE investments from Dragoneer Investment Group, Fidelity Management & Research, and Franklin Templeton. The company debuted on NASDAQ on June 28, 2021.
May 2022 saw the introduction of Payoneer Checkout, a payment solution aimed at direct-to-consumer (DTC) online retailers across Asia.
More recent acquisitions include Israel’s AI data platform Spott in August 2023; Singapore-based payroll and HR provider Skaud for $61 million in August 2024; and Chinese online payment firm Easylink Payment Co. in April 2025—reflecting ongoing strategic expansion through enhanced global reach and diversified product lines.
Services
Users with accounts can transfer and receive money through an e-wallet, which functions as a virtual bank account denominated in local currency, or by using a reloadable prepaid MasterCard debit card. Funds received can either be withdrawn directly to a bank account or utilized for online transactions and in-store purchases via the Payoneer debit card.
The platform supports international payments in more than 150 currencies, facilitated through global wire transfers, digital payment options, and reloadable debit card services.
Payoneer's clientele includes prominent platforms such as Airbnb, Amazon, Google, and Upwork, along with eCommerce marketplaces like Rakuten. It also caters to freelance marketplaces including Fiverr and Envato. Furthermore, Payoneer collaborates with advertising networks to enable payments between companies and publishers outside their respective countries.
In the content creation sector, Payoneer partners with firms like Getty Images and Pond5.
In October 2019, the company introduced a service aimed at small to medium-sized enterprises, designed to facilitate international payment transfers that support business expansion and increase market penetration.
Business
Based in New York City, the company employed approximately 1,200 staff members as of 2019 and served over 4 million customers, boasting a valuation above $1 billion. To adhere to regulations governing remittances within the European Single Market, Payoneer initially registered with the Gibraltar Financial Services Commission. Following Brexit, it shifted its European operations to Ireland.
Philippines
Since entering the Philippine market in 2009, Payoneer has broadened its international presence by targeting the expanding online payment industry there.
Korea
Payoneer partnered with Korean B2B marketplace EC21 and launched an Integrated Payments API in 2017 specifically designed for SaaS providers to streamline cross-border B2B transactions. The company further solidified its position in Korea by opening an office in Seoul in 2018.
Britain/EU
In June 2017, Payoneer established a London office to grow its global footprint. To protect customers within the European Economic Area from potential Brexit-related disruptions, it opened an additional office in Dublin in May 2020.
Pakistan
Operating through collaborations with MCB Bank, Standard Chartered, and Faysal Bank, Payoneer serves as a vital alternative for international money transfers in Pakistan, where PayPal is not available. This makes it especially important for freelancers—a major user segment in the country. The platform supports cash withdrawals from leading freelance and e-commerce sites such as Upwork, Freelancer, Fiverr, Amazon, as well as enabling online shopping.
China
Maintaining operations in China, Payoneer was the exclusive payment provider for Chinese sellers on the Latvian e-commerce platform Joom in 2017.
Ukraine
The company works alongside Ukrainian financial institutions including PrivatBank, Alfa-Bank, and Monobank to ensure smooth payment processing and withdrawals for users.
India
Payoneer withdrew from the Indian market in 2011 due to regulatory constraints imposed by the Reserve Bank of India (RBI). The company re-entered in 2016 after forming a partnership with IndusInd Bank and obtaining approval from the Central Bank. To align with local compliance requirements, Payoneer adapted its offerings by incorporating customized reporting features and setting transfer limits on funds. Notably, Payoneer became the first digital payment provider in India to deliver Foreign Inward Remittance Certificates (FIRC) electronically, thereby simplifying business operations and facilitating exports for small and medium-sized enterprises.
French Airbnb
In November 2013, Payoneer collaborated with Airbnb to allow hosts to access their earnings through prepaid Payoneer debit cards. However, in December 2017, French regulatory authorities launched an investigation into this payment method amid concerns about potential tax evasion, as hosts were paid directly without routing funds through traditional bank accounts. As a result, Airbnb ceased offering the Payoneer payment option within France.
Research
Payoneer produces analytical reports that examine worldwide economic developments affecting its key industry sectors, such as:
- E-Learning in the Wake of a Pandemic (2020)
- The State of Global Live Streaming in 2020
- Global Gig Economy Index (2019)
- Global Seller Index (2019)
- Annual freelancer studies (2015, 2018, 2020)
These documents underpin Payoneer's strategic focus on markets including e-learning, live streaming, gig economy, and e-commerce.
Violations
From 2013 through 2018, Payoneer breached OFAC sanctions regulations and subsequently resolved these compliance matters by paying a settlement amounting to US$1.4 million to the U.S. Department of the Treasury.
External links
- Articles with short description
- Payment service providers
- Online financial services companies of the United States
- Online payments
- Credit cards
- Companies based in New York City
- Financial services companies established in 2005
- American companies established in 2005
- Special-purpose acquisition companies
- Companies listed on the Nasdaq
- Companies of the United States by year of establishment
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