Enabling Technologies

With New Series D Funding Payoneer looks to Expand into new Verticals, Raised $39 Million

Payoneer is a global payments solutions company based in New York, which enables companies of all sizes to pay people and businesses round the world. On 5th March 2014, Payoneer announced the completion of a Series D Funding round of $25 Million led by Susquehanna Growth Equity, along with participation from Greylock IL, Vintage Venture and Carmel Ventures. This brings their total funding to $39 Million till date.

"Payoneer has revolutionized the way businesses are able to send and receive cross-border payments. Payoneer's flexible, secure platform helps companies accelerate global business, as evidenced by the company's exceptional growth over the past several years. The company has built a trusted global brand and we look forward to working with the Payoneer team to continue to capitalize on the exciting opportunities in the $50 trillion global market for cross-border business payments,” said Susquehanna Growth Equity’s Managing Director, Amir Goldman.

Payoneer was founded in April 2005 by Yuval Tal (President). The management team includes Scott Galit (CEO), Karen Levy (COO), Oded Zehavi (CRO), Ronit Druker (VP Marketing) and Ben Yaniv Chechik (CTO). Payoneer enables companies in over 200 countries, and is ranked in the top 100 in Inc. 500’s Financial Service companies. The new capital will be utilized to expand into new verticals and markets, increase sales and marketing investments, as well as accelerate the company’s product roadmap.

About the company:

  • Users are enabled to transfer funds across the globe with simple, low cost payout solutions. 
  • Their, US Payment Service allows you to receive commercial payments from US based companies, no matter where you are in the world – just like anyone with a US bank account. 
  • Interested users can join the 2,000,000 plus account holders worldwide and receive funds from any of them – for no cost. 
  • More than 2,000 companies worldwide choose Payoneer as their global payout provider. 
  • Customers can purchase the Payoneer Prepaid Debit Mastercard Card in stores, online, and at ATMs worldwide – in any currency or location supported by MasterCard. 
  • The company says that you can withdraw funds from your Payoneer account directly to your local bank account, choose the amount and currency, and enjoy quick transfers in around 50 currencies, to 200 plus countries. 
  • You can withdraw funds from your Payoneer account directly to your local eWallet. 
  • The company says that its four year CAGR Revenue is over 65%. 

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"This new funding will help us expand our position as the leading provider of payment solutions that connect marketplaces, ecommerce platforms, technology companies, professionals and small business owners from around the world. We are thrilled to welcome Susquehanna Growth Equity as the lead investor in this round and look forward to leveraging their deep industry knowledge and expertise to take Payoneer's growth to the next level,” said Scott Galit, CEO of Payoneer. “All of our investment partners share our vision to empower global commerce by transforming the way small businesses around the world get paid for selling products and services across borders," he added.

"Payoneer has clearly positioned itself as the category leader in this fast-growing market,” said Carmel Ventures co-founder, Avi Zeevi. “We are very happy to welcome Susquehanna Growth Equity to our strong group of investors, all of whom are committed to the long term success of Payoneer and strongly believe in its compelling mission and big vision."

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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