Payoneer

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Payoneer Inc
Founded 2005
Headquarters New York, NY United States
Key people
  • Yuval Tal, Founder
  • Scott Galit, CEO
  • Keren Levy, COO
Services Online payment, International money transfer
Website www.payoneer.com

Payoneer is a financial services company that provides online money transfer and digital payment services. Account holders can send and receive funds into their bank account, Payoneer e-wallet, or onto a re-loadable prepaid MasterCard debit card that can be used online or at points-of-sale.[1] The company specializes in facilitating cross-border B2B payments. It provides cross-border transactions in more than 150 local currencies,[2] utilizing its banking network around the world to make local bank transfers.

Companies like Airbnb, Amazon, Google and Upwork use Payoneer to send mass payouts around the world.[3] It is also used by eCommerce marketplaces,[4][5] and works with ad networks to connect these firms with publishers based outside of their headquartered country. .[6][7]

In the content creation space, Payoneer works with a variety of companies and freelance marketplaces .[3] The company is headquartered in New York City.

History[edit]

Payoneer was founded in 2005 with $2 million in seed funding from then-CEO Yuval Tal an ex-officer in the Israeli army, with other private investors. 83North (Greylock Israel)[2] led an additional $4 million in funding in 2007,[8] with additional investors including Carmel Ventures, Crossbar Capital, Ping An, Wellington Management, Susquehanna Growth Equity[2] and Nyca Partners.[9][10]

In March 2016, the firm acquired internet escrow company Armor Payments.[11] aiming to address the market for B2B transactions between US$500 and $1,000,000, where credit cards and Letters of Credit are not suitable.[12] It also began working with the Latin American eCommerce site Linio,[13][14][15]

In August 2016, the firm added an automated tax form service to its mass payout offering.[16]

In October 2016, the company raised $180 million from Technology Crossover Ventures, bringing the total funding to $234 million.[1] The firm left the Indian market because of regulatory issues in 2011, but returned in 2016, with special reporting systems and fund-transfer limits that comply with local rule, and partnering with IndusInd Bankls.[17][18][19][20][21]

Payoneer opened offices in the Philippines and Japan in 2016.[22] It partnered with the Japanese based e-commerce giant Rakuten in a deal aimed at opening up their US site, Rakuten.com, to vendors outside the USA.[23] They also partnered with the Korean online B2B marketplace EC21.[24] In 2017 the company released an Integrated Payments API for SaaS providers to link cross-border B2B payments across cloud platforms.[25] In June 2017, the company opened an office in London.[26][27][28]

References[edit]

  1. ^ a b "X-mas GPS, Plastic Wages, Video Antivirus". Associated Press. November 14, 2007. Retrieved March 29, 2014. 
  2. ^ a b c Agarwal, Meha (30 Jun 2016). "New York Based Payments Platform Payoneer Re-Enters Indian Market". Inc42. 
  3. ^ a b "40. Payoneer, Payments without borders". CNBC. Englewood Cliffs, New Jersey. 16 May 2017. Retrieved 13 July 2017. 
  4. ^ "France: Cdiscount integrates with Payoneer". The Paypers. Amsterdam. 23 June 2016. Retrieved 21 July 2017. 
  5. ^ "B2B Payments Fearlessly Go Global". PYMNTS. 15 September 2015. Retrieved 21 July 2017. 
  6. ^ Tepper, Nona (9 February 2016). "Digital marketing firm Tradedoubler expands its global payment options". Digital Commerce 360. Chicago. Retrieved 21 July 2017. 
  7. ^ Heun, David (9 February 2016). "Payoneer Pushes Into Digital Marketing with Tradedoubler Pact". Payments Source. New York. Retrieved 21 July 2017. 
  8. ^ Carthy, Roi (October 22, 2007). "Payoneer Collects $3M from Greylock, Signs-Up iStockphoto". TechCrunch. Retrieved March 29, 2014. 
  9. ^ Schonfeld, Erick (2008-07-24). "Payoneer Raises $8 million Series B From Greylock And Carmel". TechCrunch. Retrieved 2011-02-28. 
  10. ^ Abelson, Max. "New York". 
  11. ^ B2B payment service Payoneer acquires escrow-as-a-service platform Armor Payments, TechCrunch, March 15, 2016
  12. ^ Peyton, Antony (15 March 2016). "Payoneer acquires Armor Payments to create global alternative to LCs". Banking Technology. London. Retrieved 13 July 2017. 
  13. ^ "Leading LATAM eCommerce Player Linio Selects Payoneer to Disburse Cross-Border Payments to Sellers Worldwide" (Press release). Washington, DC: Retail Dive. Industry Dive. Retrieved 2017-07-14. 
  14. ^ Harrup, Anthony (3 March 2016). "Online Retailer Linio in Deal With Payoneer to Ease Payment for Sellers". Wall Street Journal. New York. Retrieved 14 July 2017. 
  15. ^ FAREEHA, ALI (15 Jun 2016). "E-commerce growth slows in Latin America". Internet Retailer. 
  16. ^ Arrowsmith, Ranica (16 August 2016). "Payoneer Releases Automated Tax Form Service". Accounting Today. New York. Retrieved 13 July 2017. 
  17. ^ Shetty, Mayur (26 Mar 2016). "Payments co Payoneer woos Indian exporters". Times of India. 
  18. ^ Kar, Sanghamitra (13 Oct 2016). "Payoneer to boost its global presence & scout for acquisitions after bagging $180M". Times Internet Limited. ETtech.com. 
  19. ^ Behal, Ambika (9 Mar 2016). "Why Payoneer Thinks Now Is A Good Time To Enter In India". Forbes. 
  20. ^ Coimbatore (10 Nov 2016). "Online payment company looking for business in and around city". Business Standard. 
  21. ^ Kochar, Ritu (7 Mar 2016). "Cross-Border Payments Made Easy; Payoneer To Enter Indian Marketplace". Entrepreneur. 
  22. ^ Cordero, John Ted (23 Sep 2016). "Online payment firm Payoneer launches in PHL". GMA News. 
  23. ^ Prosser, Marc (26 September 2016). "Can Japan's Rakuten Crack The U.S. E-Commerce Market With New Fintech Deal?". Forbes. Jersey City, NJ. Retrieved 21 July 2017. 
  24. ^ "B2B eCommerce Marketplace EC21 Launches Transactional Capabilities by Integrating Payoneer's Escrow Solution" Check |url= value (help) (Press release). Chicago: Cision. PR News Wire. 18 April 2017. Retrieved 2017-07-21. 
  25. ^ Dautner, Mike (15 February 2017). "Payoneer Delivers Added Value For Business Platforms". Payment Week. New York. Retrieved 13 July 2017. 
  26. ^ Williams-Grut, Oscar (20 June 2017). "A US fintech used by Google and Airbnb is opening a London office". Business Insider. Retrieved 21 July 2017. 
  27. ^ "Payoneer Opens UK Office To Capitalize On Increased Demand From UK Merchants". pymnts.com. 21 June 2017. Retrieved 14 July 2017. 
  28. ^ "40. Payoneer, Payments without borders". CNBC. Englewood Cliffs, New Jersey. 16 May 2017. Retrieved 13 July 2017. 

External links[edit]