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Online Payment, International Money Transfer and Prepaid Debit Cards
Founded 2005
Headquarters New York, NY United States
Key people
Scott Galit, CEO

Payoneer is a financial services business that provides online money transfer and e-commerce payment services. Payoneer is a registered Member Service Provider (MSP) of MasterCard worldwide. The company is headquartered in New York City.


Payoneer was founded in 2005 with $2 million in seed funding from then-CEO Yuval Tal and other private investors. Israeli venture capitalist firm Greylock Partners[1] provided an additional $4 million in funding in 2007.[2] It has also received funding from Carmel Ventures, Crossbar Capital, Ping An, 83North, Wellington Management, Susquehanna Growth Equity[1] and Nyca Partners.[3][4][5][6][7][8][9][10] Its board members include former Visa president Hans Morris and former SWIFT CEO Lazaro Campos.[6][11]

Scope and Services[edit]

Payoneer connects businesses and professionals, with about three million users in more than 200 countries and provides transactions in more than 150 currencies.[1][12][13] with its cross-border wire transfers, online payments, and refillable debit card service.[14] The firm enables millions of businesses and professionals to reach new audiences by facilitating seamless, cross-border payments.[12]

Companies using Payoneer include Dailymotion, Amazon,[15] iStockphoto, Elance, Google, 99designs, Welocalize, Fiverr, 123RF, Digital River, Quantium Solutions, uShip, Airbnb, Getty Images, and Upwork.[3][16][17]

Payoneer account holders have the option to receive funds into their local bank account or e-wallet, or via a re-loadable prepaid debit card, which is issued through MasterCard and can be used at ATMs or at the point-of-purchase.[18]

The platform offers free collection service, low conversion rates and real time money transfer facilities, and that manifests itself in a 2% currency conversion fee, and payment completion within 2-4 working days.[1]

in August 2016, Payoneer released an automated tax form service to its clients, allowing them to automatically collect beneficiary information via an "online wizard" that supports all relevant W-8 and W-9 forms; create 1099 & 1042 forms for IRS submission with full Social Security Number and Employer Identification Number validation; and hold payments until the form is completed by the beneficiary.[19] For ecommerce and freelance marketplaces, ad networks and vacation rental platforms already disbursing money to their beneficiaries through the Payoneer, the Tax Form Service is now complete mass payout solution.

Regulatory Status[edit]

Its platform has been reviewed by Google before it could support them, and is PCI level 1 certified.[20] It is U.S. Money Service Business (MSB) certified[21] and & Electronic Money (E-Money) Licensed in Europe.[22][23]


Payoneer has become one of the 2000 most trafficked web sites per Alexa,[24] and it sees more than 150,000 applications each month from small and medium enterprises looking to connect to their trading partners more effectively.[25]


In March 2016, Payoneer acquired Armor Payments - internet escrow company.[26] Armor is the only licensed B2B payments provider offering Escrow-as-a-Service[27] (EaaS)[28] The joining of the two technologies will allow Business-to-business (B2B) buyers and suppliers to engage in cross-border e-commerce “anywhere in the world, and can reduce the uncertainty and risk associated with high-value B2B purchases.[28]


In 2016, Payoneer expanded into India in keeping with the ideal of trade across borders. While India has an established tech sector, Payoneer saw an opportunity to bring more flexible financial tools to the entrepreneurs.[29] Yet, Indian regulations prohibit the company from offering pre-paid MasterCard debit cards.[30] See the opportunity, with 933 million mobile connections in India[31] – and almost 80% of this user base alone expected to utilize the payments space by 2018,[32] the company offered a product that did not use a card.[29] Payoneer had to customize for India, including reporting systems and fund-transfer limits that comply with local rules. Due to regulatory limits, the company assists with a maximum of $10,000 per transaction.[33]

The company has also integrated with Latin American ecommerce partner, Linio,[34] which gives international sellers access to the multi billion dollar Latin-American ecommerce markets. The combination of Linio and Payoneer aims to end the high fees from traditional banking services, adds transparency, and ends the need for manual processing of payments.[35]

China is expected to be a big market as well, with China’s cross border sales being five times that of Japan’s and 60 times greater than South Korea’s. In 2016, China's cross border trades are expected to be 10 times Japan’s and 35 times that of South Korea shipments. Out of all the roughly 100 countries Payoneer works with, roughly 25% to 30% of the manufacturers are Chinese.[36]


  1. ^ a b c d Agarwal, Meha (30 Jun 2016). "New York Based Payments Platform Payoneer Re-Enters Indian Market". Inc42. 
  2. ^ Carthy, Roi (October 22, 2007). "Payoneer Collects $3M from Greylock, Signs-Up iStockphoto". TechCrunch. Retrieved March 29, 2014. 
  3. ^ a b Schonfeld, Erick (2008-07-24). "Payoneer Raises $8 million Series B From Greylock And Carmel". TechCrunch. Retrieved 2011-02-28. 
  4. ^ Chowdhry, Amit (2007-03-26). "Greylock Partners Leads $4 Million Series A Investment In Payoneer". Pulse2. Retrieved 2011-02-28. 
  5. ^ "Payoneer receives investment from Ping An Group, expands into China". The Paypers. 10 June 2014. 
  6. ^ a b Macinas, Melanie (10 September 2014). "Payoneer Welcomes New Director and New Investment". PaymentWeek. 
  7. ^ Basich, Zoran (9 September 2014). "The Daily Startup: For Investors, Russian Tech Scene Loses Luster". The Wall Street Journal. 
  8. ^ Avellana, Nicel (6 March 2014). "New York-based online payments business Payoneer gets $25M in Series D round". Venture Capital Post. 
  9. ^ Gat, Aviva (9 March 2014). "Payoneer raises $25M in fourth round financing". GeekTime. 
  10. ^ Abelson, Max. "New York". 
  11. ^ "Former SWIFT CEO Joins Payoneer Board". 29 April 2014. 
  12. ^ a b Tepper, Nona (15 Mar 2016). "Payoneer acquires online escrow payment provider Armor Payments". Vertical Web Media. B2B Commerce. 
  13. ^ "Send Mass Payouts". Payoneer. 28 December 2014. Retrieved 28 December 2014. 
  14. ^ Germain, Jack (January 16, 2008). "Payoneer: Taking Prepaid Debit Cards to the Next Level". E-Commerce Times. Retrieved March 29, 2014. 
  15. ^ Payoneer Selected by Amazon to Expand Cross-Border Payment Options in Select Countries, GlobeNewswire
  16. ^ Xu, Kevin (19 May 2014). "Exclusive Q&A with Payoneer's Scott Galit: Global Payments for All". PaymentWeek. 
  17. ^ "Google selects Payoneer for Google Trusted Stores payments". The Paypers. 21 March 2014. 
  18. ^ "X-mas GPS, Plastic Wages, Video Antivirus". Associated Press. November 14, 2007. Retrieved March 29, 2014. 
  19. ^ ARROWSMITH, RANICA (16 Aug 2016). "Payoneer Releases Automated Tax Form Service". SourceMedia. ACCOUNTING TODAY. 
  20. ^ Galit, Scott. "Executive Spotlight Series with Scott Galit from Payoneer". Mercator Advisory Group. Payments Journal. 
  21. ^ Payoneer. "What are Payoneer's legal and privacy policies?". Payoneer. 
  22. ^ Editor (30 May 2013). "Payoneer receives European Union E-Money license". The Payers. 
  23. ^ BusinessWire (29 May 2013). "Payoneer Secures European Union E-Money License". BusinessWire. Payoneer. 
  24. ^ Alexa Ratings. "Current Alexa rank - 1,174". 
  25. ^ Peyton, Antony (15 Mar 2016). "Payoneer acquires Armor Payments to create global alternative to LCs". Banking Technology. 
  26. ^ B2B payment service Payoneer acquires escrow-as-a-service platform Armor Payments, TechCrunch, March 15, 2016
  27. ^ Stock, Pete (5 Sep 2012). "Escrow as a service shows cloud is a way forward for software providers". Felix Dennis. Cloud Pro. 
  28. ^ a b Peyton, Anthony (15 Mar 2016). "Payoneer acquires Armor Payments to create global alternative to LCs". Banking Technology. 
  29. ^ a b Behal, Ambika (9 Mar 2016). "Why Payoneer Thinks Now Is A Good Time To Enter In India". Forbes. 
  30. ^ Kochar, Ritu (7 Mar 2016). "Cross-Border Payments Made Easy; Payoneer To Enter Indian Marketplace". Entrepreneur. 
  31. ^ Timmons, Heather; Cain Miller, Claire (12 May 2014). "India's telecom subscriber base rises to 933 million". Bennett, Coleman & Co. Ltd. Times of India. 
  32. ^ Editor (5 Jun 2015). "Get Ready for India's Internet Boom". Morgan Stanley. 
  33. ^ Shetty, Mayur (26 Mar 2016). "Payments co Payoneer woos Indian exporters". Times of India. 
  34. ^ HARRUP, ANTHONY (3 Mar 2016). "Online Retailer Linio in Deal With Payoneer to Ease Payment for Sellers". World Street Journal. 
  35. ^ FAREEHA, ALI (15 Jun 2016). "E-commerce growth slows in Latin America". Internet Retailer. 
  36. ^ Rapozza, Kenneth (8 Jul 2016). "How China And Amazon Are Changing The Future Of Retail". Forbes Media LLC. Forbes. 

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