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Payoneer Inc.
Online Payment, International Money Transfer and Prepaid Debit Cards
Founded 2005
Headquarters New York, NY United States
Key people

Payoneer is a financial services company that provides online money transfer and digital payment services. Payoneer 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.

Payoneer has roughly four million users in more than 200 countries and territories, and 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] Payoneer is also used by eCommerce marketplaces worldwide such as Wish, Lazada, Shopee, Cdiscount, Newegg and Tophatter.[4][5] They work with a wide variety of ad networks, to connect these firms with their network of publishers based outside of their headquartered country. Examples of firms they work with in this area include CJ Affiliate, Tradedoubler and ShareASale.[6][7]

In the content creation space, Payoneer works with a variety of companies including GettyImages, Shutterstock, Pond5, 99designs, Stocky, Dreamstime Microstock, and DailyMotion, and a variety of freelance marketplaces such as Upwork, Fiverr, PeoplePerHour, One Hour Translation and Envato. Payoneer is also used by vacation rental sites like Airbnb, HomeAway and Pandabed.[3]

Payoneer is a registered Member Service Provider (MSP) of MasterCard Incorporated. 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[2] provided an additional $4 million in funding in 2007.[8] It was also funded by Carmel Ventures, Crossbar Capital, Ping An, 83North, Wellington Management, Susquehanna Growth Equity[2] and Nyca Partners.[9][10]

In March 2016, Payoneer acquired internet escrow company Armor Payments.[11] They said they did this 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]

At this time the company also began working with the Latin American eCommerce site Linio, allowing their sellers to process payments through Payoneer.[13][14][15]

In August 2016, Payoneer added an automated tax form service to its mass payout offering. This allows Payoneer users to automatically collect beneficiary information via an online wizard that supports all relevant W-8 and W-9 forms, creates 1099 & 1042 forms for IRS submission with full SSN and EIN validation, and holds payments automatically until the form is completed by the beneficiary.[16]

In October 2016, the company raised $180 million from Technology Crossover Ventures, who has previously backed companies such as Spotify, Facebook and Netflix. The company said it would use these funds to expand its workforce and global presence, as well as for potential future acquisitions. This brought the total amount the company has raised to $234 million.[1]

Payoneer also re-entered the Indian market in 2016, after partnering with IndusInd Bank and receiving central bank approval. The company stopped offering Mastercard services in 2011 due to regulatory issues, and subsequently customized its offerings for the Indian market, with special reporting systems and fund-transfer limits that comply with local rules.[17][18][19][20][21]

In a 2016 interview, CEO Scott Galit said that they had spent 10 years working on their global compliance infrastructure, and that their compliance team represented about 20% of their staff of 700. He also said that one of their biggest challenges in terms of technology was working with legacy banking infrastructures to create an easy-to-use layer of technology on top of the variety of complex banking systems that exist throughout the world.[22]

In February 2017 Payoneer released an Integrated Payments API designed to make it easier for SaaS providers to link cross-border B2B payments across cloud platforms.[23]

Payoneer opened offices in the Philippines and Japan in 2016.[24] Payoneer partnered with the Japanese based e-commerce giant Rakuten in a deal aimed at opening up their US site,, to vendors from outside the USA.[25] They also partnered with he Korean online B2B marketplace EC21, providing escrow services for online transactions and allowing them to move beyond facilitating trade inquiry exchanges to providing full transactional capabilities.[26]

In June 2017 the company also opened an office in London, citing potential opportunities from Brexit as a reason for this expansion.[27][28][29]


  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. 
  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. ^ David, Nash (25 April 2016). "India evolving into smart entrepreneur economy: Payoneer CEO Scott Galit". Tech2. Mumbai. Retrieved 21 July 2017. 
  23. ^ Dautner, Mike (15 February 2017). "Payoneer Delivers Added Value For Business Platforms". Payment Week. New York. Retrieved 13 July 2017. 
  24. ^ Cordero, John Ted (23 Sep 2016). "Online payment firm Payoneer launches in PHL". GMA News. 
  25. ^ 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. 
  26. ^ "B2B eCommerce Marketplace EC21 Launches Transactional Capabilities by Integrating Payoneer's Escrow Solution" (Press release). Chicago: Cision. PR News Wire. 18 April 2017. Retrieved 2017-07-21. 
  27. ^ Williams-Grut, Oscar (20 June 2017). "A US fintech used by Google and Airbnb is opening a London office to take advantage of Brexit 'opportunity'". Business Insider. Retrieved 21 July 2017. 
  28. ^ "Payoneer Opens UK Office To Capitalize On Increased Demand From UK Merchants". 21 June 2017. Retrieved 14 July 2017. 
  29. ^ "40. Payoneer, Payments without borders". CNBC. Englewood Cliffs, New Jersey. 16 May 2017. Retrieved 13 July 2017. 

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