Payoneer

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Payoneer Inc.
Founded2005
HeadquartersNew York, NY United States
Key people
  • Yuval Tal, Founder
  • Scott Galit, CEO
  • Keren Levy, COO
ServicesOnline payment, International money transfer
Websitewww.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] with its cross border wire transfers, online payments, and refillable debit card services.[3]

Companies like Airbnb, Amazon, Google and Upwork use Payoneer to send mass payouts around the world.[4] It is also used by eCommerce marketplaces such as Envato,[5][6] and works with ad networks to connect these firms with publishers based outside of their headquartered country.[7][8]

In the content creation space, Payoneer works with a variety of companies and freelance marketplaces.[4] The company is headquartered in New York City.

History[edit]

Payoneer was founded in 2005 with $2 million in seed funding from founder and then-CEO Yuval Tal, an ex-officer in the Israeli army, and other private investors. 83North (Greylock Israel)[2] led an additional $4 million in funding in 2007,[9] with additional investors including Carmel Ventures, Crossbar Capital, Ping An, Wellington Management, Susquehanna Growth Equity[2] and Nyca Partners.[10][11]

In March 2016, the firm acquired internet escrow company Armor Payments.[12] 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.[13] It also began working with the Latin American eCommerce site Linio[14][15][16].

In August 2016, the firm added an automated tax form service to its mass payout offering.[17]

In October 2016, the company raised $180 million from Technology Crossover Ventures, bringing the total funding to $234 million.[1]

Payoneer opened offices in the Philippines and Japan in 2016.[18] 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.[19] They also partnered with the Korean online B2B marketplace EC21.[20] In 2017 the company released an Integrated Payments API for SaaS providers to link cross-border B2B payments across cloud platforms.[21] In June 2017, the company opened an office in London.[22][23][24]

Ties To The Mossad[edit]

Assassination of Mahmoud Al-Mabhouh[edit]

On January 19, 2010 Mahmoud Al-Mabhouh, then chief of logistics and weapons procurement for the military wing of Hamas, the Izz ad-Din al-Qassam Brigades, was found dead on the bed of his hotel room inside the Al-Bustan Rotana Hotel in Dubai, United Arab Emirates.

Upon investigating the death a preliminary forensic report by the Dubai police held that al-Mabhouh was first paralyzed by an injection of succinylcholine (suxamethonium), a fast-acting muscle relaxant. He was then electrocuted and suffocated with a pillow[25].

Al-Mabhouh, who had traveled to his Dubai accommodation without bodyguards[26], was followed by a total of 26 suspects that had entered the Emirates with forged passports[27]. Further investigation by Dubai Police showed that seventeen of the murder suspects used MasterCards branded by US-based Meta Bank, but issued by Payoneer in order to pay for their plane tickets to Dubai[28][29].

Payoneer founder Yuval Tal, who himself has ties to the Israeli military as a former member of Israeli Special Forces, was initially reported to have disappeared from the United States once Payoneer's involvement in the murder came to light[30]; Tal then reappeared one day later[31].

On May 5, 2010 The Huffington Post has referred to Payoneer's involvement in the murder of Al-Mabhouh with an article entitled "Mossad's Little Helpers"[32].

Legal Issues[edit]

Banned in France (AirBnB)[edit]

Payoneer partnered with popular rental website AirBnb in 2013[33]. The partnership came to an abrupt end in December 2017[34] once French authorities learned about the cooperation. This was because receiving payment for AirBnB rentals to a Payoneer account bypasses French anti-money laundering law and was seen as "a tool for tax fraud" by French officials[35].

Emmanuel Marill, Airbnb's France director, was ordered to appear before French finance minister French Bruno Le Maire, eventually declaring that "the company [i.e. AirBnB] will waive all use of the prepaid card 'Payoneer' on the French market. Payoneer responded, stating that it was "a regulated payment company, which operates in total conformity with the laws and regulations of the European Union," and that "the idea that Payoneer products would help avoid paying taxes or allow money laundering is categorically wrong".[35][36]

Banned in India[edit]

The firm was banned from the Indian market in 2011 by the Reserve Bank of India for violation of money remittance regulations. Payoneer re-entered the Indian market in 2016, after partnering with IndusInd Bank and receiving central bank approval.[37] The company customized its offerings for the Indian market, with special reporting systems and fund-transfer limits that comply with local rules.[38][39][40][41]

EU money remittance licence (Brexit)[edit]

In order to lawfully remit money within the European Single Market Payooner is registered with the Gibraltar Financial Services Commission[42] with Gibraltar being a British overseas territory. By that Payoneer enters the European market without maintaining any licence in any actual EU member state.

With the British government's initiation of the official EU withdrawal process on 29 March 2017, Gibraltar's participation in the United Kingdom's European Union membership will cease on 30 March 2019 thus eliminating Payoneer's legal stand in Europe.

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. ^ "Payoneer: Taking Prepaid Debit Cards to the Next Level". www.ecommercetimes.com. Retrieved 2019-02-01.
  4. ^ a b "40. Payoneer, Payments without borders". CNBC. Englewood Cliffs, New Jersey. 16 May 2017. Retrieved 13 July 2017.
  5. ^ "France: Cdiscount integrates with Payoneer". The Paypers. Amsterdam. 23 June 2016. Retrieved 21 July 2017.
  6. ^ "B2B Payments Fearlessly Go Global". PYMNTS. 15 September 2015. Retrieved 21 July 2017.
  7. ^ Tepper, Nona (9 February 2016). "Digital marketing firm Tradedoubler expands its global payment options". Digital Commerce 360. Chicago. Retrieved 21 July 2017.
  8. ^ Heun, David (9 February 2016). "Payoneer Pushes Into Digital Marketing with Tradedoubler Pact". Payments Source. New York. Retrieved 21 July 2017.
  9. ^ Carthy, Roi (October 22, 2007). "Payoneer Collects $3M from Greylock, Signs-Up iStockphoto". TechCrunch. Retrieved March 29, 2014.
  10. ^ Schonfeld, Erick (2008-07-24). "Payoneer Raises $8 million Series B From Greylock And Carmel". TechCrunch. Retrieved 2011-02-28.
  11. ^ Abelson, Max. "New York".
  12. ^ B2B payment service Payoneer acquires escrow-as-a-service platform Armor Payments, TechCrunch, March 15, 2016
  13. ^ Peyton, Antony (15 March 2016). "Payoneer acquires Armor Payments to create global alternative to LCs". Banking Technology. London. Retrieved 13 July 2017.
  14. ^ "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.
  15. ^ 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.
  16. ^ FAREEHA, ALI (15 Jun 2016). "E-commerce growth slows in Latin America". Internet Retailer.
  17. ^ Arrowsmith, Ranica (16 August 2016). "Payoneer Releases Automated Tax Form Service". Accounting Today. New York. Retrieved 13 July 2017.
  18. ^ Cordero, John Ted (23 Sep 2016). "Online payment firm Payoneer launches in PHL". GMA News.
  19. ^ 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.
  20. ^ "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.
  21. ^ Dautner, Mike (15 February 2017). "Payoneer Delivers Added Value For Business Platforms". Payment Week. New York. Retrieved 13 July 2017.
  22. ^ 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.
  23. ^ "Payoneer Opens UK Office To Capitalize On Increased Demand From UK Merchants". pymnts.com. 21 June 2017. Retrieved 14 July 2017.
  24. ^ "40. Payoneer, Payments without borders". CNBC. Englewood Cliffs, New Jersey. 16 May 2017. Retrieved 13 July 2017.
  25. ^ Tomlinson, Hugh (1 March 2010). "Mahmoud al-Mabhouh was sedated before being suffocated, Dubai police say". The Times, London. Retrieved 2018-11-07.
  26. ^ Lappin, Yaakov (19 February 2010). ""Dubai police wants Dagan arrested". JPost. Archived from the original on 4 June 2011. Retrieved 19 February 2010". Jerusalem Post. Retrieved 2018-11-07.
  27. ^ "Pictures of 26 'agents' sought over Hamas killing". 2010-02-24. Retrieved 2018-11-07.
  28. ^ "Dubai says new evidence links Israel to hit". Ynetnews. 2010-02-20. Retrieved 2018-11-07.
  29. ^ "Dubai murder suspects climb to 26 - CNN.com". CNN.com. Retrieved 2018-11-07.
  30. ^ "NYer linked to Dubai hit disappears". New York Post. 2010-03-10. Retrieved 2018-11-07.
  31. ^ "Yuval Tal Reappears! Payoneer's CEO Hasn't Vanished, Just 'on a Business Trip in Israel' | The New York Observer". 2010-04-29. Retrieved 2018-11-07.
  32. ^ Dajani, Jamal (2010-05-05). "Mossad's Little Helpers". Huffington Post. Retrieved 2018-11-07.
  33. ^ "Airbnb hosts can now withdraw earnings with Payoneer! - The Payoneer Blog". The Payoneer Blog. 2013-11-26. Retrieved 2018-11-07.
  34. ^ Vidalon, Dominique. "Airbnb drops controversial payment card in France". Reuters U.S. Retrieved 2018-11-07.
  35. ^ "France to question Airbnb executives over payment system". Retrieved 2018-11-07.
  36. ^ France-Presse, Agence. "Airbnb ends controversial payment system in France". ABS-CBN News. Retrieved 2018-11-07.
  37. ^ Kochar, Ritu (7 Mar 2016). "Cross-Border Payments Made Easy; Payoneer To Enter Indian Marketplace". Entrepreneur.
  38. ^ Shetty, Mayur (26 Mar 2016). "Payments co Payoneer woos Indian exporters". Times of India.
  39. ^ Behal, Ambika (9 Mar 2016). "Why Payoneer Thinks Now Is A Good Time To Enter In India". Forbes.
  40. ^ Coimbatore (10 Nov 2016). "Online payment company looking for business in and around city". Business Standard.
  41. ^ Kar, Sanghamitra (13 Oct 2016). "Payoneer to boost its global presence & scout for acquisitions after bagging $180M". Times Internet Limited. ETtech.com.
  42. ^ "GFSC - Gibraltar Financial Services Commission". www.fsc.gi. Retrieved 2019-03-12.

External links[edit]