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. 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 Payoneer is also used by eCommerce marketplaces worldwide such as Wish, Lazada, Shopee, Cdiscount, Newegg and Tophatter. 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.
In the content creation space, Payoneer works with a variety of companies including GettyImages, Shutterstock, Pond5, 99designs, Stocky, Dreamstime Microstock, 123RF.com 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. provided an additional $4 million in funding in 2007. It was also funded by Carmel Ventures, Crossbar Capital, Ping An, 83North, Wellington Management, Susquehanna Growth Equity
In March 2016, Payoneer acquired internet escrow company Armor Payments. 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.
At this time the company also began working with the Latin American eCommerce site Linio, allowing their sellers to process payments through Payoneer.
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.
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.
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.
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.
Payoneer opened offices in the Philippines and Japan in 2016. Payoneer partnered with the Japanese based e-commerce giant Rakuten in a deal aimed at opening up their US site, Rakuten.com, to vendors from outside the USA. 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.
In June 2017 the company also opened an office in London, citing potential opportunities from Brexit as a reason for this expansion.