Payoneer was founded in 2005 with $2 million in seed funding from founder and then-CEOYuval Tal and other private investors. 83North (Greylock Israel)[7] 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,[7]Naftali Bennett[9] and Nyca Partners.[10][11] Since 2005 Payoneer has raised over $265 million from investors.[12]
In March 2016, the firm acquired internet escrow company Armor Payments.[13] aiming to address the market forB2B transactions between US$500 and $1,000,000 where credit cards andletters of credit are not suitable.[14] It also began working with the Latin American eCommerce siteLinio.[15][16][17]
In August 2016, the firm added an automated tax form service to its mass payout offering.[18] In October 2016, the company raised $180 million fromTechnology Crossover Ventures, bringing the total funding to $234 million.[19]
In 2017, China Broadband Capital (CBC) invested in Payoneer.[20] In 2017 and 2018, Payoneer was named as CNBC's 40th and 13th mostdisruptive companies, respectively.[21][22] In 2018, former chief economist of Israel, Yoel Naveh, joined the company to lead Payoneer's working capital division.[23]
Payoneer launched a capital advance service in February 2019.[24][25] In 2019, Payoneer got an authorisation as an Electronic Money Institution byCentral Bank of Ireland for customers in EEU.[26] In 2019, Payoneer hiredFT Partners to help facilitate expansion of the company and secure an additional round of private funding.[27] In December 2019, Payoneer acquired Optile, a Germanpayments orchestration platform.[28] The acquisition allows Payoneer, for the first time, to offer merchant services and consumer payment acceptance in addition to the B2B services they have been providing since inception. Daniel Smeds founded and runs Optile, and its staff of 75, which will continue to operate as an independent group based out of their current HQ inMunich while also working for Payoneer.[29][30][31]
Since 6 January 2021,Wirecard EUR receiving accounts on Payoneer can only receive payments from approved payment sources. Wirecard AG is insolvent since 25 June 2020 but the EUR receiving account is supported by their subsidiary Wirecard Bank AG, which is not part of the insolvency proceedings. Users have the ability to receive payments from other sources by requesting aCitibank EUR receiving account.[32] In February 2021, Payoneer announced that it will become a publicly traded company through a merger with FTAC Olympus Acquisition Corp. (NASDAQ: FTOCU), aSpecial Purpose Acquisition Company (SPAC) owned by former Bancorp CEOBetsy Z. Cohen. The combined company will operate as Payoneer and have an implied estimated enterprise value of approximately $3.3 billion at closing, with $300 million coming fromprivate investment in public equity (PIPE) from investors includingDragoneer Investment Group,Fidelity Management & Research, andFranklin Templeton.[33][34][35] The company went public on theNASDAQ stock exchange on 28 June 2021.[36]
In May 2022, the company began to offer Payoneer Checkout, a service which enables merchants to work withdirect-to-customer (DTC) online stores.[37][38]
In August 2023, it was announced that Payoneer had acquired theIsrael-based AI data platform, Spott, for an undisclosed sum.[39][40]
In August 2024, Payoneer acquired Skaud, a Singapore-based payroll and HR platform, for $61 million.[41]
In April 2025, Payoneer acquired Easylink Payment Co., a Chinese online payment services provider, for an undisclosed sum.[42]
Account holders can send and receive funds using ane-wallet, a virtual bank account number in a local currency or a re-loadable prepaid MasterCard debit card. Money received can then be withdrawn to a bank account or used online / at points of sale with the Payoneer debit card.[19][43]
The company is headquartered inNew York City.[54] As of 2019, the company employed approximately 1,200 people,[55] and served over 4 million customers.[12] In 2019 the company was valued at over $1 billion.[12]
In order to lawfully remit money within theEuropean Single Market, Payoneer was registered with the Gibraltar Financial Services Commission[56] untilBrexit, when it moved toIreland.[57]
Payoneer partnered with the South Korean online B2B marketplace EC21.[60] In 2017, the company released an Integrated Payments API forSaaS providers to link cross-border B2B payments across cloud platforms.[61] In 2018 the company opened an office inSeoul.[62]
In June 2017, the company opened an office inLondon.[63][64][65] To protectEuropean Economic Area customers from Brexit-related effects, Payoneer opened a new office in Dublin in May 2020.[66]
Payoneer has a presence in China, and in 2017, it was the exclusive partner and payment service provider of Chinese e-sellers for the Latvian e-commerce platformJoom.[citation needed]
The firm closed its services in the Indian market in 2011 due to certain directives enforced by theReserve Bank of India (RBI).[70] Payoneer re-entered the Indian market in 2016, after partnering withIndusInd Bank and receivingCentral Bank's approval.[71] The company customized its offerings for the Indian market, with special reporting systems and fund-transfer limits that comply with local rules.[72]<[73][74] Payoneer was the first digital payment platform in India to provide customers with a Foreign Inward Remittance Certificate (FIRC) digitally, thereby simplifying the required business processes.[75][76]
Payoneer partnered with popular rental websiteAirbnb in November 2013. The arrangement allowed hosts to conveniently withdraw their earnings using their prepaid Payoneer debit cards.[77] In December 2017,[78] French authorities investigated the payment system, which allowed hosts to receive their payments directly without having to first be deposited in their bank accounts, which could lead to the possibility of tax avoidance. Airbnb agreed to withdraw the payment system in France.[79]
Between 2013 and 2018 Payoneer was involved in illegal transactions by evadingOFAC sanctions and agreed to pay US$1.4 million to settle violations.[86][87]
US$473 million (2021)
US$−30 million (2021)