Payoneer

Payoneer Inc.
Online Payment, International Money Transfer and Prepaid Debit Cards
Founded 2005
Headquarters New York, NY United States
Key people
 Scott Galit, CEO
Website www.payoneer.com

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 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[1] provided an additional $4 million in funding in 2007.[2] It was also funded by Carmel Ventures, Crossbar Capital, Ping An, 83North, Wellington Management, Susquehanna Growth Equity[1] and Nyca Partners.[3][4]

Payoneer’s services are looked at by small and medium enterprises looking to connect to Payoneer’s trading partners.[5] Payoneer account holders can receive funds into their bank account or e-wallet, or via a re-loadable prepaid debit card ( MasterCard) that can be used at points-of-purchase.[6] The platform offers its services with a low currency conversion fee.[1] Payoneer has about three million users in more than 200 countries and provides transactions in more than 150 currencies[1] with its cross-border wire transfers, online payments, and refillable debit card service.[7] In March 2016, Payoneer acquired Armor Payments - internet escrow company.[8]

In 2016, after securing $180 million in its first round of equity financing,[9] Payoneer expanded into India in keeping with the ideal of trade across borders.[9][10][11] Yet, Indian regulations prohibit the company from offering pre-paid MasterCard debit cards.[12] The company offered a product that did not use a card.[10][12] Payoneer had to customize for India, including reporting systems and fund-transfer limits that comply with local rules. Due to regulatory limits, it maintains a maximum of $10,000 per transaction.[13]

The company has also integrated with Latin American ecommerce partner, Linio,[14] which gives international sellers access to the large Latin-American ecommerce markets. Linio and Payoneer seek to end the high fees of banking, will add transparency, and end the need for manual processing of payments.[15]

In 2016, Payoneer also opened an office in the Philippines.[16]

References

  1. 1 2 3 4 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. ↑ Schonfeld, Erick (2008-07-24). "Payoneer Raises $8 million Series B From Greylock And Carmel". TechCrunch. Retrieved 2011-02-28.
  4. ↑ Abelson, Max. "New York".
  5. ↑ Peyton, Antony (15 Mar 2016). "Payoneer acquires Armor Payments to create global alternative to LCs". Banking Technology. BankingTech.com.
  6. ↑ "X-mas GPS, Plastic Wages, Video Antivirus". Associated Press. November 14, 2007. Retrieved March 29, 2014.
  7. ↑ Germain, Jack (January 16, 2008). "Payoneer: Taking Prepaid Debit Cards to the Next Level". E-Commerce Times. Retrieved March 29, 2014.
  8. ↑ B2B payment service Payoneer acquires escrow-as-a-service platform Armor Payments, TechCrunch, March 15, 2016
  9. 1 2 Kar, Sanghamitra (13 Oct 2016). "Payoneer to boost its global presence & scout for acquisitions after bagging $180M". Times Internet Limited. ETtech.com.
  10. 1 2 Behal, Ambika (9 Mar 2016). "Why Payoneer Thinks Now Is A Good Time To Enter In India". Forbes.
  11. ↑ Coimbatore (10 Nov 2016). "Online payment company looking for business in and around city". Business Standard.
  12. 1 2 Kochar, Ritu (7 Mar 2016). "Cross-Border Payments Made Easy; Payoneer To Enter Indian Marketplace". Entrepreneur.
  13. ↑ Shetty, Mayur (26 Mar 2016). "Payments co Payoneer woos Indian exporters". Times of India.
  14. ↑ HARRUP, ANTHONY (3 Mar 2016). "Online Retailer Linio in Deal With Payoneer to Ease Payment for Sellers". World Street Journal.
  15. ↑ FAREEHA, ALI (15 Jun 2016). "E-commerce growth slows in Latin America". Internet Retailer.
  16. ↑ Cordero, John Ted (23 Sep 2016). "Online payment firm Payoneer launches in PHL". GMA News.
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