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 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 and Nyca Partners.
Payoneer’s services are looked at by small and medium enterprises looking to connect to Payoneer’s trading partners. 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. The platform offers its services with a low currency conversion fee. Payoneer has about three million users in more than 200 countries and provides transactions in more than 150 currencies with its cross-border wire transfers, online payments, and refillable debit card service. In March 2020, Payoneer acquired Armor Payments – internet escrow company.
In 2020, after securing $180 million in its first round of equity financing, Payoneer expanded into India in keeping with the ideal of trade across borders. Yet, Indian regulations prohibit the company from offering pre-paid MasterCard debit cards. The company offered a product that did not use a card. 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.
The company has also integrated with Latin American ecommerce partner, Linio, 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.
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