Payoneer

Payoneer Inc.
Online payment, International money transfer and Prepaid debit cards
Founded 2005
Headquarters New York, NY United States
Key people

Yuval Tal, Founder

Scott Galit, CEO
Website www.payoneer.com

Payoneer is a financial services company 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. In 2016, the company also opened an office in the Philippines.[1] 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[2] provided an additional $4 million in funding in 2007.[3] It was also funded by Carmel Ventures, Crossbar Capital, Ping An, 83North, Wellington Management, Susquehanna Growth Equity[2] and Nyca Partners.[4][5]

Overview

Payoneer’s services are accessed by small and medium enterprises looking to connect to the company’s trading partners.[6] The company's 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.[7] The platform offers its services with a low currency conversion fee.[2] the company's primary competitors are Tipalti and PayPal. Payoneer has about three million users in more than 200 countries and provides transactions in more than 150 currencies[2] with its cross-border wire transfers, online payments, and refillable debit card service.[8] In March 2016, the company acquired Armor Payments - an internet escrow company.[9]

In 2016, after securing $180 million in its first round of equity financing,[10] Payoneer expanded into India in keeping with the ideal of trade across borders.[10][11][12] Yet, Indian regulations prohibit the company from offering pre-paid MasterCard debit cards.[13] The company offered a product that did not use a card.[11][13] 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.[14]

Payoneer partnered with IndusInd Bank in March 2016 to launch the service after receiving central bank approval.[15] It claims to have got interest from more than 10,000 Indian SMEs at a private event they hosted. 

The company has also integrated with Latin American ecommerce partner, Linio,[16] which gives international sellers access to the large Latin-American ecommerce markets. Linio and Payoneer seek to end the high fees of banking, add transparency, and end the need for manual processing of payments.[17]

References

  1. ↑ Cordero, John Ted (23 Sep 2016). "Online payment firm Payoneer launches in PHL". GMA News.
  2. 1 2 3 4 Agarwal, Meha (30 Jun 2016). "New York Based Payments Platform Payoneer Re-Enters Indian Market". Inc42.
  3. ↑ Carthy, Roi (October 22, 2007). "Payoneer Collects $3M from Greylock, Signs-Up iStockphoto". TechCrunch. Retrieved March 29, 2014.
  4. ↑ Schonfeld, Erick (2008-07-24). "Payoneer Raises $8 million Series B From Greylock And Carmel". TechCrunch. Retrieved 2011-02-28.
  5. ↑ Abelson, Max. "New York".
  6. ↑ Peyton, Antony (15 Mar 2016). "Payoneer acquires Armor Payments to create global alternative to LCs". Banking Technology. BankingTech.com.
  7. ↑ "X-mas GPS, Plastic Wages, Video Antivirus". Associated Press. November 14, 2007. Retrieved March 29, 2014.
  8. ↑ Germain, Jack (January 16, 2008). "Payoneer: Taking Prepaid Debit Cards to the Next Level". E-Commerce Times. Retrieved March 29, 2014.
  9. ↑ B2B payment service Payoneer acquires escrow-as-a-service platform Armor Payments, TechCrunch, March 15, 2016
  10. 1 2 Kar, Sanghamitra (13 Oct 2016). "Payoneer to boost its global presence & scout for acquisitions after bagging $180M". Times Internet Limited. ETtech.com.
  11. 1 2 Behal, Ambika (9 Mar 2016). "Why Payoneer Thinks Now Is A Good Time To Enter In India". Forbes.
  12. ↑ Coimbatore (10 Nov 2016). "Online payment company looking for business in and around city". Business Standard.
  13. 1 2 Kochar, Ritu (7 Mar 2016). "Cross-Border Payments Made Easy; Payoneer To Enter Indian Marketplace". Entrepreneur.
  14. ↑ Shetty, Mayur (26 Mar 2016). "Payments co Payoneer woos Indian exporters". Times of India.
  15. ↑ Shankar, Shashwati (7 March 2016). "This US company wants to be a 'Payoneer' in payment space". The Economic Times. Retrieved 12 August 2017.
  16. ↑ HARRUP, ANTHONY (3 Mar 2016). "Online Retailer Linio in Deal With Payoneer to Ease Payment for Sellers". World Street Journal.
  17. ↑ FAREEHA, ALI (15 Jun 2016). "E-commerce growth slows in Latin America". Internet Retailer.

Further reading

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