Payoneer secures $25 million funding
05 March 2014 | 4024 views | 0
Payoneer Inc., a leading online payments company headquartered in New York, today announced it has completed a Series D financing round of $25 million. Susquehanna Growth Equity, LLC, a private equity firm focused on the financial services industry and an affiliate of Susquehanna International Group, LLP, led the investment, with participation from existing investors Carmel Ventures, Greylock IL and Vintage Venture Partners.
Payoneer empowers cross-border commerce by providing a payment platform that connects thousands of companies with millions of professionals and small business owners from more than 200 countries. A profitable company with a four-year revenue CAGR of over 65%, Payoneer intends to continue its rapid growth by utilizing this new capital to accelerate its product roadmap, expand into new verticals and markets and increase sales and marketing investments, as well as enable the company to more actively pursue acquisitions.
"This new funding will help us expand our position as the leading provider of payment solutions that connect marketplaces, ecommerce platforms, technology companies, professionals and small business owners from around the world," said Scott Galit, CEO of Payoneer. "We are thrilled to welcome Susquehanna Growth Equity as the lead investor in this round and look forward to leveraging their deep industry knowledge and expertise to take Payoneer's growth to the next level. All of our investment partners share our vision to empower global commerce by transforming the way small businesses around the world get paid for selling products and services across borders."
"Payoneer has revolutionized the way businesses are able to send and receive cross-border payments. Payoneer's flexible, secure platform helps companies accelerate global business, as evidenced by the company's exceptional growth over the past several years," said Amir Goldman, Managing Director of Susquehanna Growth Equity. "Payoneer has built a trusted global brand and we look forward to working with the Payoneer team to continue to capitalize on the exciting opportunities in the $50 trillion global market for cross-border business payments."
"Payoneer has clearly positioned itself as the category leader in this fast-growing market. We are very happy to welcome Susquehanna Growth Equity to our strong group of investors, all of whom are committed to the long term success of Payoneer and strongly believe in its compelling mission and big vision," said Avi Zeevi, Chairman of Payoneer and Co-Founder and General Partner at Carmel Ventures.
Upon regulatory approval, Amir Goldman is expected to join Payoneer's Board of Directors.