Payoneer receives $25 million funding from Susquehanna Growth Equity, LLC
PAYONEER RECEIVES $25 MILLION FUNDING FROM SUSQUEHANNA GROWTH EQUITY, LLC
New York City – March 5, 2014 – 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.
Payoneer provides an industry-leading global payout platform that simplifies the world of commerce by removing the limitations that typically surround international business. With Payoneer, companies can engage business partners and service providers in over 200 countries, and enjoy the same convenience making payments as if they were working with a local provider, while professionals and small businesses worldwide can quickly, easily and cost-effectively receive funds for services rendered or products sold, no matter where they are. For payers and payees alike, Payoneer removes geographical borders and ensures smooth, cost-effective, secure transactions. Our range of flexible payout options includes transfers to local banks worldwide, prepaid debit cards, international wire transfers, and local eWallets. Venture-backed and profitable, Payoneer has served thousands of companies and more than one million payees around the world. Payoneer is ranked in the top 100 of the Inc. 500 Financial Service companies. For more information, visit us at www.payoneer.com or follow us on Twitter and Facebook.
About Susquehanna Growth Equity
Susquehanna Growth Equity (SGE) was founded in 2006 as an affiliate of Susquehanna International Group. We invest in growth capital and buyout opportunities in the software, information services, internet and financial technology sectors. We have access to a unique and patient capital base: one we believe allows our management teams the freedom and flexibility to maximize growth. To learn more, please visit us at www.sgep.com.