The story
Founded by Yuval Tal in 2005.1
Payoneer was founded in 2005 with $2 million in seed funding from founder and then-CEO Yuval Tal and other private investors. 83North (Greylock Israel) led an additional $4 million in funding in 2007, with additional investors including Carmel Ventures, Crossbar Capital, Ping An, Wellington Management, Susquehanna Growth Equity, Naftali Bennett and Nyca Partners. Since 2005 Payoneer has raised over $265 million from investors.
In March 2016, the firm acquired internet escrow company Armor Payments. aiming to address the market for B2B transactions between US$500 and $1,000,000 where credit cards and letters of credit are not suitable. It also began working with the Latin American eCommerce site Linio.
In August 2016, the firm added an automated tax form service to its mass payout offering. In October 2016, the company raised $180 million from Technology Crossover Ventures, bringing the total funding to $234 million.
In 2017, China Broadband Capital (CBC) invested in Payoneer. In 2017 and 2018, Payoneer was named as CNBC's 40th and 13th most disruptive companies, respectively. In 2018, former chief economist of Israel, Yoel Naveh, joined the company to lead Payoneer's working capital division.
Payoneer launched a capital advance service in February 2019. In 2019, Payoneer got an authorisation as an Electronic Money Institution by Central Bank of Ireland for customers in EEU. In 2019, Payoneer hired FT Partners to help facilitate expansion of the company and secure an additional round of private funding. In December 2019, Payoneer acquired Optile, a German payments orchestration platform. The acquisition allows Payoneer, for the first time, to offer merchant services and consumer payment acceptance in addition to the B2B services they have been providing since inception. Daniel Smeds founded and runs Optile, and its staff of 75, which will continue to operate as an independent group based out of their current HQ in Munich while also working for Payoneer.
Since 6 January 2021, Wirecard EUR receiving accounts on Payoneer can only receive payments from approved payment sources. Wirecard AG is insolvent since 25 June 2020 but the EUR receiving account is supported by their subsidiary Wirecard Bank AG, which is not part of the insolvency proceedings. Users have the ability to receive payments from other sources by requesting a Citibank EUR receiving account. In February 2021, Payoneer announced that it will become a publicly traded company through a merger with FTAC Olympus Acquisition Corp. (NASDAQ: FTOCU), a Special Purpose Acquisition Company (SPAC) owned by former Bancorp CEO Betsy Z. Cohen. The combined company will operate as Payoneer and have an implied estimated enterprise value of approximately $3.3 billion at closing, with $300 million coming from private investment in public equity (PIPE) from investors including Dragoneer Investment Group, Fidelity Management & Research, and Franklin Templeton. The company went public on the NASDAQ stock exchange on 28 June 2021.
In May 2022, the company began to offer Payoneer Checkout, a service which enables merchants to work with direct-to-customer (DTC) online stores.
In August 2023, it was announced that Payoneer had acquired the Israel-based AI data platform, Spott, for an undisclosed sum.
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In August 2024, Payoneer acquired Skuad, a Singapore-based payroll and HR platform, for $61 million.
In April 2025, Payoneer acquired Easylink Payment Co., a Chinese online payment services provider, for an undisclosed sum.
From Wikipedia’s article on Payoneer, shared under CC BY-SA 4.0.6