Payoneer Global Inc (NASDAQ:PAYO) went public on 6/28/21 by merging with FTAC Olympus Acquisition Corp., a blank-check company run by Bancorp founder Betsy Cohen. The company specializes in facilitating cross-border payments. The fintech start-up was founded in 2005 by Yuval Tal, an Israeli entrepreneur who helped start other tech and e-commerce payment companies. Scott Galit joined as CEO in 2010 after years at First Data and Mastercard. In March, the company partnered with Mastercard to offer small businesses a digital payments card.
Payoneer Inc. operates a cross-border payment and commerce-enabling platform that facilitates digital businesses, online sellers, and freelancers worldwide to receive and manage their international payments. The company delivers a suite of services that includes cross-border payments, working capital, tax solutions, merchant services, and risk management. Its platform offers freelancers to pay and get paid by companies and marketplaces worldwide; web development companies and service providers with options to pay and get paid by companies and marketplace worldwide; and a solution for online advertisers, affiliates, publishers, and content creators a way to get paid by digital marketing platforms. The company also provides its platform for online sellers to receive payments from eCommerce marketplaces to one consolidated account; monitor performance of multiple stores at a common place; pay suppliers and contractors; access funds directly to local bank account; view upcoming payments and payment history for eCommerce sites; and receive payments for items purchased in stores. In addition, it offers working capital services. Payoneer Inc. was founded in 2005 and is based in New York, New York with additional offices in the United States and internationally.
There are more than 5 million users on Payoneer’s platform, and the company works with more than 150 different currencies, specializing in cross-border payments. Airbnb, Amazon, Google and freelance jobs platform UPwork are among its corporate customers, as well as millions of independent contractors and small businesses.
The company expects $432 million in revenue in 2021, compared with $94.7 million in 2020. It eyes process transaction volume of $64 billion, a jump from $44.4 billion in 2020.
Payoneer is a financial tech company focused on payments and growing the global economy. With the continuous growth in revenue for the coming year, the stock prices for this company will grow exponentially.