Israeli Payoneer Raises $180 Million to Help Businesses Move Money Across Borders
Israeli Digital payments company Payoneer has raised a vast $180 million in a series E round led by Technology Crossover Ventures (TCV), with participation of existing investor Susquehanna Growth Equity. the company has raised $235 million to date including the latest financing round.,
The financing includes $90 million for expanding the company while shareholders sold a stake worth a further $90 million. This is the largest-ever investment in an Israeli fintech company. The proceeds from the financing will be used to accelerate global growth and to enhance an already strong and debt-free balance sheet.
Founded in 2005 in Israel by president Yuval Tal and former CTO Ben Yaniv Chechik, Payoneer is headquartered in New York and has development office in Tel Aviv, housing 560 employees out of the company’s 760 employees worldwide. Payoneer works in 200 countries.
Payoneer transforms the way businesses send and receive cross-border payments. The platform focus on B2B to help organizations around the world make and receive payments in their own currency. It has additional services such as regulatory compliance, tax-form automation, and risk monitoring and basically joins the dots between countries, companies, and currencies, making the process of trading internationally easier and cheaper.
Payoneer has grasped some big clients, including Google, Amazon, and Airbnb. The company has been profitable for three years and garners more than $100 million in revenue each year. This year to company launched a new billing and escrow services. It also opened new offices in its growth markets of India, Japan and the Philippines.
The company partnered with global marketplaces and networks such as Rakuten.com, Linio, Cdiscount, Tradedoubler and CJ Affiliate by Conversant.
Read more about: Ben Yaniv Chechik, Digital payments, Israeli companies, Payoneer, Yuval Tal