Payoneer Inc has closed its Series D financing round with $25 million, a statement about the funding said.
The round was led by private equity firm Susquehanna Growth Equity. The online payment firm's current backers like Carmel Ventures, Greylock IL and Vintage Venture Partners also participated in the round. Susquehanna Growth Equity Managing Director Amir Goldman will be joining the Board of Directors of Payoneer upon getting approval from regulators, the report said.
Payoneer Chief Executive Officer Scott Galit said in the statement, "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. 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."
Based in New York, Payoneer's payment platform links companies to professionals and owners of small businesses coming from over 200 countries, strengthening cross-border commerce. It plans to use the proceeds from the recent funding round for product development, market expansion and improve sales and marketing investments. It also intends to use the capital for acquisitions, the statement said.
According to the statement, Payoneer has become profitable, posting a four-year revenue compound annual growth rate of more than 65%. The platform facilitates hassle-free and secure transactions, with a wide range of payout options like local bank transfers, prepaid debit cards, international wire transfers and local eWallets, the statement said.
In the statement, Amir Goldman said, "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."
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