“Back in 2005, our way of helping clients was through a prepaid debit MasterCard, which kick-started the business,” recalls Perla. “It provided a range of options for payment recipients, who could access the money via an ATM or use the card online or at any point of sale. Over the years, the card has become more of a niche product, and today we provide a full range of financial services for businesses of all sizes.
“Payoneer has focused on both established markets and developing countries, with their new ranks of freelancers and digital entrepreneurs. The gig economy and small businesses have grown strongly in recent years, a trend that is further accelerated this year by the shift to remote work for professionals all over the world.”
The company’s customer base has grown to around four million, from freelancers to major multinationals in over 200 countries. With its head office still in New York and its research and development centre in Israel, Payoneer’s global network now extends to 21 locations and a workforce of around 1,500 employees. The company aims to bring them all together once a year, although the pandemic makes it impossible to do so in 2020, except virtually.
“We have people all over the world who look at the specific needs of each individual market,” explains Perla. Half of the management team is female and she says that recruitment of “smart and motivated women” has always been part of the company’s culture. “Many of the requests we see coming in are for regulated settlement, reflecting the fact that moving money around the world is a highly regulated activity – and that regulatory burden has steadily increased,” she adds. “Payoneer can manage it. Our plug-ins for payment orchestration for both receivables and payables allow us to operate as a one-stop shop.”
In 2019, Payoneer began offering working capital to Amazon and Walmart sellers and was able to use its insights into their sales to assess risk and extend the funds these companies need to grow. Last December, as part of its continued growth, it purchased German company optile, a cloud-based open payment orchestration platform for businesses to quickly expand into new overseas markets by adding new partners and payment options for receiving and collecting funds globally and locally.3
“The rationale for the optile acquisition was to access its technology and platform,” Perla says. “optile, as a payment orchestration platform, is very synergistic with our core value proposition and helps propel us to expand into a full receivables platform as well.”
Figure 2: The Payoneer payment process