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Showing posts with label online-payment. Show all posts
Showing posts with label online-payment. Show all posts

Payoneer Announces $180 Million Financing - Philippines to Benefit



Weeks after formally launching its operations in the Philippines, Payoneer, an innovative digital payments company transforming the way businesses send and receive cross-border payments, has announced that it has completed the first closing of a significant growth equity financing. TCV led the round and was joined by existing investor Susquehanna Growth Equity. Proceeds from the financing will be used to accelerate global growth and to enhance an already strong and debt-free balance sheet.

In addition to its investment in a newly issued preferred stock, TCV has also committed to purchase shares from existing shareholders, pending regulatory approval and other customary closing conditions.

“TCV shares our belief that we can make a difference by empowering entrepreneurs throughout the world by offering them tools and solutions to participate, compete and succeed in the global economy.

TCV’s connections with fast growing e-commerce marketplaces, global brand-building expertise and its long-term investment philosophy are the perfect fit for Payoneer and will help us propel our growth in the years to come,” Payoneer CEO Scott Galit stated.

Proceeds from the financing will be used to accelerate global growth and to enhance an already strong and debt-free balance sheet.

“Payoneer’s scale and global reach, along with its proprietary compliance infrastructure, allow it to differentiate itself in the field of international payments. We think Payoneer’s superior growth trajectory, increasing profitability and huge addressable market make it an ideal investment,” Nari Ansari, Principal at TCV, noted.

Payoneer’s global expansion includes opening an office in the Philippines, a country with a rapidly growing outsourcing and export market. The New York-based digital payments firm supports cross-border payments not just to giant entities such as Google, Amazon, Upwork and Airbnb, but also to millions of small businesses across the world including the global online outsourcing industry. The Philippines, contributing about 18.6% to the global online workforce, is named among the top five countries for online outsourcing.

“The significant size of the investment shows the confidence that investors have in Payoneer’s vision of empowering businesses, big or small, to conduct global transactions with ease and security. Payoneer views the Philippines as a strategic market that will warrant further expansion and this will, in turn, benefit our country’s growing freelance and online outsourcing industry,” Miguel Warren, Payoneer Country Manager, stated.

The investment follows a year of strong momentum for Payoneer, having opened new offices not just in the Philippines but also in its key growth markets in India and Japan. It has also partnered with global marketplaces and networks Rakuten.com, Linio, Cdiscount, Tradedoubler and CJ Affiliate by Conversant and launched new billing and escrow services.

Payoneer is now in the Philippines!


This year, Payoneer, a leading online payment company that provide services to businesses for send and receive cross-border payments, officially launched their operation in Asia-Pacific region in the Philippines.

Held in Taguig, it is a small gathering of friends and media, introducing of what is Payoneer is all about, here is the video, enjoy!


The said company is based in New York where companies like Google, Amazon, Upwork, and Airbnb, as well as millions of small businesses throughout the world, is strengthening its presence in a country that is already very familiar with its sevices. Its presence in Manila will enable service freelancers and creative outsourcing professionals, as well as the growing numbers of Small-Medium Enterprise in the field of Information technology and Business Process Outsource.

"Receiving international business payments in a timely and cost-effective manner is oftentimes a big hurdle for small businesses and freelance professionals," noted Miguel Warren, who was recently named as Payoneer's Country Manager in the Philippines. "With all global entrepreneurs and SME BPOs need to worry about is getting paid by their international clients Payoneer can provide them with fast, flexible and low-cost solutions that will help them scale their global businesses," he shared.


At Payoneer, it is our mission to empower entrepreneurs and small business owners in the Philippines to connect with opportunities that will help them grow their global business and achieve their potential,” said Scott Galit, Payoneer CEO. “The freelance and outsourcing market in the Philippines sets a great example to the rest of the world and it is an honor to help their continued expansion by providing a secure, low-cost platform for cross-border payments.”

Payoneer has millions of users from over 200 countries and territories worldwide, providing cross-border payments through marketplaces and directly between buyers and sellers in more than 150 currencies.

To learn more about how Payoneer is empowering Filipino businesses and professionals with its fast, low-cost and flexible cross-border payments platform, visit www.payoneer.com/ph.
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