With the addition of Spott’s capabilities, Payoneer will process large sets of data to apply advanced AI models and make predictions and decisions about its service offerings for a global SMB customer base. The first application of the technology will be on the Payoneer working capital products to enhance underwriting capabilities.
Expressing the reasoning behind the acquisition, Payoneer’s officials said this announcement is part of their commitment to investing in AI and data to provide unique and seamless experiences for customers. They look forward to seeing the impact that these capabilities will have on Payoneer customers. Spott has built a strong solution, and as part of Payoneer, this innovative technology will be available to SMBs in nearly 200 countries and territories.
Executives from Spott said they believe in the impact their technology can have on Payoneer’s global customers and this announcement means the solution can help more businesses around the world. Payoneer was a natural fit for the vision they have for their technology, and they look forward to working with the team and building for the future.
As part of the transaction, Spott’s co-founders and officers will join Payoneer’s Technology team, also based in Israel.
In April 2023, Payoneer has partnered with tech company Zoho to assist businesses with end-to-end management of finances and to simplify cross-border payments.
The press release states that the collaboration aims to benefit small and medium-sized businesses (SMBs) and freelancers globally, particularly in India, Australia, New Zealand, the UK, and the Philippines.
Payoneer will serve as a payment solution, allowing businesses to receive funds in their Payoneer account. Users in these regions can hold funds in various currencies, make online purchases, and pay suppliers. Indian businesses can also automatically withdraw funds to their local bank account and obtain a digital FIRC (Foreign Inward Remittance Certificate). The partnership intends to expand its services to new markets in the future.
Payoneer is the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable anyone anywhere to participate and succeed in the global digital economy. Since our founding, we have built a global financial platform that has already made it easier for millions of SMBs, particularly in emerging markets, to pay and get paid, manage their funds, and grow their business.
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