Payoneer is a financial technology company that empowers small and medium-sized businesses (SMBs) to transact and grow globally. It aims to provide opportunities for entrepreneurs worldwide by simplifying cross-border commerce. Payoneer helps SMBs, especially in emerging markets, to connect to the global economy, manage funds in multiple currencies, and expand their businesses.
Payoneer revealed that it has obtained the necessary regulatory approvals to finalise the acquisition of a licensed payment service provider based in China. The deal is anticipated to be completed in the first half of 2025, pending standard closing conditions.
Other developments from Payoneer
In August 2024, Payoneer made the acquisition of Skuad, a global HR and payroll startup based in Singapore, for USD 61 million in cash. In addition, Payoneer was prepared to pay up to USD 10 million more, depending on whether Skuad achieved certain performance targets within the first 18 months post-acquisition. Furthermore, Payoneer issued an additional USD 10 million in restricted stock units, bringing the total investment for acquiring Skuad to USD 81 million.
The Singaporean HR startup raised approximately USD 19 million in venture funding from several investors, including Argor Capital, Beenext, NMVM, and various angel investors, before being acquired by Payoneer. The company primarily focused on SMEs operating internationally, particularly in emerging markets, which made it a logical acquisition for Payoneer. As remote work became the norm in the post-pandemic world, companies increasingly faced pressure to reduce labour costs while increasing productivity. It had been a noticeable shift from freelance models to businesses looking for scalable solutions to tackle new global economic challenges, positioning Skuad as a fit for Payoneer to help bridge this gap.
