Payoneer Secures Additional $50 Million in Round E Funding

The leading online payment and card service provider Payoneer announced that they have managed to secure an additional $50 million investment in Series E Funding. Led by Wellington Management Company, that has client assets over $904 billion under management, led this round along with Susquehanna Growth Equity, LLC.

Payoneer said in an official press release that investors bought the shares from existing investors and all major shareholders in the company has kept their majority holding positions. Hence, the ownership structure of the company would not be affected by this round of financing.

The Chief Executive Officer of Payoneer, Scott Galit, commented on the funding by saying that “We have seen strong interest by many top-tier investors who believe in our vision to transform cross-border commerce by connecting businesses worldwide on an innovative financial platform.”

Prior to the round E, Susquehanna Growth Equity, LLC had already had a stake in Payoneer since it led the round D financing worth $25 million last year.

They already had representation in the Payoneer board as their Managing Director, Amir Goldman, has served as a board member. Commenting on the round E, he said that “Payoneer continues to show tremendous momentum and revenue growth.”

An additional commitment from, Susquehanna Growth Equity, LLC demonstrate the viability of the Payoneer’s business model and the round E funding would enable it to ensure further growth opportunities against its key competitors.

“Payoneer has established a unique global brand and is trusted by businesses worldwide that rely on Payoneer to send and receive billions of dollars across borders each year. We are excited to help Payoneer achieve its goal to reduce friction in cross-border trade by simplifying cross-border payments,” Goldman added.

Payoneer is involved in online payments and working to change the way businesses manages their cross-border payments to remote workers. Since its inception, Payoneer has been empowering small and medium size businesses by its innovative cross border online payment platform. Payoneer enabled million of individuals to receive international payments and redefined the remote work landscape in a global scale.