Payoneer

Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: Dynamic Planner, Experian, Fintech Rundown, Glia, IBM, Ocrolus, On Deck Capital, Payoneer, VISA

As October gets underway in earnest, Finovate’s Fintech Rundown shares news of expedited payments to help those impacted by hurricane Helene, another partnership to help new Canadians secure credit, as well as a major investment in cross-border payments and a big acquisition in the fraud prevention space.

Be sure to check back all week long for more fintech news and updates!

Payments

Payoneer teams up with Tech Mahindra to optimize the company’s crowdsourcing platform, Populii.

Payments acceptance platform Cashflows partners with Mastercard to offer merchants Click to Pay.

FedNow will expedite Federal Emergency Management Agency (FEMA) payments and transactions for survivors of hurricane Helene.

The U.S. Faster Payments Council (FPC) releases its 2024 U.S. Instant Payments Adoption Quantitative Study.

Formerly WorldRemit, Zepz raises $267 million to support expansion into new African markets.

Woodforest Acceptance Solutions partners with FreedomPay.

Venmo introduces payment scheduling.

Lending & credit

Quarters and Nova Credit team up to help immigrants to Canada transfer their credit histories from their home countries.

Experian Consumer Services partners with non-bank consumer lender Oakbrook to offer debt consolidation loans.

Plaid partners with MoneyLion to provide lenders with cash flow underwriting insights.

LendingClub and Pagaya acquire assets of Tally Technologies.

SoFi launches two new credit cards: SoFi Everyday Cash Rewards and SoFi Essential.

Identity and fraud prevention

Experian acquires Brazilian cybersecurity firm ClearSale in a deal valued at $350 million.

Meta expands its information-sharing partnership with banks in the U.K. to help fight fraud and scams.

DeFi and crypto

21.co, parent company of cryptocurrency exchange-traded product (ETP) issuer 21Shares forges strategic partnership with Crypto.com.

UAE to exempt crypto transactions from Value Added Tax (VAT) effective in November.

Visa launches platform to enable banks to issue stablecoins and tokens.

Open banking / open finance

Open banking payments network TrueLayer secures $50 million extension of its Series E funding round.

Open finance operating company Fabrick partners to TerraPay to enhance cross-border payments in Europe.

Small business financial management

Ocrolus and On Deck issue their Small Business Cash Flow Trend Report for Q2 2024.

Communications

Customer interaction technology provider Glia launches its Unified Interactions Index Online Calculator.

Digital banking

Coreless banking platform provider XYB announced a collaboration with IBM.

Grasshopper Bank to acquire AAA Bank, Auto Club Trust.

Regtech

Ireland-based regtech Corlytics announces expansion of its U.S. operations.

Financial advisory and wealth management

U.K.-based digital advice platform Dynamic Planner unveils new CRM integration with Adviser Cloud.

Photo by Guzel’S

Share this:

Send Post Twitter LinkedIn Facebook

Payoneer to Acquire Skuad for $61 Million

Payoneer to Acquire Skuad for $61 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Payoneer
  • Payoneer is acquiring HR platform Skuad.
  • The deal is set to close for $61 million in cash and may include an extra $20 million in contingent funds and restricted stock units, depending on conditions.
  • Payoneer plans to integrate Skuad’s payroll and contract management solutions into its own offerings.

Hours after I published a piece highlighting summer acquisition activity in fintech, I woke up to this news: global digital commerce company Payoneer announced today that it has acquired HR platform Skuad.

While the purchase is slated for $61 million in cash, it could close for as much as $81 million. That’s because Payoneer may also pay an additional $10 million, contingent on Skuad’s performance metrics, and offer $10 million in restricted stock units, depending on key employee vesting.

“To accelerate our evolution and B2B momentum, we are excited to announce the acquisition of Skuad and welcome to Payoneer the talented entrepreneurs who share our vision of supporting global SMBs,” said Payoneer CEO John Caplan. “We are combining the strength and reach of Payoneer with Skuad’s comprehensive global workforce and payroll solutions to create a powerful platform that will enhance our customers’ ability to expand their teams worldwide and grow globally.”

Skuad was founded in 2019 to help businesses automate payroll management, local compliance, and taxation of their employees. The Singapore-based company, which has raised $19 million, helps businesses compliantly hire employees across more than 160 countries. Skuad also assists its clients in global payroll, allowing their employees to receive payment in their choice of 100+ currencies.

Founded in 2005, Payoneer offers multi-currency accounts and payment services to two million businesses across 190 countries. With a mission to “democratize access to financial services and drive growth for digital businesses of all sizes from around the world,” Payoneer helps users pay, get paid, and manage funds on a global scale. The company also offers working capital– providing advances to Amazon and Walmart sellers, as well as to small businesses.

Payoneer, which plans to integrate Skuad’s payroll and contract management offerings into its own, announced the acquisition of Skuad in an earnings announcement this week. Also during that call, Payoneer revealed a record revenue of $240 million, which is up 16% from last year’s figure.

“Twenty-five percent of Payoneer’s B2B customers are asking for enhanced workforce management capabilities, including payroll, employer of record and contractor management capabilities — so there is significant cross-sell potential with this acquisition,” the company said in a news release.

Payoneer went public via a SPAC merger with FTAC Olympus Acquisition Corp. in 2021. The company listed on the NASDAQ in June of that same year under the ticker PAYO and has a current market capitalization of $2.41 billion.

Photo by Pixabay

Share this:

Send Post Twitter LinkedIn Facebook

Payoneer Partners with Etsy to Streamline Payments to Sellers in Emerging Markets

Payoneer Partners with Etsy to Streamline Payments to Sellers in Emerging Markets
By David Penn Posted on
Categories: Alumni News, Daily news, Payoneer
  • Payments platform Payoneer has collaborated with Etsy’s seller offering, Etsy Payments.
  • The partnership will enable Etsy to streamline payments to sellers, empowering entrepreneurs in emerging markets.
  • Payoneer made its Finovate debut ten years ago at FinovateAsia 2013.

Etsy Payments has a brand new partner. The company, the bespoke seller offering from global online marketplace Etsy, has announced a collaboration with payments platform Payoneer. The partnership will help Etsy streamline payments to sellers. It will also give entrepreneurs in emerging markets better opportunities to grow their businesses. This includes the ability to offer a broader range of services and to make payouts to sellers in their preferred currency.

The collaboration will launch in the Ukraine and Thailand initially. By the end of the year, the service will be live in India, Japan, Argentina, Chile, and Peru, as well.

“Through this partnership, we are able to leverage Payoneer’s global reach and world-class payment technology to bring efficiencies at scale and provide seamless payouts to sellers in their local markets and the currency of their preference,” Etsy VP & GM Payments and Risk, Chirag Patel said.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy launched its Etsy Payments service in 2017. The option was previously called Direct Checkout and payments were processed by PayPal rather than Etsy. Etsy Payments enables sellers on the marketplace to offer buyers a wide range of payment options. These choices include Visa, PayPal, and Mastercard, as well as ApplePay, GooglePay, and Klarna, and buyers can transact in local currencies.

“This collaboration will help create opportunities for the often-underserved sellers in emerging markets, giving them better access to global demand,” Payoneer SVP Americas Ya Wen explained.

New York-based Payoneer made its Finovate debut in 2013 at FinovateAsia. The company returned to the Finovate stage two years later to present its technology at our developers conference FinDEVrNewYork. In the years since, Payoneer has grown into an international business payments platform with millions of customers, support for 70 currencies and 22+ languages, and coverage of more than 190 countries.

Payoneer began 2023 with a new Chief Financial Officer, Bea Ordonez. A few months later, the company introduced a new Chief Executive Officer, John Caplan, as well. So far this year, Payoneer has forged partnerships with software company Zoho, remote work outsourcing platform INSIDEA, Egyptian marketing firm Stllr, and cryptocurrency startup belo. The company acquired Israel-based data platform Spott in August and, in September, expanded its long-term relationship with Airbnb.

Payoneer is a publicly traded company on the NASDAQ exchange under the ticker PAYO. It has a market capitalization of $2 billion.

Photo by Oleksandr P

Share this:

Send Post Twitter LinkedIn Facebook

Payoneer Earns E-Money License from the U.K.’s FCA

Payoneer Earns E-Money License from the U.K.’s FCA
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Payoneer
  • Payoneer received its e-money license from the U.K. Financial Conduct Authority.
  • The license will enable the digital commerce company to continue serving its U.K.-based customers.
  • Having earned the license, Payoneer now plans to grow its footprint in the U.K. region.

Global digital commerce company Payoneer received its e-money license from the U.K. Financial Conduct Authority (FCA) this week. The license will enable Payoneer to continue to provide its e-money services to U.K.-based businesses.

“The FCA traditionally sets the tone of financial regulation globally and therefore we are extremely proud to be receiving our e-money license in the U.K., said Payoneer Payment Services CEO and SVP of Payoneer Europe James Allum. “We’re excited to be able to continue serving our customers in the U.K. and with our relationship with the FCA. Our customers in the UK now have confidence in Payoneer’s consistent ability to provide regulated financial services of the highest standard.”

With the new U.K. money license, Payoneer will grow its footprint in the region, offering its digital money services to U.K.-based businesses.

Payoneer was founded in 2005 and offers multi-currency accounts to five million customers ranging from marketplaces, sellers, freelancers, gig workers, manufacturers, banks, suppliers, and buyers. With a mission to “democratize access to financial services and drive growth for digital businesses of all sizes from around the world,” Payoneer helps users pay, get paid, and manage funds on a global scale. The company also offers working capital– providing advances to Amazon and Walmart sellers, as well as to small businesses.

In 2021, Payoneer went public via a SPAC merger with FTAC Olympus Acquisition Corp. The company listed on the NASDAQ in June 2021 under the ticker PAYO. Scott Galit is CEO.

Photo by Pixabay

Share this:

Send Post Twitter LinkedIn Facebook

Instant Payments, TED, and PIX: Open Banking Advances in Brazil

Instant Payments, TED, and PIX: Open Banking Advances in Brazil
By David Penn Posted on
Categories: Finovate Global, MasterCard, Nubank, Payoneer, VISA

This week marks the beginning of Phase 3 of Brazil’s embrace of open banking. Phase 3 is the second-to-last stage of the implementation plan set out by the Brazilian Central Bank. According to reports, Phase 3 arrives about one month late – the original date was September 30th – but the changes that the newest phase of the open banking initiative will bring are significant enough to be worth the wait.

Divided into four parts, the goal of Phase 3 is to usher in the regulation of payment initiation from any online platform. This will initially involve enabling consumers to pay for products and services using PIX – without the consumer having to use their bank’s app. PIX is the smartphone-based, instant payments technology launched by the Brazilian central bank almost a year ago. The second part of Phase 3, enabling payments made with TED (transferência eletrônica disponível) and transfers between accounts of the same bank, is set to begin in mid-February of 2022; the third part, enabling payments via bank slip, is slated to begin in late June; and the fourth and final part of Phase 3, enabling payment by debit account, is set to go live at the end of September.

Payment initiation is only one component of the open banking project Brazil has undertaken. Giving consumers the ability to make price comparisons, as well as compare rates and credit offers, are also major new possibilities for consumers that will be available thanks to the introduction of open banking in the country. These elements are expected to begin at the end of March 2022.

“The initiation will have a great impact especially on fintechs, which may offer more practical solutions for consumers or improve your internal financial processes from direct payment,” Belvo General Director Albert Morales explained. “Large banks, on the other hand, should start to rethink prices and solutions offered, both to attract new users and to retain users.”

Brazil’s open banking project, approved in 2019 by the country’s central bank, is part of a larger modernization effort for the Brazil’s entire financial system. And while the global pandemic has played a major role in complicating the project’s original timeline, officials expect open banking to be fully implemented in the country by September of next year.

Read more about Brazil’s open banking project in this interview with Otávio Damaso, Regulation Director for Brazil’s central bank, conducted by The Paypers last month. Damaso explains why Brazil has embraced open banking, and how open banking fits into the larger context of regulatory changes and trends in the country.

Here is our look at fintech innovation around the world.

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific

Photo by Aline Cardoso from Pexels

Share this:

Send Post Twitter LinkedIn Facebook

Payoneer To Go Public Via SPAC, Now Valued at $3.3 Billion

Payoneer To Go Public Via SPAC, Now Valued at $3.3 Billion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Payoneer, SPAC

Cross-border payments expert Payoneer is the latest fintech to go public via SPAC merger. The New York-based company has agreed to merge with FTAC Olympus Acquisition Corp.

The transaction is expected to close during the first half of this year.

Once the reorganization is complete, the newly created holding company will be renamed Payoneer Global Inc. and the combined company will operate as Payoneer, a U.S. publicly listed entity. After the deal is finalized, Payoneer will have an estimated value of $3.3 billion.

Payoneer was founded in 2005 and offers multi-currency accounts to marketplaces, sellers, freelancers, gig workers, manufacturers, banks, suppliers, and buyers. With a mission to “democratize access to financial services and drive growth for digital businesses of all sizes from around the world,” Payoneer helps users pay and get paid globally as easily as they do locally.

“Payoneer is at the forefront of the rapid, global shift to digital commerce across all sectors,” said Betsy Z. Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition Corp. “Its innovative and unique high-tech, high-touch platform positions Payoneer at the epicenter of some of the most powerful and enduring trends driving global commerce today. Its proven ability to facilitate the overall growth of e-commerce through capabilities such as B2B payment digitization, global risk and compliance infrastructure, and the enablement for SMBs to rapidly grow and scale sets Payoneer apart.”

Payoneer has raised $270 million from 18 investors including CBC Capital and 83North. Scott Galit is CEO.

Today’s news of Payoneer opting to go public via a SPAC merger echoes a larger trend. Lately, we’ve seen a rising number of tech companies, including Bank Mobile and SoFi, use SPAC mergers to go public. Benefits of the IPO alternative include a faster and cheaper process, no qualification threshold, and no IPO window.

Photo by NastyaSensei from Pexels

Share this:

Send Post Twitter LinkedIn Facebook

Payoneer Launches Cross-Border Tool for Banks

Payoneer Launches Cross-Border Tool for Banks
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Payoneer

Cross-border payments platform Payoneer announced a major development this week. The New York-based company unveiled Payoneer for Banks, a tool to help banks make and receive cross-border payments.

The company’s new bank partnerships will offer secure low-cost international payments made in real time using the banks’ existing infrastructure. “By integrating with our APIs, banks can offer a seamless cross-border payments experience to their customers with low investment, which offers the potential for additional revenues, enriched offerings for customers and a competitive advantage,” said Eyal Moldovan, General Manager of SMBs for Payoneer.

The company reports it has already signed on 10 banks, challenger banks, and eWallets in 10 countries and it is in the middle of launching more partnerships. Among the list of disclosed partners are ANNA Money in the U.K.; Bank Asia in Bangladesh; BSB Bank in Belarus; EasyPay in Armenia; GCash, the leading mobile wallet in the Philippines; eZ Cash in Sri Lanka; Faysal Bank and JazzCash in Pakistan; Kuda Bank in Nigeria; Privatbank and Monobank in Ukraine; and Prex in Argentina.

Payoneer noted that now is an ideal time for the bank-focused product since many operations are moving to digital channels and international payment capabilities remain slow and unreliable.

“We focus on creating a bank that customers would love, and that drives a lot of our decisions,” said Monobank Cofounder Michael Rogalskiy. “It was extremely easy to work with Payoneer, because we have the same shared values and the same ideas around money transfers. Our integration allows our customers to have a better user experience, lower fees, and faster access to their international earnings. It’s a relationship that brings value for us, for Payoneer, and for our shared customers.”

Photo by Icons8 Team on Unsplash

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: Fintech OS, NDGIT, Payoneer, Token

On Finovate.com

  • 2020’s Fintech Micro Trends
  • FintechOS Locks In $14 Million in Growth Funding
  • ngdit Powers Inventx Open Finance Platform

Around the web

  • Payoneer to acquire Munich, Germany-based open payment orchestration platform (POP), optile.
  • Open banking solution provider Token announces digital money spin-off, M10 Networks.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: Dorsum, iSignthis, Larky, Payoneer, Plaid, SoFi, Spreedly

On Finovate.com

  • TSYS Unveils New Authentication Solution
  • Dorsum Builds Wealth Management Platform for BNP Paribas in Poland.

Around the web

  • Plaid discloses role of Visa and Mastercard as strategic investors in its $250 million Series C round from December.
  • iSignthis secures patent from European Patent Office for PSD2, SCA, and KYC.
  • SoFi inks 20-year arrangement for exclusive naming rights for the new Sofi Stadium where National Football League teams the Los Angeles Chargers and the Los Angeles Rams play.
  • Payoneer amps up cybersecurity efforts to significantly reduce phishing attempts.
  • Larky launches its nudge code library to bundle geo-location and engagement technology directly into mobile banking apps.
  • Spreedly launches Spreedly 3DS2 to help execute 3DS2-compliant transactions across multi-gateway environments.
  • BNP Paribas Bank Polska to implement Dorsum’s wealth management platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, Bpm'online, CREALOGIX, Five Degrees, Flybits, FutureFlow, Insuritas, Launchfire, Lendio, Nvstr, Onfido, Payoneer, Personetics, Sberbank, SumUp, W.UP

Around the web

  • New partnership between Starling Bank and SumUp to provide faster settlement to U.K. merchants.
  • ACI Worldwide unveils its strong customer authentication (SCA) toolbox.
  • Payoneer announces deal with Indian payments processing firm Paytabs.
  • Launchfire’s Lemonade named to 2019 Top Training Companies roster for gamification companies.
  • GoodFirms features bpm’ online among its list of top business process management (BPM) software providers.
  • Insuritas to power digital insurance agency for Marquette Bank.
  • Herald Extra highlights Lendio’s role as a “matchmaker” for small business lending.
  • Flybits to open a New York office in the city’s financial technology hub.
  • W.UP now a member of Five Degrees’ Open Banking Marketplace.
  • Personetics opens R&D center in Nazareth.
  • Nvstr earns a spot in the Financial Venture Studio’s incoming cohort.
  • CREALOGIX introduces new Chief Financial Officer Daniel Bader.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Entersekt, Kantox, Kony, Payfone, Payoneer, Revolut, Ripple, Signifyd, TransUnion

On Finovate.com

  • Kantox Closes $5.7 Million to Bring More Tech to FX.
  • Payfone Raises $24 Million in Round Led by TransUnion.

Around the web

  • Kony helps Amway drive digital innovation for business owners across 100 countries and territories.
  • Revolut adds 5 new currencies to the app including: MXN, SAR, RUB, HRK, and BGN.
  • Entersekt expands operations, opening second office in Cape Town.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: Coinbase, Fenergo, Finn.ai, Insuritas, nCino, NCR Corporation, Payoneer, ZagTrader

On Finovate.com

  • ZagTrader and BeQuant Team Up to Help Institutions Go Crypto.
  • Best of Show Winner Finn AI Partners with IDaaS Firm AuthO.

Around the web

  • Accenture and nCino partner to better serve FIs in the Asia-Pacific and EMEA regions.
  • Insuritas teams up with Iowa’s Peoples Bank ($332 million in assets) to launch bank-owned digital insurance agency.
  • NCR selects former FIS executive Douglas Brown as its new General Manager for Digital Banking in its Banking Business unit.
  • Payoneer launches expansion of its Capital Advance working capital offering for online merchants.
  • Fenergo introduces James Follette as new Global Head of Commercial and Retail Banking.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook