Payoneer Closes $180 Million Series E Round

screen-shot-2016-10-05-at-9-44-04-am

Global mass payout services provider Payoneer announced a $180 million round of funding today. The Series E round is from Technology Crossover Ventures, the same firm that has backed Facebook, Netflix, and Spotify.

This new round doubles the New York-based company’s previous funding amount, bringing its new total to $270 million. Payoneer CEO Scott Galit said the company will use the funds for further expansion, as Payoneer receives 250,000 business applications per month. While Galit would not comment on Payoneer’s valuation, Business Insider estimates that it is “likely in the billions.”

Payoneer has 800 employees across the globe; it recently opened offices in India, Japan, and the Philippines. According to TechCrunch, today’s round is the company’s last before it will begin seeking an IPO.

At FinovateAsia 2013, Payoneer launched a commercial account that offers businesses the ability to receive funds from a global network. Payoneer’s money-transfer solutions process “many billions of dollars a year” in 150 currencies for small businesses and professionals. The money-transfer solutions enable clients to withdraw the money at their local bank account in their own currency. The company also facilitates mass payouts for businesses looking to transfer money internationally, a service that supports companies such as Newegg, Airbnb, and Fiverr.

Finovate Alumni News

On Finovate.com

  • Check out this week’s FinDEVr APIntelligence.
  • Payoneer Closes $180 Million Series E Round
  • Finovate Alums Earn Spots in FinTech Forward 20 “Companies to Watch”

Around the web

  • IBM announces $200 million investment in its Watson IoT business in Munich. See IBM at FinDEVr Silicon Valley, October 18 & 19.
  • Novum Bank chooses Netverify from Jumio to speed client onboarding. Be sure to check out our recent interview with Jumio CEO Stephen Stuut.
  • Thomson Reuters launches ONESOURCE InDirect Tax Development Partner Program.
  • Top Image Systems wins $450,000 deal with U.S. government to deploy eFLOW.
  • BankNXT interviews Dwolla’s Jordan Lampe about real-time ACH.
  • PaySimple introduces an online store built specifically for service providers.

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.

Finovate Alumni News

On Finovate.com

  • CrowdFlower Brings AI to Business Processes via Partnership with Microsoft
  • Fintech Trending: Bots Break Out, AI Gets Personal, and Blockchain Buys the Farm
  • SocietyOne Strikes Up Partnership with Beyond Bank, Reeling in $1.5 Million

Around the web

  • Payoneer to facilitate cross-border payments for e-commerce marketplace, Rakuten, in new partnership.
  • eWise unveils its new financial transaction Categorization-as-a-Service (CaaS) API for FIs.
  • Let’s Talk Payments interviews Swych CEO Deepak Jain. See video of Swych’s Best of Show winning performance at FinovateFall.
  • Bank of America, Santander, and the Royal Bank of Canada to form global blockchain payments network with distributed ledger technology from Ripple.
  • Azimo’s Facebook Messenger bot is now live.
  • Project Juno highlights Featurespace in its European Machine Intelligence Landscape.
  • Larky partners with Credit Union Association of the Dakotas (CUAD).

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.

Finovate Alumni News

On Finovate.com

  • TransferWise Launches TransferWise for Business to the Public
  • RealtyMogul to Raise $50 Million with New REIT, MogulREIT I

Around the web

  • ACI Worldwide integrates Ethoca Alerts into its UP eCommerce Payments solution.
  • Trulioo announces enhancements to the global AML watchlist capabilities of its GlobalGateway platform.
  • Realty Mogul launches REIT investments.
  • Two credit unions select Fiserv’s OnCU for core account processing.
  • Payoneer releases automated tax-form service to its mass payout offering.
  • D+H brings on 100+ new lenders to its MortgagebotLOS solution after signing reseller agreement with DocMagic in October of 2015.
  • FT.com looks at Quantopian in a feature on DIY algorithmic trading.
  • Jumio VP of Product Philipp Pointner writes about digital ID verification in AltFi News.

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.

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: Payment Ninja Provides Free Payment Processing, Programmatic Remarketing for SMEs.
  • Alpha Payments Cloud Selected for Wells Fargo Spring Startup Accelerator.
  • Check out this week’s FinDEVr APIntelligence.
  • DriveWealth Brings Robo-Advisory to China in New Partnership with CreditEase.
  • Buzz Points Lands $1.8 Million in Funding.

Around the Web

  • Cater Allen Private Bank to implement new core banking system from Temenos.
  • Top five Israeli banks to build mobile check-deposit solution based on mobiFLOW SDK from Top Image Systems.
  • Zopa named Moneyfacts Personal Loan Provider of the Year 2016.
  • Trulioo enhances address validation in Global Gateway.
  • MX to power Homeownership Preservation Foundation’s digital money management app.
  • Tradestreaming profiles Payoneer and its role in online payments.
  • Banking technology from Infosys Finacle to help support payments and deposit products for Paytm.

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.

Finovate Alumni News

On Finovate.com

  • “The Way to San Jose: FinovateSpring Has Sprung!”

Around the web

  • CFO interviews Michael Levine, Payoneer‘s Chief Financial Officer.
  • The Ruby Rogues talk with Ruby-developer Greg Baugues of Twilio.
  • Entrust Datacard announces EMV instant-issuance milestone of more than 10 million cards issued in the U.S. in one year.
  • Benzinga interviews Justin Zhen and Gregory Ugwi, Thinknum co-founders.

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.

FinDEVr APIntelligence

FinDEVrNY16-V2(wdate)Our FinDEVr New York developer showcase is next week on March 29 & 30. Register today and we’ll see you in New York!

Developer news

  • TechCrunch reports: Almost everyone is doing the API economy wrong.

On FinDEVr.com

  • “Financial Information Services Provider Markit Merges with IHS”
  • “Symbiont and Ipreo Team Up to Accelerate the Loan Settlement Process”

The latest from upcoming FinDEVr New York 2015 presenters:

  • Xignite to provide free market data for FinTech Sandbox demo participants. Join Xignite in New York for FinDEVr next week.
  • Markit to supply FinTech Sandbox with fixed income pricing and reference data.
  • PayPal to enable money transfers to Cuba via its Xoom acquisition.
  • 3dcart merchants gain access to end-to-end payment processing courtesy of Braintree.
  • OnDeck partners with Innovate Finance to debut Transatlantic Policy Working Group.
  • Markit unveils new tax utility service.
  • Intuit Developer Group Drops Financial Data APIs; Partners with Finicity to Ease Transition.

Alumni updates:

  • Let’s Talk Payments lists SnoopWall and Entrust in its roundup of the hottest mobile security companies.
  • Avalara teams up with WooCommerce to help online merchants manage sales taxes.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

  • “Ledger Launches Blockchain Open Ledger Operating System”
  • “Finovate Debuts: VoicePIN Offers an Easy Biometric Login Solution”
  • “Finovate Debuts: SuiteBox Introduces its Virtual Meeting Rooms for Financial Professionals”

On FinDEVr.com

  • Avalara teams up with WooCommerce to help online merchants manage sales taxes.

Around the web

  • OnDeck partners with Innovate Finance to debut Transatlantic Policy Working Group.
  • LandlordReferencing.co.uk to use Netverify from Jumio to comply with the U.K.’s new Right to Rent law.
  • The United Bank of Egypt upgrades to latest Misys core banking solutions as part of major modernization of retail, SME, and corporate businesses.
  • Top Image Systems launches next generation, automated accounts payable solution, eFLOW AP.
  • Zopa’s new lender products are live.
  • Golden West CU processes 15 new applications for insurance products in first 30 days of deploying Larky.
  • Coinbase introduces stop orders on Coinbase exchange.

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.

Finovate Alumni News

On Finovate.com

  • “CBANC Launches New Features to Further Engage Network of Professionals”

On FinDEVr.com

Around the web

  • MX inks multi-year data-aggregation deal with USAA.
  • Feedzai opens new offices in the U.K.; hires new head of international operations.
  • Payoneer buys Armor Payments.
  • Micronotes leverages AI and machine learning with new suite of cross-sell solutions for banks.
  • TransferWise teams up with Pay Gate to bring its money-transfer service to South Korea.
  • Insuritas to deploy turnkey insurance agency at Sun Community FCU ($358 million in assets).
  • Genworth Mortgage Insurance to use technology from Roostify to streamline home-buying process.
  • Former Check CEO Guy Goldstein’s Next Insurance announces $13 million seed-round led by Zeev Ventures, TLV Partners, and Ribbit Capital.
  • Patch of Land rolls out mid-term loans of two to five years.
  • In the U.K., PayPal Here SDK reveals first eight business partners.
  • CustomerXPs featured on Nasscom’s Indian Analytics Products Landscape.

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.

Finovate Alumni News

On Finovate.com

  • “Brunon Bartkiewicz Named New CEO at ING Bank Slaski”

On FinDEVr.com

Around the web

  • Xignite announces its XigniteGlobalCurrencies API is now available in the Oracle Cloud Marketplace. Join Xignite at FinDEVr 2016 in New York, March 29 and 30.
  • CardFlight integrates with Stripe to encourage developers to build EMV payment functionality within their mobile apps.
  • Jack Henry partners with The Clearing House to help spread “real-time payment ubiquity” among FIs.
  • Fenergo to provide Client Lifecycle Management solutions to Nikko Securities America.
  • WePay wins gold at 2016 Stevie Awards for sales and customer service.
  • Entrepreneur reports: Payoneer to enter Indian market.
  • Insuritas replaces GoogleCompare by launching new technology that provides one-stop shopping for financial products.
  • Bill.com launches the Bill.com Network to promote faster, lower-cost payments for businesses.

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.

Finovate Alumni News

On Finovate.com

  • “Personal Capital Exceeds $2 Billion AUM”
  • “WorkFusion Raises $14 Million Series C Round Led by Nokia Growth Partners”
  • “DoubleNet Pay, Token Earn Spots at Plug and Play Accelerator”
  • “SocietyOne Appoints Former WestPac Exec as CEO”

Around the web

  • Payoneer powers international payments for South American e-commerce merchant, Linio.
  • TSYS certifies the new mobile EMV solution from Handpoint.
  • Global Retail Banker interviews Dilip Rao, head of business development and operations for Ripple in the Asia-Pacific region.
  • “Micronotes Names Artificial Intelligence Innovator and MIT Expert Dr. Luis Perez-Breva to Board of Advisors”
  • “Avoka Named Top Ten FinTech Worldwide by KPMG”
  • Notable features Financeit’s COO, Casper Wong.

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.

Finovate Alumni News

On Finovate.com

  • LendUp Raises $150 Million in Series B; Expanded Credit Facility”
  • Fiserv Buys ACI Worldwide’s Community Financial Services Division for $200 Million”

Around the web

  • Tradeshift partners with (RED) to facilitate donations to the Global Fund to fight AIDS, tuberculosis and malaria.
  • Payoneer selects AU10TIX to enhance online customer ID authentication and record generation.
  • AlphaPoint appoints Scott Scalf as EVP of Development Operations.

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