Online payments pioneer Payoneer raises $50 million from VCs

segPayoneer Inc., a leading online payments company transforming the way businesses send and receive cross-border payments, is announcing that Wellington Management Company has led a $50 million investment in Payoneer. Susquehanna Growth Equity, LLC, an existing shareholder, invested as well. The shares were purchased from existing investors. All major shareholders in Payoneer retained the majority of their holdings.

For a number of Forex brokers Payoneer has developed a branded prepaid debit card so that clients can have immediate access to their funds held with the broker. The cards can be used to shop and cash can be withdrawn at ATMs. Brokers which have launched branded debit cards accounts include FxPro, AvaTrade and EXNESS.

“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,” said Scott Galit, CEO of Payoneer. “We are very pleased to add a high-quality institutional investor like Wellington Management Company to our shareholder base. Equally satisfying is that Susquehanna Growth Equity, which has been represented on our board for over a year, increased its holdings based on its conviction that Payoneer enables digital companies in many of today’s fastest-growing segments, including e-commerce and the sharing economy, to accelerate their global business expansion.”

Susquehanna Growth Equity, LLC, which led Payoneer’s Series D financing round in 2014, focuses on making investments in high-potential technology businesses across a range of sectors, including financial services.

Managing Director of Susquehanna Growth Equity and Payoneer board member went on to say: “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.”

Payoneer is headquartered in New York with offices in Silicon Valley, Europe and Asia, and has a workforce of more than 500 employees globally. In addition to Susquehanna Growth Equity, Wellington Management Company joins existing Payoneer investors Carmel Ventures, Greylock Partners, Nyca Partners and Ping An Group.

To see the release from Payoneer click here (PDF).

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