Payoneer, an innovative digital payments company transforming the way businesses send and receive cross-border payments, announced today that it has completed the first closing of a significant growth equity financing.
TCV led the round and was joined by existing investor Susquehanna Growth Equity. Proceeds from the financing will be used to accelerate global growth and to enhance an already strong and debt-free balance sheet.
In addition to its investment in a newly issued preferred stock, TCV has also committed to purchase shares from existing shareholders, pending regulatory approval and other customary closing conditions.
Scott Galit, CEO of Payoneer, stated, “TCV shares our belief that we can make a difference by empowering entrepreneurs throughout the world by offering them tools and solutions to participate, compete and succeed in the global economy. TCV’s connections with fast growing e-commerce marketplaces, global brand-building expertise and its long-term investment philosophy are the perfect fit for Payoneer and will help us propel our growth in the years to come.”
The investment follows a year of strong momentum for Payoneer, having opened new offices in its key growth markets of India, Japan and the Philippines, partnered with global marketplaces and networks Rakuten.com, Linio, Cdiscount, Tradedoubler and CJ Affiliate by Conversant and launched new billing and escrow services.
“We have been watching Payoneer’s rapid growth for several years and have appreciated their ability to execute a unique business strategy aimed at empowering SMEs and leading digital platforms around the world to reduce the friction they face sending and receiving global payments” said Woody Marshall, General Partner of TCV, who is expected to be appointed to the board subject to regulatory approvals.
Nari Ansari, Principal at TCV, added, “Payoneer’s scale and global reach, along with its proprietary compliance infrastructure, allow it to differentiate itself in the field of international payments. We think Payoneer’s superior growth trajectory, increasing profitability and huge addressable market make it an ideal investment.”
First appeared at Finextra