Payoneer is a leading and global provider of payment processing technologies, and it recently announced that they had managed to raise about $180 million so that they could continue the growth of the payment services. The $180 million was added to the financial war chest of the company which seems to be full already.
The company has been highly profitable and it has some solid cash of itself on the balance sheet, therefore the new money is not a surprise. The new money will come in and double the firm’s product development and the technical staff too. This was as the chief executive officer of the company, Scott Galit, said.
Speaking about the new war chest, Galit said that the whole aim of the business was to help other businesses trade easily with other businesses without any problems and across the borders. There are some local collection capabilities and around the world, something which Visa and MasterCard offer with the consumer payments, but something that has been missing with the business to business model.
The company seems to be particularly focused on China at the moment and they have now launched some local bank account services there to aid some consumers who do not have the Chinese accounts.
The money that the company raised is said to have been brought from the new series of funding which was supported by the late stage investment firm, Technology Crossover Ventures, and there was also the Susquehanna Growth Equity.
Woody Marshall, one general partner of Payoneer at TCV, said that the company was taking advantage of two main things in the field, one of which included the continued evolution of the payment platforms from analog to digital. He is expected to join the board of directors over at Payoneer, and he also said that this was the best way to open up the global commerce with the Internet.
The global payment processing features is a bug venture on its own and there are many firms taking advantage. Payoneer, Adyen, Bluesnap, and PayU are all multi million dollar firms which are working on the payment problems which firms which sell in the global markets face.
Marshall said that TCV was paying great attention to the payments sector. The move by Payoneer will provably be the last before they eventually seek an initial public offering. The company has so far opened up some offices in Japan, India and the Philippines.