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Here are 1-3 brief analogies for Payoneer Global (PAYO):

• PayPal for international business and freelance payments.
• Wise (formerly TransferWise) for global businesses and the gig economy.

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• Global Payment Accounts: Allows businesses and freelancers to receive payments in multiple major currencies (e.g., USD, EUR, GBP) from clients and marketplaces worldwide, as if they had a local bank account.
• International Payments Sending: Enables users to send payments to suppliers, contractors, and beneficiaries globally, often at competitive rates and faster speeds than traditional banking methods.
• Mass Payout Services: Provides businesses with a comprehensive solution to efficiently pay a high volume of global recipients, such as freelancers, affiliates, and suppliers.
• Working Capital / Business Advances: Offers eligible businesses and sellers on e-commerce platforms access to short-term funding or advances based on their sales performance to help grow their operations.
• Payoneer Debit Mastercard: A physical or virtual Mastercard debit card linked to the Payoneer account, providing convenient access to funds for online and in-store purchases or ATM withdrawals worldwide.

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Major Customers of Payoneer Global (PAYO)

Payoneer Global (PAYO) primarily sells its services to other companies, ranging from global marketplaces and large enterprises to small and medium-sized businesses (SMBs) and individual professionals operating as businesses. Payoneer facilitates cross-border payments for these entities.

While Payoneer serves hundreds of thousands of direct business customers globally, its business model heavily relies on integrating with major platforms that use Payoneer to pay their vast networks of sellers, freelancers, and service providers. These platforms effectively act as major customers for Payoneer's mass payout solutions.

Major Customer Companies:

• Global E-commerce and Freelance Marketplaces: These are platforms that integrate Payoneer to facilitate cross-border payouts to their sellers, service providers, content creators, and hosts worldwide. Examples include:
  • Amazon.com, Inc. (AMZN)
  • eBay Inc. (EBAY)
  • Fiverr International Ltd. (FVRR)
  • Upwork Inc. (UPWK)
  • Airbnb, Inc. (ABNB)
  • Walmart Inc. (WMT) - for its marketplace sellers

Note: Payoneer also directly serves a vast number of Small and Medium-sized Businesses (SMBs) and individual professionals (who operate as businesses, e.g., freelancers, online sellers) globally. These direct customers utilize Payoneer's platform to send and receive international payments, manage their global cash flow, and pay international suppliers or contractors. While not specific named companies, this segment represents a significant portion of Payoneer's customer base.

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• Mastercard (MA)

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John Caplan, Chief Executive Officer

John Caplan joined Payoneer as Co-CEO in May 2022 and assumed the role of Chief Executive Officer in March 2023. He is an accomplished executive, investor, and entrepreneur with a history of scaling companies in the digital economy. Prior to his time at Payoneer, Mr. Caplan served as President of North America and Europe at Alibaba.com from 2017 to 2021. He founded OpenSky, an SMB software platform, which was later acquired by Alibaba in 2017. Mr. Caplan also previously held the position of CEO at Ford Models, Inc. from 2002 to 2009, where he led a digital transformation and facilitated the sale of its media business to a private equity buyer. Additionally, he served as CMO of About.com from 1998 to 2001, which he successfully took public and subsequently sold to The New York Times Company.

Bea Ordonez, Chief Financial Officer

Bea Ordonez was appointed Chief Financial Officer of Payoneer in March 2023, having joined as Deputy CFO in January 2023. She brings over two decades of C-suite experience in financial technology, with a strong focus on capital markets and banking. Before joining Payoneer, Ms. Ordonez was the Chief Innovation Officer at Webster Bank. Her prior experience includes CFO roles at Sterling National Bank, OTC Markets Group, and G-Trade, where she earned her first CFO position in 1999 at the startup broker-dealer. She also served as COO and Managing Director at Convergex. Her background spans various public and private companies within the financial services and fintech sectors.

Adam Cohen, Chief Growth Officer

Adam Cohen has been the Chief Growth Officer at Payoneer since January 2023, where he oversees the company's customer growth and global partnership strategy. He previously held multiple positions at Payoneer, including General Manager of Enterprise from 2019 to 2022. Prior to his return to Payoneer, Mr. Cohen co-founded Exploring New Territories. He possesses a deep understanding of Payoneer's operations and the global small and medium-sized business (SMB) landscape.

Kevin Ambrosini, Chief Strategy Officer

Kevin Ambrosini serves as the Chief Strategy Officer at Payoneer, responsible for defining the company's growth roadmap and leading corporate strategy, partnerships, corporate development, and strategic initiatives. Before joining Payoneer, he led global strategy and North America growth operations at Alibaba.com. Mr. Ambrosini also co-founded OpenSky, an SMB software platform, where he was the CFO, prior to its acquisition by Alibaba. His early career involved strategy and finance roles at high-growth technology startups, as well as experience as an investor at a growth-stage technology fund and an investment banker at Morgan Stanley.

Tsafi Goldman, Chief Legal & Governance Officer

Tsafi Goldman is the Chief Legal & Governance Officer of Payoneer. In this role, she is responsible for the legal and regulatory aspects of Payoneer's business, management of the in-house legal team, Enterprise Risk Management, Organizational Resiliency, and the Global Entities & Licensing Office. Ms. Goldman joined Payoneer in 2015 and previously served as Chief Legal & Regulatory Officer from 2019 to 2025. Her experience includes extensive commercial, corporate, and private equity legal work, representing early-stage and growth companies, with expertise in payments services and regulation. Before Payoneer, she was a partner at CBLS Law Offices, a Tel Aviv-based law firm that counted Payoneer among its clients.

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The key risks to Payoneer Global (PAYO) are its exposure to regulatory and compliance challenges, intense competition in the cross-border payments market, and external market and geopolitical risks.

1. Regulatory and Compliance Risks

   Payoneer operates in a highly regulated financial technology sector, facing a complex and evolving global regulatory landscape. The company is subject to strict anti-money laundering (AML) and sanctions compliance requirements. Non-compliance can lead to significant fines, increased operational costs, and reputational damage. For instance, Payoneer, Inc., a subsidiary, was fined $1.25 million by the New York State Department of Financial Services (NYDFS) for "apparent sanctions violations," highlighting the ongoing regulatory scrutiny and the imperative for robust compliance programs.

2. Intense Competition

   The cross-border payments market is highly competitive, with Payoneer facing a diverse array of competitors. These include established global banks, various digital payment platforms such as PayPal, Stripe, and Wise, and emerging neobanks. This intense competition necessitates continuous innovation and differentiation of services to maintain market share and pricing power, which can impact revenue growth and profitability.

3. External Market and Geopolitical Risks

   Payoneer's business is susceptible to external market forces and geopolitical events. A significant portion of its revenue is derived from interest income on customer funds, making the company vulnerable to fluctuations in global interest rates. A decline in these rates could put pressure on this revenue stream. Furthermore, its global operations expose it to geopolitical risks. Approximately 20% of its annual revenue comes from China-based customers, making it sensitive to US-China tensions. Other global conflicts and geopolitical events can also impact its operations and revenue.

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The emergence and increasing adoption of decentralized finance (DeFi) protocols, stablecoins, and global real-time payment infrastructure for cross-border transactions. This technological shift has the potential to offer significantly faster, cheaper, and more transparent alternatives to traditional payment rails and existing fintech intermediaries, fundamentally altering the landscape for international money movement and enabling new competitors to emerge with lower operational costs and potentially superior service models.

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Payoneer Global Inc. (PAYO) primarily focuses on providing cross-border payment solutions and working capital to businesses, online sellers, and freelancers worldwide. The addressable markets for their main products and services are significant and span across global regions.

Addressable Markets:

• Global Cross-Border Payments Market:
  • The global cross-border payments market was valued at approximately USD 347.7 billion in 2024. It is projected to grow to USD 620.15 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 7.60% during the forecast period from 2025 to 2032.
• Global B2B Cross-Border Payments (Transaction Volume):
  • The value of the global B2B cross-border payments market is forecasted to grow from USD 39.3 trillion to USD 56.1 trillion between 2023 and 2030.
  • Another estimate places the global opportunity for B2B payments at USD 125 trillion, measured in volume.
  • Payoneer itself identifies the volume opportunities for B2B goods and B2B services as USD 3 trillion each.
• Global SMB Cross-Border Payments (Transaction Volume):
  • Small and Medium-sized Businesses (SMBs) are estimated to send USD 10.4 trillion in cross-border payments globally in 2023.
  • Payoneer also states a total market opportunity of USD 6 trillion from B2B services, B2B goods, and merchants.
• Global Freelance Platforms Market:
  • The global freelance platforms market size was estimated at USD 5.58 billion in 2024 and is projected to reach USD 14.39 billion by 2030, growing at a CAGR of 17.7% from 2025 to 2030.
  • The freelance platform market is expected to surge to USD 8.39 billion by 2025, growing at an annual rate of 14.5% from USD 7.33 billion in 2024, and is projected to reach USD 16.89 billion by 2029 with an annual growth rate of 19.1%.
  • Payoneer identifies the total market for contractors and freelancers as USD 300 billion.

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Payoneer Global (PAYO) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:

1. Prioritizing Ideal Customer Profiles (ICPs) and Moving Upmarket: Payoneer is concentrating on attracting and growing larger, more complex, and higher-value customers, which has led to a significant increase in Average Revenue Per User (ARPU). This strategy has seen ARPU expand from $243 in 2022 to $322 in 2024, representing a 21% year-over-year increase. Customers transacting over $250,000 monthly now account for nearly 30% of revenue (excluding interest) and are growing faster than other segments.
2. Expansion of B2B Business and Accounts Payable (AP) Products: The company is significantly expanding its B2B segment, which posted 27% growth in Q3 2025 and now comprises approximately 30% of revenue excluding interest, up from 20% two years prior. A key part of this involves driving the adoption of multiple accounts payable products, with 52% of users now utilizing three or more AP products.
3. Investing in and Cross-Selling Higher-Value Products and Services: Payoneer is focusing on investing in and promoting the adoption of higher-value products such as commercial cards, working capital solutions, and the Checkout product. This diversification helps increase monetisation from existing customers. Record spending on Payoneer cards reached $1.6 billion in Q3 2025, a 19% increase year-over-year.
4. Optimizing Pricing Strategies and Increasing Take Rates: Strategic pricing initiatives and bundled offerings in key markets are contributing to increased ARPU and overall profitability. This focus on pricing discipline helps boost the company's take rate, particularly with small and medium-sized business (SMB) customers.
5. Geographic Expansion in High-Growth Underserved Regions: Payoneer is actively expanding its footprint in high-growth, underserved regions globally, serving customers in over 190 countries and territories with a strategic focus on Ideal Customer Profiles across five regions. The company has an on-the-ground presence in more than 35 countries.

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Share Repurchases

• On May 7, 2023, Payoneer's Board of Directors authorized a stock repurchase program for up to $80 million of its common stock.
• This authorization was increased on December 7, 2023, to an aggregate amount not exceeding $250 million, set to expire on December 31, 2025.
• The Board further amended the program on July 30, 2025, increasing the authorized amount to up to $300 million of outstanding common stock. As of September 30, 2025, approximately $273 million remained on this authorization.

Share Issuance

• Payoneer became a publicly traded company on June 28, 2021, through a SPAC merger with FTAC Olympus Acquisition Corp.
• The transaction included a $300 million PIPE (Private Investment in Public Equity) from investors such as Wellington Management, Dragoneer Investment Group, Fidelity, and Franklin Templeton.
• The number of shares outstanding increased from approximately 338.35 million on June 30, 2021, to about 356.44 million as of October 31, 2025.

Inbound Investments

• A significant inbound investment was the $300 million PIPE (Private Investment in Public Equity) in conjunction with Payoneer's SPAC merger in June 2021, with investments from firms like Wellington Management, Dragoneer Investment Group, Fidelity Management & Research Company LLC, and Franklin Templeton.

Outbound Investments

• In August 2024, Payoneer acquired Singapore-based Skuad, a human resources and payroll platform, for $61 million cash, with potential additional future payments of up to $20 million in cash and equity.
• In August 2023, Payoneer acquired Spott for an undisclosed amount.
• Payoneer is expected to complete the acquisition of a licensed China-based payment service provider for approximately $75 million in the first half of 2025, after receiving regulatory approvals in February 2025.

Capital Expenditures

• Payoneer expects its existing cash, cash equivalents, and cash flows from operating activities to be sufficient to cover capital expenditure requirements for at least the next twelve months.
• The company is focused on investing in its payments infrastructure and differentiated capabilities.
• Net property, equipment, and software, a proxy for accumulated capital expenditures, was approximately $17.1 million as of March 31, 2025.