Payoneer Teams with eBay on International Payments
Payoneer made the deal as it looks to a $3.3 billion IPO.
Israel’s Payoneer Inc., a global payment and commerce-enabling platform is now collaborating with eBay to enable sellers in select countries to get paid for their sales on eBay’s core marketplace. With the help of Payoneer eBay says that its sellers will benefit from faster access to funds, greater flexibility managing multi-currency payments and expanded reach by enabling sellers to list on multiple international eBay sites.
Founded in 2005, Payoneer boasts that its digital platform streamlines global commerce for millions of small businesses, marketplaces and enterprises from 200 countries and territories. Leveraging its technology, compliance, operations and banking infrastructure, the company delivers a suite of services that includes cross-border payments, working capital, tax solutions and risk management.
Effective April 2021, Payoneer is managing payouts for eBay sellers from Greater China as eBay expands its management of payments around the globe. eBay and Payoneer intend to expand the service to additional countries later in the year.
Thrilled to announce our new partnership with eBay enabling sellers in select countries to get paid for their #eBay sales!
Through #Payoneer, eBay sellers will benefit from fast access to funds and greater flexibility managing multi-currency, and more! https://t.co/ZpZnVbp9ZG pic.twitter.com/n1vXwQhXHi
— Payoneer (@Payoneer) May 4, 2021
Payoneer’s clients include Airbnb and Amazon. The company reportedly expects revenues of $432 million in 2021. Payoneer processed more than $44 billion in volume in over 7,000 trade corridors in 2020. In February it closed a deal to merge with blank check company FTAC Olympus Acquisition Corp. for an initial public offering later this year. Together they will form a new company for the IPO to be called be called Payoneer Global Inc. The new company expects to have a $3.3 billion valuation, continuing the recent trend of big exits for Israeli startups.
The company explained that this agreement came on the heels of its announcement that it will go public later this year. The wave of digitization that has accelerated during the pandemic has further highlighted the importance of seamless global commerce, as more buyers and sellers transact across borders. Payoneer processed $44.4 billion in volume in 2020, a 53% increase from 2019.
“We are honored to partner with eBay, a true pioneer and giant in the world of ecommerce,” stated Scott Galit, CEO of Payoneer. “Their goal of creating a streamlined, modern marketplace that simplifies cross-border commerce is one that resonates deeply with us and our customers. As a commerce-enabler, it is our mission to work with sellers across every platform where they transact. We look forward to working with eBay to provide the best possible experience to sellers all over the world.”
“Managing payments on our platform is a key component to enhancing the eBay experience for our customers,” added Alyssa Cutright, Vice President of Global Payments at eBay. “We’re excited to be partnering with Payoneer at a time of such growth for both our companies. Together, we will build on the momentum that ecommerce has seen in the past year, helping sellers transact with customers across borders with flexibility and security, all on a simple, modern platform.”