Pound for pound, Israel is one of the top countries that produces the best tech companies. Now it’s in the financial technology space with money transfer company Payoneer. The Company has raised a total of $245 million to date and counts leading investment firms like TCV and Ping An as its backers.
With 1000 employees, 600 of which operate out of Israel, Payoneer expects to achieve a valuation over $1.0 billion. It is open to considering various capital raising alternatives, IPO included. In an internal email, the Company stated it has contracted an investment banker to help it evaluate its options while it pursues capital partners.
The money transfer space recently has seen much interest given the continued global growth of foreign residents seeking to send money back to their homeland. Much of Payoneer’s business is originated in emerging markets countries such as China, Malaysia, Brazil, India, Nigeria, and Bangladesh.
Payoneer users can pay and receive funds via several methods, including credit cards, debit cards, electronic wallets, and bank transfers. Amazon is a large client.