Doing business with mega-corps like Amazon and AirBnB is a surefire way to guarantee a company’s growth. Payoneer, which has provided both these companies, and many others, with its payment transaction platform, seems to be reaping the benefits long-term as it continues to expand its international market.
Since its 2005 conceptualization, Payoneer has been steadily procuring high-profile clients as well as smaller businesses in 190 countries worldwide. Now, as the demand for online transaction management increases, the company has announced that it will be going public in the near future with the help of a $3.3 billion SPAC deal.
Betsy Cohen, founder of The Bancorp, is the lead of blank-check company FTAC Olympus Acquisition Corp. and has been the face of this deal. Her aim with this new merge is to ensure that Payoneer has the capital it needs to back the construction and expansion of its e-commerce technology, becoming an even bigger player in the game. The $44 billion in payments that Payoneer processed last year, is just a taste of the potential this company has to rake in through its clientele base. Payoneer now projects its 2021 revenue to near half a billion.
Once the details are finalized, Payoneer plans to further facilitate overseas business-to-business transactions, which is a market not yet fruitful with options. As it currently stands, most overseas transactions are conducted through paper checks or international money wiring services, options that leave much to be desired in terms of efficiency and cost.
The introduction of these services would truly help Payoneer live up to its name, as it would pioneer the way businesses exchange currency on a global scale. This expansion also gives the financial aspect of international business transactions the modernization it desperately needs to keep up with ever-evolving technology.
It’s hard to know with certainty the true growth this will bring Payoneer and if, as the world recovers from COVID-19 collectively, the rate of expansion in e-commerce will stay the same. Being at the forefront of financial technology innovation does not come without some trial-and-error, especially in previously unexplored fields. However, the benefits of success are promising enough to persevere, and with due time Payoneer may just become the name in business-to-business digital commerce.