Cross-border payments platform Payoneer announced yesterday (Aug. 12) that Wellington Management Company and Susquehanna Growth Equity, LLC participated in a $50 million investment in the company by purchasing shares from existing investors.
“We have seen strong interest by many top-tier investors who believe in our vision to transform cross-border commerce by connecting businesses worldwide on an innovative financial platform,” said Scott Galit, CEO of Payoneer, in a company release.
“We are very pleased to add a high-quality institutional investor like Wellington Management Company to our shareholder base. Equally satisfying is that Susquehanna Growth Equity, which has been represented on our board for over a year, increased its holdings based on its conviction that Payoneer enables digital companies in many of today’s fastest-growing segments, including eCommerce and the sharing economy, to accelerate their global business expansion.”
Payoneer supports payouts in more than 150 currencies, enabling mass payments to be sent using a customer’s preferred currency and payout method — including global bank transfers, prepaid debit cards, local eWallets and international checks.
Back in 2014, Susquehanna Growth Equity, LLC led Payoneer’s Series D financing round. The financial institution invests in “high-potential technology businesses” across various industries.
“Payoneer continues to show tremendous momentum and revenue growth,” Amir Goldman, managing director of Susquehanna Growth Equity and Payoneer board member, added.
“Payoneer has established a unique global brand and is trusted by businesses worldwide that rely on Payoneer to send and receive billions of dollars across borders each year. We are excited to help Payoneer achieve its goal to reduce friction in cross-border trade by simplifying cross-border payments.”
Wellington Management Company joins existing Payoneer investors Greylock Partners, Carmel Ventures, Nyca Partners and Ping An Group, as well as Susquehanna Growth Equity, LLC.
The company confirmed that all major shareholders in Payoneer retained the majority of their holdings.