Payoneer’s volume increased 13% year over year to $25.3 billion. This total included small- to medium-sized businesses (SMBs) that sell on marketplaces volume that rose 1% to $12.6 billion, enterprise payouts volume that increased 14% to $7.4 billion, B2B volume that increased 59% to $5 billion and checkout volume that rose 48% to $330 million, according to the release.
“Payoneer’s Q3 results show our upmarket strategy is working: B2B volume growth accelerated to 59% year over year, [average revenue per user excluding interest income] expanded 20%+ year over year for a ninth consecutive quarter and the percentage of our revenue from larger customers continues to grow,” Payoneer CEO John Caplan said in the release.
Payoneer secured payment licenses in Canada and Israel during the third quarter. The company said Sept. 8 that the payment license it secured to operate in Israel would allow it to enable businesses to collect funds, hold balances and make payments in Israel. The company said Oct. 13 that its registration as a payment service provider in Canada would strengthen its ability to serve businesses based in Canada as well as businesses looking to expand into the Canadian market.
Caplan said in the Thursday press release that by securing these licenses, Payoneer is “extending our global regulatory infrastructure to more markets for customers.”
Regarding the pending acquisition, Caplan said: “We continue to work towards a targeted mid-2027 close of the Nuvei transaction. We received shareholder approval in September and are making progress with obtaining necessary regulatory approvals.”
Payoneer and Nuvei announced June 15 that they entered into a definitive agreement in which Nuvei planned to acquire Payoneer for $2.75 billion, subject to customary closing conditions. The companies said this transaction would create a global platform for local and cross-border commerce.
In Thursday’s press release, Caplan said: “Our customer relationships and distribution, regulatory infrastructure and wallet and payout capabilities are highly complementary with Nuvei’s capabilities and together, we will build the end-to-end money movement infrastructure designed for the world’s largest digital commerce ecosystems.”
