Payoneer, a FinTech company based in the U.S., has raised $180 million in a Series E round of venture funding.
According to a report, the startup, which helps facilitate cross-border payments online, raised the funding from Technology Crossover Ventures. Technology Crossover Ventures backed big tech companies, including Facebook, Netflix and Spotify. With the latest round, Payoneer’s funding to date has doubled to $270 million.
Payoneer, which was founded in 2005, helps small and medium-sized businesses make overseas payments via the internet and helps global companies, like Amazon, pay suppliers around the world. “We approach the world with a basic thesis underlying what we do,” CEO Scott Galit said in an interview with Business Insider. “The first part of the thesis is that businesses of all sizes, all over the world, are increasingly technology-enabled, connected and global. Any business of any size anywhere in the world is able to access technology and access the rest of the world in a way that wasn’t possible before. The second part of the thesis is there’s a last mile for money. It’s local, it’s regulated, it’s controlled by financial institutions and the regulators that regulate them, and we don’t actually believe that’s going to change. But what we see is this increasing gap between what businesses need and what the incumbent banking infrastructure is able to provide.”
The executive went on to say the company sees itself as building a bridge between the two divergent worlds. According to Galit, the company is processing billions of dollars and is getting around 250,000 applications from small and medium-sized enterprises each month. Currently, it has customers that are located in 200 countries, and the company can also do localized payments in 130 countries.