Scott Galit, CEO of Payoneer, stated, “TCV shares our belief that we can make a difference by empowering entrepreneurs throughout the world by offering them tools and solutions to participate, compete and succeed in the global economy. TCV’s connections with fast growing e-commerce marketplaces, global brand-building expertise and its long-term investment philosophy are the perfect fit for Payoneer and will help us propel our growth in the years to come.”
The investment follows a year of strong momentum for Payoneer, having opened new offices in its key growth markets of India, Japan and the Philippines, partnered with global marketplaces and networks Rakuten.com, Linio, Cdiscount, Tradedoubler and CJ Affiliate by Conversant and launched new billing and escrow services.
“We have been watching Payoneer’s rapid growth for several years and have appreciated their ability to execute a unique business strategy aimed at empowering SMEs and leading digital platforms around the world to reduce the friction they face sending and receiving global payments” said Woody Marshall, General Partner of TCV.
Payoneer enables millions of businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments. Founded in 2005, the company is based in New York.