Payoneer, a provider of technology and services businesses use to send and receive international online payments, has received a $180 million equity investment from TCV—an investment firm whose other investments include such internet companies as Facebook Inc. and e-commerce technology vendor Sitecore—and Susquehanna Growth Equity.

Scott Galit, Payoneer’s CEO, says the company will use the funds to pursue its long-term growth strategy, which includes “more than doubling” its technology and product development teams to accelerate product launches, opening additional offices outside the United States, and considering acquisitions of other companies.

Payoneer, founded in 2005, “is still in the very early stages of building a platform to help address the challenges of small and mid-sized enterprises and digital businesses looking to grow globally,” he says. The company provides cross-border payment technology and services to businesses from more than 200 countries; its clients include such companies as Inc., Airbnb and Getty Images.

Galit didn’t comment on the type of companies or technology Payoneer may seek to acquire, but he referred to Payoneer’s acquisition earlier this year of Armor Payments as a way to “more quickly address customer needs.” Noting that Payoneer has opened offices this year in India, the Philippines and Japan, he adds that the company will increase its investments in local markets overseas.

In the past year Payoneer has also launched new billing and escrow payment services and developed ties with such international e-marketplaces as, Linio, Cdiscount, Tradedoubler and CJ Affiliate by Conversant.


“In five years we expect the company to be locally engaged with customers around the world, more deeply integrated into the software and business ecosystems our customers use to operate their business and engage with their customers,” Galit says.

Woody Marshall, general partner at TCV, says Payoneer is well-positioned to grow along with the expansion of international B2B e-commerce. “We have followed Payoneer for many years.  In many ways, it’s a classic TCV investment opportunity: Investing in a rapidly growing business that is backed by an experienced management team in a massive international market.  The business benefits from a number of solid tailwinds, such as the proliferation of global e-commerce, and the continued adoption of electronic payment systems.”

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