Payoneer raises $180m in venture capital funding
Payoneer has raised $180 million from venture capital investors.
The New York-based money transfer service, specializing in cross border transactions and escrow-as-a-service (EaaS) to dealmakers, is now backed by Technology Crossover Ventures (TCV). This round, plus the most recent Series D, brings the total Payoneer raised to roughly $280 million.
In addition to its investment, Palo Alto, California-based TCV — a backer of Dollar Shave Club, Expedia, GoDaddy, Rent the Runway, Spotify, VICE Media and Zillow — agreed to purchase newly issued shares from existing shareholders.
Existing investor Susquehanna Growth Equity also participated in the round and has reportedly offered to buy out the existing shareholders.
Payoneer CEO Scott Galit said in a prepared statement that “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 that the fund raise will propel the company’s growth.
The investment follows a year of cross-border growth for Payoneer. The company opened new offices in India, Japan and the Philippines, and acquired long-time collaborator Armor Payments.
Source: Business Journal
