The Israeli cross-border payments platform company has hired investment bank FT partners to explore expansion options, "Bloomberg" reports.
Cross-border payments company Payoneer has hired US investment bank FT partners in order to explore raising another financing round from private investors, "Bloomberg" reports, according to a person familiar with the matter. The financing round would be at a company value of over $1 billion and the fintech startup is also considering acquisitions.
Founded in 2005 in Israel by Yuval Tal and Yaniv Chechik, who are both no longer active in the company, Payoneer has raised $270 million to date including from Viola, Greylock, TCV and Susquehanna, including a $180 million financing round in 2016. The company has 1,200 employees, including 600 in Tel Aviv. Payoneer has offices in New York and Hong Kong and works with millions of customers in over 200 countries.
Payoneer has developed a cross-border payments system based on direct relations with banks worldwide rather than a credit card based infrastructure, thus saving credit card company fees. The company also handles all the regulatory and currency procedures associated with international payments.