Payoneer Announces VC Investment

Payoneer offers outsourced Web payout solutions using prepaid debit MasterCard, wire transfers and e-checks. Payoneer’s prepaid debit cards are accepted at any store or ATM worldwide that accepts MasterCard, and can be co-branded with the partner’s logo.

Already Payoneer has gained dozens of customers – including affiliate networks, bloggers, video and music sites, Internet payment service processors (IPSPs) and major US corporations – in the nine months since its service was introduced. Its prepaid debit cards are ideally suited for Internet payout uses since cards are secure, quickly reloaded, and enable recipients to easily access their funds worldwide. Companies can integrate Payoneer into their site and the company’s existing payment processes overnight, and administer payments quickly and easily.

Payoneer turns the payment process from a cost center into a customer retention tool. Its prepaid debit cards place the co-branding company’s logo inside the recipient’s wallet and reinforce a positive brand image by the ease and liquidity of their payments. Payoneer also provides a white-labeled payout site that allows a company to continue communication with its payees even after payment was made. The payout site can include a customizable online account management tool for the cardholder to check their balance and account activity online.

"The Internet payout space may well become a killer application in the next few years as Internet companies transition to smarter ways to pay out their partners around the globe,” said Moshe Mor, partner at Greylock Partners. "Payoneer’s team has deep payments experience, and an already impressive track rate of customer adoption and solutions. We’re delighted to work in partnership with Payoneer to fuel the company’s expanded market presence.”

“This is hardly a market space for the faint of heart, or for companies without industrial-strength solutions that comply with the stringent requirements of certifying authorities and debit card issuers,” said Charlie Federman, managing partner at Crossbar Capital. “Payoneer is already a leader in its space. We’re pleased to deepen our commitment to the company and eager to participate in its growth.”

"Web-driven businesses have the unique opportunity to use payments as a retention tool, not just a cost line-item,” said Yuval Tal, CEO and founder of Payoneer. “With our additional funding on board, we’ll be adding to our team, expanding our service offerings, and working aggressively to win new accounts during this exciting high-growth time in our market.”

Founded in 2005, Payoneer Inc. provides hosted payout solutions for companies that pay people worldwide using prepaid debit MasterCard®, wire transfers, and e-checks. The company targets affiliate networks, video sites, Internet payment service processors (IPSP’s), and any other company that pays out to people on the Internet. Payoneer is a registered MSP with MasterCard Worldwide, and an approved partner of Royal Bank of Scotland, with its RBSLynk solution, and First Bank of Delaware. The company is based in New York, maintains its R&D center in Tel Aviv, and is privately held. For more information, please visit www.payoneer.com.