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Payoneer B2B Volume Surges 59% Ahead of Nuvei Acquisition

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Payoneer B2B Volume Surges 59% Ahead of Nuvei Acquisition

Cross-border payments firm Payoneer increased its revenue by 5% year over year to $222 million in the third quarter and secured payment licenses in two more countries as it works toward a close of its acquisition by Nuvei, according to a Thursday (Nov. 5) press release.

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Payoneer’s volume increased 13% year over year to $25.3 billion. This total included small- to medium-sized businesses (SMBs) that sell on marketplaces volume that rose 1% to $12.6 billion, enterprise payouts volume that increased 14% to $7.4 billion, B2B volume that increased 59% to $5 billion and checkout volume that rose 48% to $330 million, according to the release.

“Payoneer’s Q3 results show our upmarket strategy is working: B2B volume growth accelerated to 59% year over year, [average revenue per user excluding interest income] expanded 20%+ year over year for a ninth consecutive quarter and the percentage of our revenue from larger customers continues to grow,” Payoneer CEO John Caplan said in the release.

Payoneer secured payment licenses in Canada and Israel during the third quarter. The company said Sept. 8 that the payment license it secured to operate in Israel would allow it to enable businesses to collect funds, hold balances and make payments in Israel. The company said Oct. 13 that its registration as a payment service provider in Canada would strengthen its ability to serve businesses based in Canada as well as businesses looking to expand into the Canadian market.


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