eBay continues to manage payments in more countries with the support of Payoneer
Payoneer, the global payment and commerce-enabling platform which powers growth for millions of digital businesses worldwide, announced today that it is collaborating with eBay to enable sellers in select countries to get paid for their sales on eBay's core marketplace. eBay has teamed up with Payoneer as part of its mission to modernize its marketplace, removing complexities and creating a more streamlined payment experience for sellers around the world. With the help of Payoneer, eBay sellers will benefit from faster access to funds, greater flexibility managing multi-currency payments and expanded reach by enabling sellers to list on multiple international eBay sites.
Effective April 2021, Payoneer is managing payouts for eBay sellers from Greater China as eBay expands its management of payments around the globe. eBay and Payoneer intend to expand the service to additional countries later in the year.
For Payoneer, this agreement comes on the heels of its announcement that it will go public later this year through a business combination with a special purpose acquisition company. The wave of digitization that has accelerated during the pandemic has further highlighted the importance of seamless global commerce, as more buyers and sellers transact across borders. Payoneer processed $44.4 billion in volume in 2020, a 53% increase from 2019.
"We are honored to partner with eBay, a true pioneer and giant in the world of ecommerce," stated Scott Galit, CEO of Payoneer. "Their goal of creating a streamlined, modern marketplace that simplifies cross-border commerce is one that resonates deeply with us and our customers. As a commerce-enabler, it is our mission to work with sellers across every platform where they transact. We look forward to working with eBay to provide the best possible experience to sellers all over the world."
"Managing payments on our platform is a key component to enhancing the eBay experience for our customers," added Alyssa Cutright, Vice President of Global Payments at eBay. "We're excited to be partnering with Payoneer at a time of such growth for both our companies. Together, we will build on the momentum that ecommerce has seen in the past year, helping sellers transact with customers across borders with flexibility and security, all on a simple, modern platform."
Note: In February 2021, Payoneer entered into an Agreement and Plan of Reorganization with FTAC Olympus Acquisition Corp (NASDAQ:FTOC) in a transaction that would result in Payoneer becoming a U.S. publicly listed entity. The transaction is expected to close in the second quarter of 2021, subject to satisfaction of customary closing conditions.
About Payoneer
Payoneer's mission is to empower businesses to go beyond – beyond borders, limits and expectations. In today's digital world, Payoneer enables any business of any size from anywhere to access new economic opportunities by making it possible to transact as easily globally as they do locally.
Payoneer's digital platform streamlines global commerce for millions of small businesses, marketplaces and enterprises from 190 countries and territories. Leveraging its robust technology, compliance, operations and banking infrastructure, Payoneer delivers a suite of services that includes cross-border payments, working capital, tax solutions, merchant services and risk management. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world's leading digital brands like Airbnb, Amazon, Google and Upwork, Payoneer makes global commerce easy and secure. Founded in 2005, Payoneer has a team based all around the world.
In February 2021, Payoneer entered into a definitive agreement and plan of reorganization with FTAC Olympus Acquisition Corp in a transaction that would result in Payoneer becoming a U.S. publicly listed entity. The transaction is expected to close in the second quarter of 2021, subject to satisfaction of customary closing conditions.
Forward-Looking Statements
This press release may include, and oral statements made from time to time by representatives of Payoneer may be considered, "forward-looking statements". Forward-looking statements generally relate to future events or Payoneer's future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the relationship with eBay; and (2) other risks and uncertainties set forth in the section entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements", as well as any further risks and uncertainties contained in the Form S-4/proxy statement filed New Starship Parent Inc. on February 16, 2021 (as may be amended). Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.
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