Payoneer Selects Mastercard to Offer Digital Solutions to Small and Mid-Sized Businesses
NEW YORK--(BUSINESS WIRE)--Payoneer Inc., the global payment and commerce-enabling platform which powers growth for millions of digital businesses worldwide, today announced a multifaceted relationship with Mastercard. Beginning with the Payoneer Digital Purchasing Mastercard, tailor-made for SMBs, eCommerce sellers and freelancers worldwide, Payoneer and Mastercard will work closely to better meet the needs of the B2B market.
This partnership comes soon after Payoneer announced that it will be going public through a SPAC transaction, which assigns Payoneer a pro-forma implied enterprise value of approximately $3.3B upon consummation. Mastercard will provide Payoneer with access to innovative new products and benefits to better meet the needs of their customers, and Mastercard will benefit from Payoneer’s global B2B footprint, gaining access to the company’s ecosystem of more than 5 million businesses.
Through the new Payoneer Digital Purchasing Mastercard, businesses receiving payment through Payoneer benefit from:
- Immediate access to funds earned which they can now invest into their growth through digital advertising platforms such as Facebook and Google
- Making purchases anywhere around the world where Mastercard is accepted, and the ability to connect the card to mobile wallets
- Access to multiple cards, streamlining the management of expenses for businesses across platforms, storefronts and product lines
- Virtual card access, providing SMBs with choice in how they pay and get paid as the demand for digital payments continues to accelerate
“This partnership with Mastercard is an essential step in providing our customers with another easy way to access and spend their funds from marketplace sales and B2B commerce,” said Charles Rosenblatt, Chief Strategy Officer, Payoneer. “With the launch of the Payoneer Digital Purchasing Mastercard, our global customer base can pay for online advertising and other digital services, as well as have another way to pay suppliers. We are very excited to partner with Mastercard as we expand our global offerings, providing our marketplaces and SMBs the best solution available.”
“We have been laser-focused on enabling faster, more convenient, and secure digital payments to address the evolving needs of businesses and consumers alike,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “We look forward to working closely with Payoneer to further address the critical SMB segment through the combination of their significant reach with the power of the Mastercard network.”
For those that have existing Payoneer cards, users will not need to take any action to ensure continued access to their existing card. The digital purchasing cards will be available widely in the second half of 2021.
For more information on the Payoneer Digital Purchasing Mastercard and this partnership, please visit: https://explore.payoneer.com/en/solution/digital-purchasing-mastercard/
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 merger agreement with FT Olympus Acquisition Corp (NASDAQ: FTOCU) in a transaction that would result in Payoneer becoming a U.S. publicly listed entity. The transaction is expected to close in the first half of 2021, subject to satisfaction of customary closing conditions.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Forward-Looking Statements
This press release includes, 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, as the case may be, 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 Mastercard; 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 proxy statement filed by New Starship Parent Inc. on February 16, 2021. 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 undertakes any duty to update these forward-looking statements.