Payoneer lands $180m for cross-border business payments

Cross boarder payments service for businesses Payoneer has raised $180m in a round led by late-stage investor Technology Crossover Ventures (TCV).

The New York startup’s Series E also drew investment from Susquehanna Growth Equity.

Payoneer’s technology allows small and medium businesses to make overseas transfers with it handling the regulatory and currency issues.

It is also used by major companies including Amazon, Google and Airbnb to pay overseas suppliers.

The company says it will use the capital to continue global growth and enhance its balance sheets.

Payoneer CEO Scott Galit said, “TCV’s connections with fast growing e-commerce marketplaces, global brand-building expertise and its long-term investment philosophy are the perfect fit for Payoneer and will help us propel our growth in the years to come.”

The round brings the total raised by the firm to $270m.

TCV is also committing to purchase shares from existing shareholders.

Copyright © 2016 FINTECH GLOBAL

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