Payoneer, a New York-based payments platform, announced the first closing of a $180m financing.
The round was by TCV with participation from Susquehanna Growth Equity. In addition to its investment in a newly issued preferred stock, TCV has also committed to purchase shares from existing shareholders, pending regulatory approval and other customary closing conditions. Woody Marshall, General Partner of TCV, is expected to be appointed to the board subject to regulatory approvals.
Proceeds from the financing will be used to accelerate global growth and to enhance its balance sheet.
Founded in 2005 and led by Scott Galit, CEO, Payoneer provides a cross-border payments platform that connects businesses, professionals, countries and currencies across more than 200 countries. Additionally, thousands of corporations including Amazon, Google, Airbnb, UpWork and Getty Images use Payoneer’s mass payout services.
The investment follows a year of growth for the company, having opened new offices in its key growth markets of India, Japan and the Philippines, partnered with global marketplaces and networks Rakuten.com, Linio, Cdiscount, Tradedoubler and CJ Affiliate by Conversant and launched new billing and escrow services.