NEW YORK, Oct. 5, 2016 /PRNewswire/ -- Payoneer, an innovative digital payments company transforming the way businesses send and receive cross-border payments, announced today that it has completed the first closing of a significant growth equity financing. TCV led the round and was joined by existing investor Susquehanna Growth Equity. Proceeds from the financing will be used to accelerate global growth and to enhance an already strong and debt-free balance sheet.
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.
Scott Galit, CEO of Payoneer, stated, "TCV shares our belief that we can make a difference by empowering entrepreneurs throughout the world by offering them tools and solutions to participate, compete and succeed in the global economy. 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 investment follows a year of strong momentum for Payoneer, 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.
"We have been watching Payoneer's rapid growth for several years and have appreciated their ability to execute a unique business strategy aimed at empowering SMEs and leading digital platforms around the world to reduce the friction they face sending and receiving global payments" said Woody Marshall, General Partner of TCV, who is expected to be appointed to the board subject to regulatory approvals.
Nari Ansari, Principal at TCV, added, "Payoneer's scale and global reach, along with its proprietary compliance infrastructure, allow it to differentiate itself in the field of international payments. We think Payoneer's superior growth trajectory, increasing profitability and huge addressable market make it an ideal investment."
Payoneer empowers global commerce by connecting businesses, professionals, countries and currencies with its innovative cross-border payments platform. In today's borderless digital world, Payoneer enables millions of businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments. Additionally, thousands of leading corporations including Amazon, Google, Airbnb, UpWork and Getty Images use Payoneer's mass payout services.
With Payoneer's fast, flexible, secure and low-cost solutions, businesses and professionals in both developed and emerging markets can now pay and get paid globally as easily as they do locally. Founded in 2005 and based in New York, Payoneer is venture-backed, profitable and ranked in the top 100 of Inc. 5000's Financial Services companies. www.payoneer.com
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested approximately $9 billion in leading technology companies and has helped guide CEOs through more than 100 IPOs and strategic acquisitions.
TCV investments include Altiris, Dollar Shave Club, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, Genesys Software, HomeAway, Merkle, Netflix, Redback Networks, Rent the Runway, Sitecore, Splunk, Spotify, VICE Media, and Zillow. Select TCV financial technology and payment investments include Avalara, Envestnet, FX Alliance, GoFundMe, Green Dot, iPipeline, Lynk Systems, MarketAxess, RiskMetrics Group, Thinkorswim and WorldRemit. TCV is headquartered in Palo Alto, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit http://www.tcv.com.