Payoneer Global Inc.

What they do

Payoneer operates a regulated payment infrastructure platform that enables SMBs in over 190 countries to transact globally. The platform offers multi-currency accounts for accounts receivable and payable, including funds management, workforce management, and working capital. The company leverages close to 100 banking and payment service providers to support over 7,000 trade corridors and same-day or real-time settlement in over 150 countries. Nearly 2 million active customers use Payoneer to sell via marketplaces, directly to other businesses (B2B), or through webstores.

Revenue drivers

• Marketplace SMBs — Revenue from SMBs selling on marketplaces was $119 million in Q2 2026, up 2% year-over-year, representing the largest segment. Volume was $12.4 billion, up 2%.
• B2B SMBs — Revenue from B2B SMBs was $69 million in Q2 2026, up 18% year-over-year. Volume was $4.3 billion, up 48%, driven by growth across all major regions, particularly China and EMEA.
• Checkout — Checkout (formerly Merchant Services) revenue was $13 million in Q2 2026, up 51% year-over-year. Volume was $332 million, up 52%.
• Interest income — Interest income on customer funds was $52.1 million in Q2 2026, down 11% year-over-year, reflecting lower interest rates. Interest income is a significant revenue source, though transaction-based fees (revenue excluding interest) are the primary driver.

Recent performance

In Q2 2026, Payoneer reported total revenue of $274.3 million, up 5% year-over-year, with revenue excluding interest income up 10% to $222.2 million. Volume grew 15% to $23.7 billion, with B2B volume accelerating to 48% growth. Net income was a loss of $2.4 million in Q2 2026, compared to net income of $19.5 million in Q2 2025, due to merger-related costs and lower interest income. Adjusted EBITDA was $71.4 million, up 7% year-over-year. ARPU grew 18% to $533, with ARPU excluding interest income up 22%, the eighth consecutive quarter of 20%+ growth.

Strategy

Payoneer's long-term strategy centers on growing the number of customers who fit its target economic and risk profile and increasing revenue per customer. The company plans to invest in enhancing its global platform, delivering new products, extending its regulatory footprint, automating operations, and making acquisitions. In Q2 2026, B2B volume growth accelerated, and the company is focused on acquiring larger customers, particularly in China and EMEA. The company also announced a pending acquisition by Nuvei, which will make Payoneer a wholly owned subsidiary of Nuvei if completed.

Risks

• Merger completion risk — The proposed acquisition by Nuvei is subject to stockholder and regulatory approvals and other customary conditions, and there is no assurance it will be completed on the expected timeline or at all.
• Counterparty and regulatory risk — Termination or adverse changes in relationships with banking partners or payment processors due to regulatory or policy reasons could materially adversely affect the business.
• E-commerce and cross-border trade decline — Reductions in e-commerce utilization or factors that make cross-border trade more difficult, such as changes in global trade policy, could have a material adverse effect on results.
• Interest rate sensitivity — Changes in interest rates affect interest income on customer funds, as seen in the 11% year-over-year decline in Q2 2026, and could also impact the market value of U.S. Treasury securities and time deposits.

Outlook

Management highlights continued momentum in B2B volume growth and ARPU expansion, expecting these trends to continue. The pending merger with Nuvei will result in shareholders receiving $7.40 per share in cash, subject to closing conditions, and the company has suspended share repurchases during the pendency of the transaction. Management will continue to invest in the platform and expects transaction-related costs to affect results until the merger is completed or terminated.