Payoneer – a pioneer in international payments

An $8 million Series B investment was granted to Payoneer Inc., a provider of co-branded reloadable prepaid MasterCard(R) cards. The round was led by Carmel Ventures with additional investors like Greylock Partners, Crossbar Capital, Zohar Gilon, and others. The company plans to dispose the funds to promote the expansion of Payoneer's payment service offerings and to enhance its technology with advanced compliance tools that bring a new standard of confidence to international payments.

In addition Avi Zeevi, the general partner and co-founder of Carmel Ventures was appointed to Payoneer's board of directors.

Taking into account that companies doing business with authorized individuals and companies overseas face a problem related to efficient payments, Payoneer developed an international payments infrastructure allowing companies to make recurring mass payments to authorized payees on reloadable prepaid MasterCard cards. With this system authorized payees get an instant access to their money in a currency they need or in US dollars and avoid a number of disadvantages unavailable with other services such as hassles associated with lost or stolen checks, hold times and fees, and the unavailability of online payment methods in certain countries.

With Payoneer's services cost-per-payment made by corporations to authorized overseas payees dropped 75% while at the expense of the payment method service provider retention rates proved to increase. Tens of thousands of prepaid cards for hundreds of companies were issued by Payoneer.