olivLaw · US equity research
Payoneer Global Inc. PAYO
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Payoneer is a financial technology company that gives small and medium-sized businesses a cross-border payments infrastructure with multi-currency accounts. In June 2026 it agreed to be acquired by Nuvei at USD 7.40 per share, so its outlook now depends largely on completing that transaction.
At the close of 04 Nov 2026, Payoneer Global Inc. (PAYO) stock was 7.16 USD (+0.00% on the day), with market capitalisation 2.4 bn USD, P/E 49.1 on diluted EPS of 0.15 USD over the last 12 months, beta 1.37, 52-week range 4.27–7.18 USD. Latest reported quarter (Q2 2026): revenue of 274.3 m USD (+5.2% YoY), net income of -2.4 m USD (−112.5% YoY), diluted EPS -0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.2
- strong (55–70)
- Bollinger (20, 2)
- 7.11 – 7.18
- in the upper half of the band · %B 0.77 · band width 0.9%
- SMA 50 / 200
- 7.14 / 6.07
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.1% | −2.0% | +2.1 pp | — |
| 3 months | +0.6% | −2.2% | +2.7 pp | — |
| 6 months | +47.3% | +4.3% | +43.1 pp | — |
| Year to date | +27.4% | +10.6% | +16.8 pp | — |
| 1 year | +23.7% | +10.5% | +13.2 pp | −5.0% |
| 3 years | +25.4% | +73.7% | −48.3 pp | +1.8% |
| 5 years | −5.8% | +61.7% | −67.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 248.3 m | 261.7 m | 246.6 m | 260.6 m | 270.9 m | 274.7 m | 261.6 m | 274.3 m |
| Research & development | 34.6 m | 40.4 m | 37.3 m | 37.4 m | 39.9 m | 40.9 m | 43.3 m | 47.0 m |
| Operating income | 35.2 m | 29.2 m | 29.3 m | 30.1 m | 36.3 m | 28.9 m | 30.0 m | 16.9 m |
| Depreciation & amortisation | 13.5 m | 13.7 m | 14.4 m | 15.6 m | 16.1 m | 19.5 m | 18.9 m | 21.2 m |
| Pre-tax income | 22.1 m | 26.2 m | 27.8 m | 29.9 m | 30.5 m | 27.5 m | 29.2 m | 6.3 m |
| Income tax | -19.5 m | 8.0 m | 7.2 m | 10.4 m | 16.4 m | 8.4 m | 9.6 m | 8.7 m |
| Net income | 41.6 m | 18.2 m | 20.6 m | 19.5 m | 14.1 m | 19.0 m | 19.6 m | -2.4 m |
| Diluted EPS | 0.11 | 0.04 ≈ | 0.05 | 0.05 | 0.04 | 0.06 ≈ | 0.06 | -0.01 |
| Operating cash flow | 50.1 m ≈ | 45.9 m | 53.7 m | 70.7 m ≈ | 54.2 m ≈ | 54.9 m | 51.8 m | 61.2 m ≈ |
| Capex | 1.6 m ≈ | 3.7 m | 4.7 m | 2.6 m ≈ | 5.0 m ≈ | 14.6 m | 10.1 m | 11.0 m ≈ |
| Share repurchases | 21.8 m ≈ | 17.1 m | 17.8 m | 32.0 m ≈ | 45.3 m ≈ | 78.6 m | 75.0 m | 17.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 86 percentile of its own 14-quarter history (min 16.3, median 27.8, max 392.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 317.8 m | 345.6 m | 473.4 m | 627.6 m | 831.1 m | 977.7 m | 1.1 bn |
| Revenue YoY | unavailable | +8.8% | +37.0% | +32.6% | +32.4% | +17.6% | +7.7% |
| Net income | -625.0 k | -23.7 m | -34.0 m | -12.0 m | 93.3 m | 121.2 m | 73.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +29.8% | −39.6% |
| Diluted EPS | -0.33 | -0.80 | -0.33 | -0.03 | 0.24 | 0.31 | 0.19 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +29.2% | −38.7% |
| net % | -0.2% | -6.9% | -7.2% | -1.9% | 11.2% | 12.4% | 7.0% |
| Free cash flow | -23.5 m | 4.5 m | 13.1 m | 73.5 m | 151.0 m | 168.7 m | 206.6 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 415.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 704.4 m USD
- Total assets
- 9.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.00x
- ROE
- 10.2%
- ROA
- 0.9%
- FCF margin
- 19.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 345.6 m | 473.4 m | 627.6 m | 831.1 m | 977.7 m | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 52.3 m | 80.8 m | 115.0 m | 119.2 m | 134.6 m | 155.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -17.3 m | -30.2 m | -22.2 m | 103.6 m | 149.0 m | 124.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 17.1 m | 18.0 m | 20.9 m | 27.8 m | 47.3 m | 65.6 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -200.0 k ≈ | -12.2 m ≈ | -1.4 m ≈ | 131.4 m ≈ | 196.3 m ≈ | 190.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | -15.3 m | -25.2 m | 1.6 m | 132.5 m | 139.5 m | 115.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 8.3 m | 8.7 m | 13.6 m | 39.2 m | 18.3 m | 42.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -23.7 m | -34.0 m | -12.0 m | 93.3 m | 121.2 m | 73.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.80 | -0.33 | -0.03 | 0.24 | 0.31 | 0.19 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 47.0 m | 202.9 m | 348.0 m | 392.7 m | 386.2 m | 376.7 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 103.0 m | 465.9 m | 543.3 m | 617.0 m | 497.5 m | 415.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 17.8 m | 13.8 m | 12.9 m | 8.0 m | 11.9 m | 10.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 3.6 bn | 5.0 bn | 6.5 bn | 7.1 bn | 7.1 bn | 8.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 12.7 m | 12.1 m | 14.4 m | 15.5 m | 16.1 m | 32.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 22.5 m | 21.1 m | 19.9 m | 19.9 m | 77.8 m | 77.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 34.4 m | 37.5 m | 45.4 m | 76.3 m | 102.4 m | 208.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 3.7 bn | 5.1 bn | 6.6 bn | 7.3 bn | 7.9 bn | 9.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 13.5 m | — | — | — | — | — | SEC (XBRL)· 11 Aug 2021verified |
| Long-term debt | 26.5 m | 13.7 m | 16.1 m | 18.4 m | — | — | SEC (XBRL)· 28 Feb 2024verified |
| Current liabilities | 3.4 bn | 4.5 bn | 6.0 bn | 6.5 bn | 7.1 bn | 8.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 3.5 bn | 4.6 bn | 6.0 bn | 6.6 bn | 7.2 bn | 8.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 24.3 m † | 487.1 m † | 545.3 m † | 664.3 m † | 724.8 m † | 704.4 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 9.5 m | 20.0 m | 84.0 m | 159.5 m | 176.9 m | 233.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 5.0 m | 6.9 m | 10.5 m | 8.5 m | 8.2 m | 26.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 4.5 m ≈ | 13.1 m ≈ | 73.5 m ≈ | 151.0 m ≈ | 168.7 m ≈ | 206.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -66.9 m | 10.2 m | 5.7 m | -44.3 m | -2.0 bn | -218.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 1.7 bn | 1.4 bn | 1.5 bn | 512.0 m | 427.8 m | 738.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | — | — | 55.4 m | 137.5 m | 173.6 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.4 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.07 – 4.93 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.07 – 4.93 (Mid 3.12)27 companies used · median multiple 21.4x · quartiles 14.2x – 33.9xACN, AMTM, BR, CART, CPAY, DLO, EBAY, EXLS, FICO, FIS, FISV, GRAB, HQY, IMXI, LQDT, LYFT, MA, MELI, MSCI, OPRX, PYPL, QNST, RBA, RELY, TNET, UBER, WU
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.6% | 31 (vs peers) | 13% |
| FCF conversion · Quality | 360.9% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 18.8% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 49.1x | 13 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.5% | 93 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 8.9% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial17/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Payoneer Global Inc. (PAYO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth 7.7%; net margin 4.6%; ROE 7.1%.
The estimated value range is 2.07–4.93 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.12 USD, the price of 7.16 USD leaves a potential of -56.5% (value / price − 1) and a margin of safety of -129.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 360.9%
- Revenue CAGR 3Y: 18.8%
- FCF yield: 7.5%
- Shareholder yield (distributions): 8.9%
What contradicts it
- Current ratio: 1.0x
- P/E (TTM): 49.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc | 136.0 bn | 14.6 | 38.4% | 17.3% | +18.3% | −24% / +18% |
| MELIMercadoLibre, Inc. | 84.3 bn | 45.2 | 27.5% | 5.3% | +39.1% | −20% / +3% |
| EBAYeBay Inc. | 52.1 bn | 25.8 | 46.6% | 16.9% | +7.9% | +43% / +189% |
| PYPLPayPal Holdings, Inc. | 48.4 bn | 11.1 | 23.8% | 13.8% | +4.3% | −7% / +1% |
| MSCIMsci Inc. | 45.7 bn | 33.9 | — | 40.3% | +9.7% | +13% / +23% |
| FISVFiserv, Inc. | 31.1 bn | 11.2 | 10.7% | 13.4% | +3.6% | −5% / −55% |
| CPAYCorpay, Inc | 26.7 bn | 24.7 | 30.5% | 22.7% | +13.9% | +37% / +69% |
| GPNGlobal Payments Inc. | 25.9 bn | — | -4.1% | -9.1% | −0.4% | +29% / −16% |
| BRBroadridge Financial Solutions, Inc. | 20.8 bn | 20.3 | 40.2% | 13.9% | +8.5% | −19% / −5% |
| FISFidelity National Information Services, Inc. | 20.1 bn | 6.0 | 22.3% | 27.6% | +5.4% | −41% / −34% |
| RBARB Global, Inc | 17.3 bn | 39.1 | 8.8% | 10.0% | +7.2% | −5% / +46% |
| FICOFair Isaac Corp | 15.6 bn | 20.9 | — | 34.1% | +15.9% | −60% / −33% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| HQYHealthequity, Inc. | 9.0 bn | 39.4 | 11.4% | 17.4% | +9.5% | +3% / +62% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| EXLSExlservice Holdings, Inc. | 6.5 bn | 25.7 | 27.7% | 11.1% | +13.6% | +9% / +52% |
| RELYRemitly Global, Inc. | 5.7 bn | 19.5 | 32.2% | 16.9% | +29.4% | +100% / +26% |
| AMTMAmentum Holdings, Inc. | 5.4 bn | 26.7 | 4.5% | 1.4% | +71.6% | −22% / unavailable |
| DLODLocal Limited | 4.1 bn | 21.4 | 37.2% | 18.0% | +46.6% | +3% / −19% |
| TNETTrinet Group, Inc. | 3.1 bn | 18.1 | 141.6% | 3.6% | −0.9% | +14% / −42% |
| FLYWFlywire Corporation | 2.7 bn | 83.8 | 4.2% | 4.8% | +26.6% | +56% / −6% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.1 | 7.1% | 4.6% | +7.7% | +24% / +25% |
| TICTIC Solutions, Inc. | 2.3 bn | — | -7.1% | -5.6% | unavailable | +10% / unavailable |
| WUThe Western Union Company | 2.1 bn | 5.4 | 44.0% | 9.8% | −3.8% | −25% / −43% |
| LQDTLiquidity Services, Inc | 1.5 bn | 45.8 | 15.0% | 6.8% | +31.2% | +56% / +144% |
1- and 3-year price returns: for PAYO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.76 Total return -33% · Per year -33% | 8.38 Total return 17% · Per year 17% | 12.58 Total return 76% · Per year 76% |
| 3 years | 5.65 Total return -21% · Per year -8% | 11.09 Total return 55% · Per year 16% | 18.11 Total return 153% · Per year 36% |
| 5 years | 6.70 Total return -6% · Per year -1% | 14.66 Total return 105% · Per year 15% | 26.08 Total return 264% · Per year 30% |
- Exit P/E± 2.77
- Net margin± 1.94
- Annual revenue growth± 1.45
- Annual dilution± 0.16
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Payoneer is a financial technology company that gives small and medium-sized businesses a cross-border payments infrastructure with multi-currency accounts. In June 2026 it agreed to be acquired by Nuvei at USD 7.40 per share, so its outlook now depends largely on completing that transaction.
SWOT
Strengths
- Global payment infrastructure with a network of banking partners and broad coverage of payment corridors.
- Long experience in compliance and regulation for cross-border payments, especially in emerging markets.
- Strong growth in the B2B and Checkout segments, combined with rising revenue per user.
Weaknesses
- Reliance on interest income from customer funds, which declines as rates fall.
- A significant share of revenue comes from China, with specific risks to customer access.
- Marketplace volume growth remained modest in the latest reported quarter.
Opportunities
- Expansion of the offering through acquisitions such as the Employer of Record platform and deeper presence in China.
- Greater adoption of B2B products and working capital financing for larger customers.
- New products, such as capabilities linked to digital currencies, could open additional revenue sources.
Threats
- The risk that the Nuvei transaction is not completed or is delayed by regulatory approvals.
- Competitive pressure from partners that take payment services in-house.
- Regulatory changes and economic sanctions that could limit certain payment corridors.
Risks
- Nuvei transactionhigh
The acquisition might not close on the expected timeline or at all, if shareholder, regulatory or other closing conditions are not met. Until then, management attention and resources may be diverted from operations 2.
- Dependence on interest ratesmedium
A decline in interest rates could reduce revenue from customer funds, which represent a significant part of revenue 2.
- Reliance on banking partnersmedium
Relationships with banks and payment processors could be terminated or changed for regulatory or commercial reasons, which could affect payment processing 1.
- Exposure to Chinamedium
A significant part of revenue comes from China, and any limit on the ability to serve customers there could affect results 1.
- Security and fraud risksmedium
Cyberattacks, fraud and illegal transactions could harm the company's reputation and financial results 1.
Investment thesis
What would need to be true (bull case)
- If the Nuvei transaction closes, shareholders would receive a cash amount set in the agreement, removing execution risk for those who remain invested until closing.
- B2B and Checkout are growing quickly, and revenue per user has risen for eight consecutive quarters, which could support the value of the business.
- The broad geographic footprint and licences across many jurisdictions could act as an entry barrier for competitors.
What would break the thesis
- If the transaction does not close, the company could be left with a cost structure affected by the restrictions imposed under the merger agreement.
- Falling interest income could continue and reduce profitability if volume growth does not offset the loss.
- Growth in marketplace volume has been weak, which could point to vulnerability in the company's core segment.
What to watch
- Completion of the Nuvei transaction and regulatory approvalsmid-2027
- Trend in interest income and customer funds balancesQ3 2026
- Growth in B2B and Checkout volumeQ3 2026
- Any new acquisitions or regulatory developments in Chinanext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Payoneer describes its activity as a 'financial stack' built for small and medium-sized businesses operating across borders, with a focus on emerging markets. The platform offers a multi-currency account for receivables and payables (AR and AP), cards, funds management, workforce management and working capital financing. The company was founded in 2005 and serves customers in more than 190 countries and territories, with nearly 2 million active customers 1. Volume processed was USD 87.5 billion in 2025, and revenue was USD 1,052.8 million 1.
Revenue depends on transaction volume and on interest earned on customer funds held on the platform. Because interest rates have fallen, interest income declined in 2026, while revenue excluding interest grew. In 2025 the company acquired PayEco, to expand its regulatory infrastructure in China, and Boundless Technologies, an Employer of Record platform 1.
The company operates as a regulated non-bank financial institution in several jurisdictions, including the United States, the European Union, the United Kingdom, Hong Kong, Japan, Singapore, China and Australia, and runs support hubs in multiple countries, including Romania 1. In Q2 2026 revenue was USD 274.3 million. The company withdrew its financial outlook and suspended investor earnings calls in light of the Nuvei transaction 3.
Market context
The target market is cross-border commerce for small and medium-sized businesses, where customers need multi-currency accounts, compliance and access to local payment methods. The company cites an estimate that global B2B e-commerce volume could reach USD 36 trillion by 2026, with stronger growth in Asia Pacific, Latin America and the Middle East 1.
E-commerce growth slowed in 2025 compared with 2024, due to more volatile macroeconomic and trade conditions, and total volume grew 9% in 2025 1. Market developments could depend on trade policy and the level of interest rates.
Trends
- Growth of cross-border digital commercetailwind
B2B digital commerce and small-business online sales create demand for cross-border payment solutions. This trend could support platform volume over the longer term.
- Shift toward a global workforcetailwind
Companies increasingly look across borders for talent and suppliers, which favours services for hiring and paying contractors. This could increase demand for workforce management services.
- Lower interest ratesheadwind
Interest income on customer funds has declined, falling 11% year over year in Q2 2026. If rates continue to fall, pressure on revenue could persist, although the company has partly hedged its sensitivity through investments and derivatives 2.
- Tariffs and geopolitical tensionsmixed
U.S. trade measures and conflicts in the Middle East, including the war in Ukraine, have introduced uncertainty for customers and for processed volume. The impact could be mixed, depending on which trade corridors are affected 2.
Competitive position
Competition in payments and financial services is increasingly intense, coming both from payment providers and from enterprise partners that may take payment services in-house. This could pressure margins if pricing competition intensifies 1.
Payoneer differentiates itself through a network of close to 100 banks and payment providers, regulatory experience in emerging markets and relationships with global marketplaces. Competitors are not named with tickers in the sources received, but categories such as cross-border payment providers and partners that insource services are described 1.
- Cross-border payment providers
Companies offering international payments to businesses, referred to generically in the company's risk factors.
- Marketplaces that insource payments
Marketplaces that could take seller payouts in-house, a risk the company explicitly identifies.
- Traditional banks and financial institutions
Institutions that serve small businesses but typically have limited experience in emerging markets.
- General-purpose payment fintechs
Fintech companies serving similar customers without the emerging-market compliance experience the company describes.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Nuvei Agrees to Buy Payoneer in $2.75 Billion Payments DealBloomberg Markets · 15 Jun 2026 · EN
The latest news item in our archive is from 15 Jun 2026; the newest SEC filing is from 08 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report08 Oct 2026Departure or appointment of officers
- Current report14 Sept 2026Shareholder vote
- Current report08 Sept 2026Other events
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report15 Jun 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report09 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Payoneer Global Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Payoneer Global Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Payoneer Global Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.