Strategies for the global market by Payoneer's CEO, John Caplan, discussed in Q3 2024 results report
Payoneer Reports Strong Q3 2024 Growth, Focuses on Small and Medium-Sized Businesses
Payoneer, a leading financial services provider, has announced impressive growth figures for the third quarter of 2024. The company reported a 19% Year-over-Year (YoY) increase in revenue, reaching $248 million, and a 25% YoY growth in volume, amounting to $20.4 billion.
The growth can be attributed to Payoneer's focus on small and medium-sized businesses (SMBs), a core customer segment for the company. Payoneer's revenue from SMBs reached $170 million in Q1 2025, driven by high-margin services such as B2B payments and the Checkout platform.
Interest income grew by 8% YoY to $65 million, while operating income saw a 5% YoY growth to $35 million. Notably, Payoneer's net income rose to $41.6 million, representing a staggering 224% YoY growth.
In addition to its strong financial performance, Payoneer has experienced significant market expansion, particularly in APAC and LatAm countries. The company's customer base extends beyond traditional banking, serving a diverse range of SMBs worldwide.
To better understand Payoneer's market strategy, CEO John Caplan was recently interviewed. He highlighted the company's focus on providing a comprehensive, compliant, and localized payment infrastructure that supports cross-border trade and cash flow management amid global market complexities.
Key elements of Payoneer’s strategy include offering multi-currency accounts and virtual cards, geographic diversification with a focus on emerging markets, tailored financial solutions to meet local SMB needs, integration with global marketplaces, and regulatory compliance and local support.
Payoneer's approach to customer acquisition saw a 11% YoY growth, with 557,000 Internet Customer Payment (ICP) accounts in Q3 2024. The company has also updated its 2024 adjusted EBITDA guidance range to $255m-$265m and its revenue outlook range to $950-$960m.
Customer funds held by Payoneer surged by 13% YoY, reaching $6.1 billion in Q3 2024. As Payoneer continues to grow and adapt to the ever-changing global market landscape, it remains committed to empowering SMBs with the tools they need to thrive in the digital economy.
[1] Payoneer Blog: "Accelerating Growth: Payoneer’s Q1 2025 Financial Results" [2] Payoneer Press Release: "Payoneer Acquires Easylink, Strengthening its Compliance Infrastructure and Market Access in China" [3] Payoneer Blog: "Empowering SMBs: Payoneer's Global Market Strategy" [4] Payoneer Press Release: "Payoneer Announces Q3 2024 Financial Results"
- In its strategic focus, Payoneer continues to prioritize small and medium-sized businesses (SMBs) in the business sector, leveraging technology to offer them a comprehensive, compliant, and localized payment infrastructure that supports cross-border trade and cash flow management.
- As technology advances, Payoneer's growth in the finance industry is driven not only by strong financial performance but also by its expansion into emerging markets, such as APAC and LatAm, providing SMBs with high-margin services like B2B payments and the Checkout platform.
