Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, announced the asset acquisition of Israel-based Spott, a real-time data platform that uses AI to accurately surface, assess, and quantify data for more informed and faster business decision-making.
Spott’s technology will enable Payoneer “to better understand and serve customers, which supports our mission to make it easier for SMBs to operate and grow their business around the world.”
Harnessing Spott’s capabilities, Payoneer will analyze large sets of data “to apply advanced AI models and make predictions and decisions about its service offerings for a global SMB customer base.” The first application of the technology will “be on the Payoneer working capital products to enhance underwriting capabilities.”
Assaf Ronen, Chief Platform Officer at Payoneer, said:
“Today’s announcement is part of Payoneer’s commitment to investing in AI and data to provide unique and seamless experiences for our customers. We look forward to seeing the impact that these capabilities will have on Payoneer customers. Spott has built a strong solution, and as part of Payoneer, this innovative technology will be available to SMBs in nearly 200 countries and territories.”
Amit Batzir, Co-founder and CEO at Spott, said:
“This is another exciting step on the journey for us. We believe in the impact our technology can have on Payoneer’s global customers and today’s announcement means the solution can help more businesses around the world. Payoneer was a natural fit for the vision we have for our technology, and we look forward to working with the team and building for the future.”
As part of the transaction, Spott’s co-founders, CEO Amit Batzir and CTO Roma Bronstein will reportedly “join Payoneer’s Technology team, also based in Israel.”
As covered, Payoneer says it is “the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally.”
Payoneer was founded in 2005 “with the belief that talent is equally distributed, but opportunity is not.”
It is their mission to “enable anyone anywhere to participate and succeed in the global digital economy.”
Since their founding, they claim to “have built a global financial platform that has already made it easier for millions of SMBs, particularly in emerging markets, to pay and get paid, manage their funds, and grow their business.”