Payoneer Global Inc. (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally, reported financial results for its first quarter ended March 31, 2024.
John Caplan, Chief Executive Officer at Payoneer, said:
“Payoneer delivered record quarterly revenue and strong profitability in the first quarter, driven by growth across all channels, including faster growth in our higher take rate B2B and Merchant Services businesses. We grew ICPs by 8% and generated 21% volume growth, our highest growth rate in nearly 3 years. We are making steady progress against our strategic priorities, accelerating underlying revenue growth, and increasing profitability.”
First Quarter 2024 Business Highlights
- 8% active ICP growth, including 13% growth in larger ICPs who have on average over $10,000 per month in volume
- 21% volume growth year-over-year reflects:
- B2B volume of $2.2 billion increased 33% year-over-year, driven by strong acquisition, improved ability to support more industries, and continued enhancements to our product features and functionality
- Merchant Services (Checkout) volume of $92 million increased 217% year-over-year driven by strong acquisition of $10K+ customers
- Marketplace volume of $11.0 billion increased 13% year-over-year led by continued strength from large ecommerce platforms
- Enterprise payouts volume of $5.1 billion increased 34% year-over-year, led by the travel vertical where we increased the number of routes we serve compared to a year ago
- $1.1 billion of spend on Payoneer cards, up 34% year-over-year, as we continue to successfully cross-sell our card product to customers
- $5.9 billion of customer funds as of March 31, 2024, up 8% year-over-year
- $51 million of share repurchases at a weighted average price of $4.84
2024 Guidance
Bea Ordonez, Chief Financial Officer, said:
“Payoneer’s first quarter results reflect strong growth across our entire platform. We delivered 21% growth in revenue excluding interest income and normalizing for the $7.5 million impact of certain non-volume fees earned in the prior year period, a significant acceleration compared to 8% in 2023. We are raising our 2024 guidance to reflect both the robust first quarter performance and our momentum heading into the second quarter. We continue to drive acquisition and improve retention of our most valuable customers while we enhance our financial stack and further penetrate the fast-growing B2B market.”
As covered, Payoneer 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 any entrepreneur and business anywhere to participate and succeed in an increasingly digital global economy.”
Since their founding, they have built “a global financial stack that removes barriers and simplifies cross-border commerce.”
They make it easier for millions of SMBs, “particularly in emerging markets, to connect to the global economy, pay and get paid, manage their funds across multiple currencies, and grow their businesses.”
