Payoneer Global Inc. Reports Strong Third Quarter 2024 Financial Results

Payoneer Global Inc. (NASDAQ: PAYO) recently announced its financial results for the third quarter ended September 30, 2024. The company reported record quarterly volume that increased by 25% year-over-year, reflecting substantial growth across several key metrics. Highlights from the financial report include:

– Revenue excluding interest income reached $183.1 million, showcasing a 24% increase from the same period last year.
– Total revenue amounted to $248.3 million, marking a 19% year-over-year growth.
– Net income surged by 224%, reaching $41.6 million for the quarter.
– Adjusted EBITDA for the quarter was $69.3 million, a 19% increase over the same quarter last year.

The company’s active Ideal Customer Profiles (ICPs) grew by 11% year-over-year, demonstrating strong customer acquisition and retention efforts. Payoneer’s strategic focus on building a comprehensive financial stack for global cross-border SMBs has contributed to its accelerating growth and profitability trajectory.

John Caplan, the Chief Executive Officer of Payoneer, expressed satisfaction with the company’s performance, highlighting the continuous growth in ICPs and Average Revenue Per User (ARPU) over the past quarters. Payoneer’s commitment to ensuring consistent execution to capture future opportunities remains a key focus.

In terms of business highlights for the third quarter of 2024, Payoneer achieved significant milestones, including a 25% increase in volume year-over-year. This growth was primarily driven by a 57% increase in B2B volume and strong performance in other key segments such as SMBs selling on marketplaces, Merchant Services, and Enterprise payouts.

Additionally, Payoneer reported $1.4 billion spent on Payoneer cards, a 41% increase year-over-year, underlining the growing usage of its card product for global accounts payable needs.

The company also highlighted repurchase and redemption activities, including the repurchase of all 25 million outstanding public warrants for $21 million.

Looking ahead, Payoneer revised its guidance for 2024, indicating a strong performance in the third quarter and higher expectations for growth and profitability for the remainder of the year. The company is committed to executing on its strategic priorities and creating long-term value for its shareholders.

Investors and interested parties can access a live webcast of the earnings conference call on the investor relations section of Payoneer’s website at https://investor.payoneer.com.

About Payoneer:
Payoneer is a financial technology company dedicated to empowering small and medium-sized businesses worldwide to transact, conduct business, and expand globally. Founded in 2005, Payoneer has continually worked towards enabling entrepreneurs and businesses to succeed in the digital global economy by providing simplified cross-border financial services.

The press release by Payoneer contains forward-looking statements, which are subject to risks and uncertainties. Payoneer does not undertake an obligation to update these statements and advises caution in reliance on forward-looking information.

For further details and in-depth financial data, please refer to Payoneer’s official SEC filings and financial reports.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Payoneer Global’s 8K filing here.

Payoneer Global Company Profile

Payoneer Global Inc operates as a financial technology company. It operates a payment infrastructure platform that provides customers with a one-stop, global, multi-currency account to serve their accounts receivable and accounts payable needs. The company delivers a suite of services that includes cross-border payments, physical and virtual MasterCard cards, working capital, risk management, and other services.