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Uptick In Customers Prompts Payoneer To Anticipate Volume Up To $60B For ’21

The CEO of Global payments and commerce platform Payoneer told analysts and investors Wednesday his company “was built for the modern, interconnected global digital economy” after posting a 29 percent increase in volume $13 billion in its inaugural earnings report as a public company.

At the same time Scott Galit said Payoneer’s revenues rose 42 percent to $110.9 million in the three months ending on June 30, 2021.

“We executed very well this quarter with record new customer additions, improving take rate and strong profitability metrics,” Payoneer CEO Scott Galit said on a Wednesday (August 11) earnings call.

Looking ahead, Payoneer anticipates volume to range between $57 billion and $60 billion for 2021, while the company expects revenue to range between $442 million and $448 million.

“We are leveraging our global brands, expanding on our broad ecosystem of small businesses, marketplaces and partners. And we’re going to continue investing in our industry leading-infrastructure and product platform, while further enhancing our deep risk management and compliance capabilities.

READ MORE: Payoneer Names Ex-PayPal Exec As Chief Revenue Officer

Payoneer recently appointed Robert Clarkson, a former PayPal executive to serve as chief revenue officer.

“Robert is an expert business executive with more than 20 years of experience leading global revenue and account management teams at leading FinTech and payment companies, like PayPal and American Express,” Galit said in a news release earlier in August. “He will be responsible for leading the global go-to-market team, driving the overall business and more deeply penetrating our target markets.”

READ MORE: Payoneer Eyes ‘Growing Universe’ Of Connected Opportunities After $3B SPAC Listing

Payoneer started trading on the Nasdaq on June 28, having wrapped up its special purpose acquisition company (SPAC) merger with FTAC Olympus Acquisition Corp.

Talking with PYMNTS just prior to the listing, Galit said that Payoneer had been considering an initial public offering (IPO) since prior to the pandemic, but the last year had provided an undeniable “inflection point” provided the quick worldwide acceleration of digital commerce and was the last push needed to “lean in and start actually moving toward the public markets.”

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