Lahore, November 14th, 2024 – Payoneer (NASDAQ: PAYO), a global fintech leader empowering small and medium-sized businesses (SMBs) to expand globally, has reported its highest-ever Q3 revenue, reaching $248 million—a 25% increase year-over-year. With growth driven by a 57% surge in the B2B segment, Payoneer continues to develop its integrated financial stack for SMBs, delivering consistent results for seven consecutive quarters. This growth is highly impactful for Pakistan’s SMBs, offering seamless digital payment solutions that empower local businesses to confidently expand their reach on the global stage.
Key Highlights from Q3 2024 Results
• Revenue Surge: Payoneer achieved record quarterly revenue, showing a 25% increase year-over-year, primarily driven by a 57% growth in its B2B segment.
• Ideal Customer Profile (ICP) Growth: The company saw an 11% year-over-year increase in its active ideal customer profiles, with revenue from these profiles accelerating over 25% as Payoneer continues to cater to larger, high-volume customers.
• Strategic Acquisitions: Payoneer’s recent acquisition of Singapore-based Skuad has expanded workforce management capabilities, aligning with its long-term growth strategy and further benefiting global SMBs operating across borders, including those in Pakistan.
John Caplan, CEO of Payoneer, remarked, “Payoneer delivered record quarterly volume and revenue, and significant profitability in the third quarter. We are building a full-service financial stack for global cross-border SMBs and accelerating growth and profitability across our business. We have increased our growth rate for ICPs for four consecutive quarters to 11% year-over-year, and for ARPU excluding interest income for five consecutive quarters to 20%. We are at the beginning of our growth trajectory and are focused on consistent execution to capture the opportunity ahead of us.”
As Payoneer’s reach expands, Pakistani SMBs can leverage the platform to collect payments from customers worldwide, including those in the United States, United Kingdom, UAE, Canada, and Japan, aligning with Pakistan’s efforts to enhance cross-border trade and empower local enterprises. This growth highlights Payoneer’s unique position to support Pakistan’s digital economy and enable local entrepreneurs and SMBs to build sustainable international businesses.
