Payoneer, the international money transfer company, has completed a strong funding round, raising $180m through equity financing.
The round was led by Technology Crossover Ventures (TCV), a VC firm that invests in internet, tech-enabled services, infrastructure and software. Its other investments include Facebook, Spotify and Expedia. TCV was joined by existing investor Susquehanna Growth Equity.
Payoneer will use the funds to accelerate global growth and maintain, as it says, a healthy looking balance sheet.
Scott Galit, CEO of Payoneer, stated, “TCV shares our belief that we can make a difference by empowering entrepreneurs throughout the world by offering them tools and solutions to participate, compete and succeed in the global economy. TCV’s connections with fast growing e-commerce marketplaces, global brand-building expertise and its long-term investment philosophy are the perfect fit for Payoneer and will help us propel our growth in the years to come.”
The funding comes on the back of a strong year for the company. It opened offices in key markets such as Japan and India, and has partnered with global marketplaces such as Rakuten.com and Linio.
“We have been watching Payoneer’s rapid growth for several years and have appreciated their ability to execute a unique business strategy aimed at empowering SMEs and leading digital platforms around the world to reduce the friction they face sending and receiving global payments” said Woody Marshall, General Partner of TCV, who is expected to be appointed to the board subject to regulatory approvals.
The funding round totalled $61m, and will used to finance the company's global expansion plans.
Monzo also revealed its latest funding round last week.
A further £2.5m is expected to be raised from crowdfunding on Tuesday.
Funding Circle has perhaps started 2017 in a better way than most. The London-based lending platform that connects small businesses with investors has raised $100m (£82m) in equity investment.