99: How Payoneer Has Become The Leading B2B Cross-Border Payments Platform
We often hear about the world of finance and how it’s struggling to keep up with the blistering pace of hyper change in the digital world. Banks are cautiously investigating opportunities around the so-called FinTech and the entire industry is looking ripe for disruption. I recently came across a start-up called Payoneer. They are making big waves in the tech world for being a disruptive international B2B online payments company and they have revenue far north of $100 million dollars. Our guest today is the CEO of Payoneer, Scott Galit. He recently won the 2016 Ernst & Young Entrepreneur Of The Year Award in the Financial Technology category.
Can you tell the listeners a little about yourself and what you do?
Payoneer operates in this really fast growing, rapidly changing world. What we do is we make it easier for any business of any size anywhere in the world to grow by making it easier, cheaper and better to pay and get paid for cross-border trade.
You won the 2016 Ernst & Young Entrepreneur Of The Year Award in the technology category. That has to feel good to get recognition like that, doesn’t make it?
It was really exciting. Payoneer is a company built by entrepreneurs for entrepreneurs and we have a great team that works really hard and a customer base we’re really proud to serve. So it was great recognition for us and our whole team.
Payoneer has an impressive list of clients such as Amazon, Google and Airbnb. Can you tell us a little about how you help these tech behemoths and was it difficult getting them on board in the first place?
These big tech companies have really become these big global platforms. They all found that traditional banking systems are not well suited to meeting their global payment needs. What they have found with us is we’re really good partners, we’re really good problem solvers, and our clients trust us to help them grow and address the complex problems they face globally that can stand between them and really successfully building their global business.
Outside of those big names, you’re enjoying phenomenal success with online payment services in new markets such as India. Can you also tell the listeners how technology is making the world a smaller place and expanding these new markets at an incredible pace?
Technology and the internet have really transformed the opportunity for even the smallest business in the most remote market to grow globally. Imagine if you were a small business owner in the Philippines before the internet, before the technology that has created opportunities for you to find, interact with and communicate with and now trade with partners in other places around the world it was incredibly challenging to figure out how to grow your business. We see hundreds of thousands of businesses a month finding us because they are trying to find ways to grow, they are seeing the opportunity that technology and the internet are creating for them and they are looking for partners who can help them capitalize on those opportunities.
I’ve been reading about the rise in digital nomads who drift from country to country traveling with just a laptop and internet connection making money freelancing. Am I right in saying Payoneer makes it easier for freelancers to do business in a global environment too?
Absolutely. We have a large base of customers that are freelancers and service providers globally. What’s so exciting for their opportunity and us as their partners is we help connect them to leading marketplaces like Up work, Freelancer.com, Fiverr, 99designs and hundreds more. They are making it easier for freelancers, wherever they are in the world, to find work and to execute on it and eventually to get paid.
What’s next for Payoneer that you can share with us?
We have a long list of things we’re working on. We launched a new collection service in Japan for businesses around the world that are selling into Japan and it’s growing like crazy. In about four months we exceeded our budget and predictions for the year. The demand has been so fast. We have thousands of customers around the world who are using our platform to sell into Japan already. We introduced a new global payment service so our customers can pay their suppliers instantly for free all over the world through our platform and that’s growing really quickly. We launched our new global b2b marketplace solution which much like consumer marketplaces have become transactional. We created a new solution for business to business marketplaces. We also introduced a new tax management solution for U.S companies.
What’s the best way to get more information or contact a member of your team at Payoneer?
We have an excellent website at www.payoneer.com. We have blogs and great content that provide information for any business that’s thinking about growing globally.