Payoneer completes $8m round

Carmel Ventures joined existing investors.

Israeli e-commerce start-up Payoneer Inc. has closed its second financing round, raising $8 million from Carmel Ventures, and its current investors, Greylock Partners, Crossbar Capital LP, and Zohar Gilon. The company has raised a total of $14 million to date, including the present round.

Payoneer was founded in 2005 and is managed by Yuval Tal. The company develops and markets secure solutions for payments online. The company offers a prepaid debit card that can be easily reloaded eliminating the need for a bank account, and enabling money be transferred easily. The solution enables payments to be made online, principally by employees.

Payoneer joins a select group of companies that have managed to raise capital fairly quickly, because of its success in, among other things, recording a 15% increase in its turnover over the last 20 months. The company is a registered issuer of MasterCard debit cards, which can be loaded online and used like any ordinary credit card. In addition, Payoneer also offers branded credit cards bearing the name of the company using them.

The proceeds from the latest round will be used to expand the company's technology infrastructure to offer a higher level of security and prevent attempted fraud, and hire more people, mainly technology experts.

Published by Globes [online], Israel business news - - on July 28, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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