Cross-border payments company Payoneerhas acquired optile, a German company that streamlines payment acceptance processes for merchants worldwide. No financial details were disclosed.
Payoneer said that its acquisition of optile is a meaningful step towards its vision of building a platform that drives global growth for enterprises, marketplaces and SMBs worldwide, democratizing opportunity and reducing complexity in today’s borderless world. The company was founded in Israel by president Yuval Tal. Payoneer has raised $270 million to date including from Viola, Greylock, TCV and Susquehanna, including a $180 million financing round in 2016. The company has 1,200 employees, including 600 in Tel Aviv. Payoneer has offices in New York and Hong Kong and works with millions of customers in over 200 countries. Payoneer's development office in Israel is led by COO Keren Levy.
Payoneer has developed a cross-border payments system based on direct relations with banks worldwide rather than a credit card based infrastructure, thus saving credit card company fees. The company also handles all the regulatory and currency procedures associated with international payments. Earlier this year "Bloomberg" reported that Payoneer had hired US investment bank FT partners in order to explore raising another financing round from private investors, The financing round would be at a company value of over $1 billion.
Regarding the optile acquisition Payoneer CEO Scott said, "We share a belief that in today’s fast-changing world filled with endless opportunity, businesses all over the globe are looking for an open platform that empowers them to connect to the providers that meet their growing needs while simplifying and streamlining the process. optile’s enterprise-grade tech and partner-friendly approach is a great addition to our global platform."
Founded in 2010, optile’s open payment ecosystem puts merchants in control of their business with the flexibility to add payment options and partners as their needs evolve, boosting conversion and improving customer experience. optile’s orchestration platform is designed for international enterprises to scale faster to new markets, consolidating all the players of the global payment market together in one unified layer, ensuring transparency, flexibility, redundancy and independence.
optile founder and CEO Daniel Smeds said, "In joining forces with Payoneer, we’re thrilled to have the opportunity to leverage their global infrastructure and team to continue building the world’s leading open payment orchestration platform. Payoneer shares our obsession with customer experience, meeting their needs today while preparing them for tomorrow, and are equally committed to bringing simplicity, flexibility and scale to today’s digital business."
optile’s 75-person team will continue to operate as an independent group within Payoneer, developing its payment orchestration platform with supplier-independence at the core of its offering.
Published by Globes, Israel business news - en.globes.co.il - on December 10, 2019
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