Payoneer Inc., a global payment and commerce-enabling platform, has announced a multifaceted relationship with Mastercard. Beginning with the Payoneer Digital Purchasing Mastercard, targeted at SMBs, eCommerce sellers and freelancers worldwide, Payoneer and Mastercard will work closely to better meet the needs of the B2B market.
This partnership comes soon after Payoneer announced that it will be going public through a SPAC transaction, which assigns Payoneer a pro-forma implied enterprise value of approximately $3.3B upon consummation.
Mastercard will provide Payoneer with access to new products and benefits to better meet the needs of their customers, and Mastercard will benefit from Payoneer’s global B2B footprint, gaining access to the company’s ecosystem of more than 5 million businesses.
Through the new Payoneer Digital Purchasing Mastercard, businesses receiving payment through Payoneer benefit from:
- Immediate access to funds earned which they can now invest into their growth through digital advertising platforms such as Facebook and Google
- Making purchases anywhere around the world where Mastercard is accepted, and the ability to connect the card to mobile wallets
- Access to multiple cards, streamlining the management of expenses for businesses across platforms, storefronts and product lines
- Virtual card access, providing SMBs with choice in how they pay and get paid as the demand for digital payments continues to accelerate
“This partnership with Mastercard is an essential step in providing our customers with another easy way to access and spend their funds from marketplace sales and B2B commerce,” said Charles Rosenblatt, Chief Strategy Officer, Payoneer.
“With the launch of the Payoneer Digital Purchasing Mastercard, our global customer base can pay for online advertising and other digital services, as well as have another way to pay suppliers. We are very excited to partner with Mastercard as we expand our global offerings, providing our marketplaces and SMBs the best solution available.”
“We have been laser-focused on enabling faster, more convenient, and secure digital payments to address the evolving needs of businesses and consumers alike,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “We look forward to working closely with Payoneer to further address the critical SMB segment through the combination of their significant reach with the power of the Mastercard network.”
For those that have existing Payoneer cards, users will not need to take any action to ensure continued access to their existing card. The digital purchasing cards will be available widely in the second half of 2021.