Achieved record annual volume of $80 billion, 18% annual revenue growth and record profitability. 2025 guidance reflects business momentum and confidence in further strong performance.
Payoneer Global Inc. (“Payoneer” or the “Company”) (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally, today reported financial results for its fourth quarter and full year ended December 31, 2024.
According to John Caplan, CEO of Payoneer, “2024 was a defining year for Payoneer. We achieved new records for annual volume, revenue and profitability, saw exceptional volume and revenue growth with B2B SMBs, drove increased adoption of our high value products and expanded our financial stack. These achievements are proof of our scalable, increasingly profitable business model, the size of our opportunity and the strength of our execution. Looking ahead to 2025, we will focus on expanding our regulatory moat, modernizing our technology infrastructure and further enhancing our financial stack, while seeking to deliver continued strong growth and profitability.”
Full Year 2024 business highlights
- Total volume grew 21% year-over-year to $80 billion dollars. B2B volume growth was particularly strong, growing 42% year-over-year.
- 8% ICP growth year-over-year. Volume and revenue from $10K+ ICPs both increased by over 20% for the full year.
- 18% year-over-year growth in ARPU driven by business mix, increased adoption of our high value products, in particular our card product, our various pricing and offering initiatives and higher interest income. ARPU excluding interest income increased 21% year over year.
- $7.0 billion of customer funds (including both short-term and long-term funds) as of December 31, 2024, up 9% year-over-year.
- Implemented actions to reduce future sensitivity to interest rate fluctuations with $1.8 billionof funds underlying customer balances invested in US treasury securities and term-based deposits as of December 31, 2024, and long-term interest rate derivative instruments purchased with respect to $1.9 billion in funds to provide a floor against interest rate declines below 3%.
- Acquired Skuad, a global workforce and payroll management company. The acquisition accelerates our strategy to deliver a comprehensive and integrated financial stack for SMBs that operate internationally.
- $137 million of share repurchases at a weighted average price of $5.50 and repurchased and redeemed all 25 million outstanding public warrants for $21 million.
- In February 2025, announced that we had received the regulatory approvals in China required to complete our previously announced acquisition of a licensed China-based payment service provider. The transaction is expected to close in the first half of 2025, subject to customary closing conditions.
Fourth quarter 2024 business highlights
- 18% volume growth year-over-year reflects:
- B2B volume of $3.0 billion increased 37% year-over-year, driven by continued strong customer acquisition and increased average transaction sizes.
- SMBs that sell on marketplaces volume of $13.4 billion increased 14% year-over-year led by strong performance with large ecommerce sellers.
- Merchant Services (Checkout) volume of $218 million increased 114% year-over-year.
- Enterprise payouts volume of $5.9 billion increased 17% year-over-year.
- Record $1.5 billion of spend on Payoneer cards, up 36% year-over-year, as customers increasingly use our card product for their global accounts payable needs and as we continue to drive adoption across all regions. Full year card usage of $5.2 billion increased 36% year-over-year.
2025 guidance
Bea Ordonez, Chief Financial Officer of Payoneer stated that “Payoneer delivered record revenue and profitability in 2024. We achieved 20% growth in revenue excluding interest income and delivered three consecutive quarters of positive adjusted EBITDA excluding interest income. Our 2025 guidance is consistent with our medium-term financial targets and reflects our confidence in our strategy and in our ability to continue to build upon the strong momentum of 2024.”Bea Ordonez, Chief Financial Officer of Payoneer stated that “Payoneer delivered record revenue and profitability in 2024. We achieved 20% growth in revenue excluding interest income and delivered three consecutive quarters of positive adjusted EBITDA excluding interest income. Our 2025 guidance is consistent with our medium-term financial targets and reflects our confidence in our strategy and in our ability to continue to build upon the strong momentum of 2024.”[1]
[1] The Company cannot reconcile its expected adjusted EBITDA to expected net income under “2025 Guidance” without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time, including income taxes, other financial (income) expense, net. Such unavailable information could have a significant impact on the Company’s GAAP financial results. Please refer to “Financial Information; Non-GAAP Financial Measures” below for a description of the calculation of adjusted EBITDA.
About Payoneer
Payoneer is the financial technology company empowering the world’s small and medium-sized businesses to transact, do business, and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable any entrepreneur and business anywhere to participate and succeed in an increasingly digital global economy. Since our founding, we have built a global financial stack that removes barriers and simplifies cross-border commerce. We make it easier for millions of SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid, manage their funds across multiple currencies, and grow their businesses.