Payments provider Payoneer Inc. and Mastercard will collaborate to better serve the business-to-business (B2B) market, starting with the Payoneer Digital Purchasing Mastercard, according to a Wednesday (March 10) announcement.
“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,” Payoneer Chief Strategy Officer Charles Rosenblatt said in the announcement. With the rollout of the card, he said that the company’s international client base can make payments for digital advertising and various online services, while also accessing another method to pay vendors.
Companies that receive payments via Payoneer receive multiple benefits from the new Payoneer Digital Purchasing Mastercard. For example, firms get instantaneous access to funds earned, and can make purchases anywhere Mastercard is accepted globally. They also receive virtual card access, giving small and medium-sized businesses (SMBs) more choices in how they send and receive payments. Moreover, companies get access to more than one card, which simplifies expense management for across product lines, storefronts and platforms.
“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,” Sherri Haymond, executive vice president, digital partnerships at Mastercard, said in the announcement.
The news comes as Payoneer has agreed to become a public company via a business combination with FTAC Olympus Acquisition Corp., a blank-check company. The arrangement values eCommerce heavy-hitter Payoneer at $3.3 billion. Payoneer, a payments service provider for firms like Amazon and Airbnb, is said to be profitable and anticipates pulling in $432 million in revenues in 2021. The company processed in excess of $44 billion in payments in 2020.
Payoneer’s backers include Wellington Management Co., TCV, Greylock Partners, Ping An and Viola Ventures.