Banking & Payments
Payoneer and Mastercard partner for B2B
The alliance will give Payoneer’s small-business customers access to new payments products.
Payoneer, the global payment and commerce-enabling platform, announced a multifaceted relationship with Mastercard. Beginning with the Payoneer Digital Purchasing Mastercard, tailor-made for small- and medium-sized businesses, e-commerce 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 $3.3 billion upon consummation.
Mastercard will provide Payoneer with access to innovative 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.
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“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, Payoneer’s chief strategy officer. “Our global customer base can pay for online advertising and other digital services, as well as have another way to pay suppliers.”
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