Payoneer plans to evolve local payments globally
The IPO is often seen as the finish line of a long journey for many companies, but Payer Vice President Marketing Jonny Steel told PYMNTS that while his company’s upcoming listing follows a 15-year stint as a private company, its Special Purpose Acquisition Company (SPAC) listing on the Nasdaq is more like a starting point .
In a world that has become increasingly interconnected by technology, it doesn’t matter where a company is based, what industry it is in or how big it is, Steel said, noting that Payoneer’s perspective is that every business has the right to grow and flourish – and in turn, be presented with the right tools to access the global digital economy.
And it was Payoneer’s changing role in a changing world that prompted the company to rebrand ahead of its trip to public markets, Steel said. When Payoneer started about 15 years ago, the world was still on the dawn of the digital age – we now live in the center of it. As the business has grown and developed it has gone beyond the payments that were the cornerstone of the old brand.
“We saw that a gulf had grown between how we present ourselves and what we really have to offer,” he said. “And as we look to the future and see our role as a trade facilitator, we felt it was the right time to reposition ourselves. “
The toolkit starts with payments but expands further as Payoneer aims to open a door to the digital economy for more businesses globally, he said. The new brand represents both the expanding needs of digital businesses, but also the increasingly universal and interconnected nature of the global digital economy.
The myth of one size fits all
The challenge of working globally is that the world is not a one-size-fits-all place. The needs of one segment vary quite widely from the needs of another.
“Typically what a lot of companies would do is understand the needs of businesses in the US and Western Europe and then pretty much stop there,” Steel said, noting that the platforms actually globally useful must be very local in orientation.
What does a Ukrainian outsourcing company need to grow? What does an exporter in China need to do business? What is the real need for an Indian development center? Building global solutions isn’t about trying to fit every merchant into a mold that may or may not work, but creating a set of solutions locally that can actually meet their needs.
These needs can be related to payments, but they can also exist outside of them. Payoneer’s expansion in working capital offerings is a direct result of having local teams in the field at 24 locations around the world and hearing the continuing need of global businesses for a better, more easier and more automated to access funds, he said.
The path to growth is there. The pandemic has quickly accelerated digital commerce and highlighted just how interconnected and interdependent the entire global economy is. Steel said the new Payoneer brand now aims to make the universe of global opportunities accessible to businesses around the world, because the opportunities are only as good for traders as their ability to access and take advantage of them.
And there is still a lot of work to be done to build access to the whole world.
Where we will be
The next step on the road to digitization remains unknown as the physical world reopens for businesses, but we know there is no turning back when it comes to digitization. The genie is out of the bottle, so to speak, and the world is forever changed.
And in its first year in the global marketplace as a public company, Payoneer’s goal is to respond to these growing opportunities with expanded offerings – in working capital, B2B payment services and, most notably, by developing its payment orchestration services to businesses. of all sizes.
“We are expanding merchant services to small businesses this year, while continuing to develop our business-oriented payment orchestration platform,” said Steel.