Payoneer Global Inc. (Payo): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la finance numérique, Payoneer Global Inc. apparaît comme une force transformatrice, révolutionnant la façon dont les pigistes, les entrepreneurs et les entreprises naviguent sur les paiements transfrontaliers. Cette puissance innovante fintech a conçu un modèle commercial sophistiqué qui pante de manière transparente les écosystèmes financiers mondiaux, offrant faible coût et des solutions internationales de transfert monétaire ultra-rapides. En tirant parti des technologies de pointe et des partenariats stratégiques, PayOneer s'est positionné comme un catalyseur critique pour les professionnels du numérique à la recherche de transactions financières sans friction à travers les continents, ce qui rend le commerce mondial complexe étonnamment simple et accessible.

Payoneer Global Inc. (Payo) - Modèle d'entreprise: partenariats clés

Institutions financières et banques dans le monde

PayOneer maintient des partenariats avec plus de 500 institutions financières dans le monde, notamment:

Région	Nombre de partenaires bancaires
Amérique du Nord	87 banques
Europe	156 banques
Asie-Pacifique	129 banques
l'Amérique latine	72 banques
Moyen-Orient / Afrique	56 banques

Plates-formes de commerce électronique

Les partenariats stratégiques comprennent:

• Amazon - Traitement des paiements pour plus de 250 000 vendeurs
• UPWORK - Solutions de paiement pour 18 millions de pigistes
• Airbnb - Infrastructure de paiement transfrontalier
• Fiverr - Intégration du réseau de paiement global

Réseaux de paiement

Partenariats du réseau de paiement de PayOneer:

Réseau	Volume de transaction
Visa	4,2 milliards de dollars de transactions annuelles
MasterCard	Transactions annuelles de 3,8 milliards de dollars

Partenaires d'intégration technologique

• Salesforce - Intégration CRM
• SAP - Solutions financières d'entreprise
• Oracle - Cloud Infrastructure Partnerships

Services mondiaux de conformité et de réglementation

Partenariats de conformité à travers:

• FinCEN (États-Unis)
• FCA (Royaume-Uni)
• GRAF (normes réglementaires internationales)

Écosystème du partenariat total: 750+ partenaires financiers et technologiques mondiaux

Payoneer Global Inc. (Payo) - Modèle d'entreprise: activités clés

Traitement des paiements transfrontaliers

PayOneer a traité 36,3 milliards de dollars de volume de paiement total en 2022. La société prend en charge les transactions dans 190 pays et gère les paiements en plus de 100 devises.

Métrique	Valeur
Volume de paiement total	36,3 milliards de dollars (2022)
Pays soutenus	190
Devises manipulées	100+

Développement d'infrastructure de paiement numérique

Payoneer a investi 57,2 millions de dollars dans les frais de recherche et de développement en 2022, en se concentrant sur l'amélioration des infrastructures technologiques.

• Capacités d'intégration de l'API
• Route de paiement en temps réel
• Systèmes de détection de fraude avancés

Gestion des plateformes de technologie financière

La plate-forme prend en charge plus de 5 millions de clients commerciaux dans le monde, en mettant l'accent sur les pigistes, les marchés et les entrepreneurs numériques.

Métrique de la plate-forme	Valeur
Clients commerciaux totaux	5 millions +
Croissance annuelle des transactions	22%

Services internationaux de transfert d'argent

Payoneer a facilité les transferts internationaux avec une valeur de transaction moyenne de 3 200 $ par transaction transfrontalière en 2022.

• Temps de transfert moyen: 1-3 jours ouvrables
• Frais de transfert: 0,5% - 2% selon l'itinéraire
• Couverture du réseau mondial de transfert

Compliance et gestion des risques

Les dépenses de conformité ont atteint 24,5 millions de dollars en 2022, avec des équipes dédiées surveillant les exigences réglementaires mondiales.

Métrique de conformité	Valeur
Frais de conformité	24,5 millions de dollars
Juridictions réglementaires surveillées	50+
Taux de prévention de la fraude	99.7%

Payoneer Global Inc. (Payo) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie de paiement avancé

Payoneer maintient une infrastructure technologique robuste avec les spécifications suivantes:

Composant d'infrastructure	Détails techniques
Infrastructure cloud	Déploiement multi-régions basé sur AWS
Vitesse de traitement des transactions	Jusqu'à 500 millisecondes par transaction
Investissement technologique annuel	42,3 millions de dollars en 2023

Conformité mondiale et expertise réglementaire

Les capacités de conformité réglementaire comprennent:

• Licences actives dans plus de 200 pays et territoires
• Conformité aux réglementations financières internationales
• Processus de vérification KYC / AML

Plateforme de paiement numérique propriétaire

Métrique de la plate-forme	Spécification
Volume de transaction annuel	55,4 milliards de dollars en 2023
Nombre de méthodes de paiement intégrées	47 Options de paiement différentes
Time de disponibilité de la plate-forme	Fiabilité de 99,99%

Systèmes de cybersécurité solides

Détails des infrastructures de cybersécurité:

• Protocoles de chiffrement 256 bits
• Systèmes de détection de fraude en temps réel
• Investissement annuel de cybersécurité: 18,7 millions de dollars

Vaste réseau bancaire international

Métrique du réseau	Spécification
Nombre de partenariats bancaires	350+ institutions financières
Couverture mondiale	190 pays
Support de devise	Plus de 40 devises

Payoneer Global Inc. (Payo) - Modèle d'entreprise: propositions de valeur

Transferts d'argent internationaux à faible coût

Payoneer offre des frais de transfert monétaire internationaux allant de 0,5% à 3% par transaction. En 2023, la société a traité 55,3 milliards de dollars de volume de paiement total avec un coût de transfert moyen de 1,2%.

Type de transfert	Fourchette	Volume de transaction
Transferts transfrontaliers	0.5% - 3%	55,3 milliards de dollars (2023)
Paiements commerciaux	1% - 2%	38,6 milliards de dollars (2023)

Solutions de paiement numérique rapides et sécurisées

Payoneer traite les transactions avec un temps de règlement moyen de 1 à 3 jours ouvrables. Les mesures de sécurité comprennent:

• Taux de réussite des transactions à 99,97%
• Protection de chiffrement 256 bits
• Système de détection de fraude en temps réel

Capacités de compte multi-monnaie

Payoneer support Plus de 40 devises avec des capacités de conversion instantanée. Les titulaires de compte peuvent maintenir les soldes dans:

Type de devise	Nombre de devises	Taux de conversion
Devises majeures	25	Tarifs interbancaires
Devises de marché émergentes	15	Tarifs compétitifs

Support aux pigistes et aux entreprises mondiales

Payoneer sert 4,3 millions de comptes commerciaux et indépendants dans 190 pays. Les fonctionnalités de la plate-forme comprennent:

• Facturation instantanée
• Paiements de masse
• Gestion des formulaires fiscaux

Transactions financières transfrontalières simplifiées

Statistiques de transaction pour 2023:

Métrique de transaction	Valeur
Total des transactions	68,2 millions
Valeur de transaction moyenne	$810
Les marchés mondiaux ont servi	190 pays

Payoneer Global Inc. (Payo) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

PayOneer fournit une plate-forme numérique complète avec les capacités suivantes:

Fonctionnalité de plate-forme	Métriques d'engagement des utilisateurs
Gestion de compte en ligne	Plus de 4,5 millions d'utilisateurs enregistrés dans le monde
Traitement des transactions	Volume de paiement total de 54 milliards de dollars en 2022
Conversion de devises	Support pour plus de 180 pays et plus de 100 monnaies

Support client 24/7 en ligne

L'infrastructure de support client de Payoneer comprend:

• Canaux de support multi-langues
• Temps de réponse moyen: 2 à 4 heures
• Support disponible en 9 langues

Gestion de compte personnalisée

Type de compte	Caractéristiques de support dédiées
Comptes d'entreprise	Gestionnaires de relations dédiées
Marchands à volume élevé	Solutions financières personnalisées

Forums communautaires et centres de ressources

Payoneer Offre:

• Base de connaissances en ligne avec plus de 500 articles
• Forums communautaires avec plus de 100 000 participants actifs
• Webinaires et contenu éducatif

Gesseurs de relations commerciales dédiées

Segment d'entreprise	Couverture de gestion des relations
Petites et moyennes entreprises	Support d'intégration personnalisé
Grandes clients d'entreprise	Gestion de compte stratégique

Payoneer Global Inc. (Payo) - Modèle d'entreprise: canaux

Plate-forme Web

En 2024, la plate-forme Web de Payoneer prend en charge plus de 200 pays et territoires, avec 5 millions d'utilisateurs enregistrés. La plate-forme traite 50 milliards de dollars en volume de transactions annuelles.

Métrique de la plate-forme	2024 données
Utilisateurs enregistrés	5 millions
Pays soutenus	200+
Volume de transaction annuel	50 milliards de dollars

Application mobile

L'application mobile de PayOneer a été téléchargée 2,3 millions de fois sur les plates-formes iOS et Android, avec une note moyenne de 4,5 / 5.

Intégrations API

PayOneer propose plus de 40 intégrations API directes avec des marchés et des plateformes mondiales.

• Intégrations du marché: Amazon, Upwork, Fiverr
• Plateformes de commerce électronique: Shopify, WooCommerce
• Réseaux indépendants: Freelancer.com

Références du marché des partenaires

Le réseau partenaire génère 35% des revenus totaux de transaction de PayOneer, avec plus de 500 partenariats stratégiques à l'échelle mondiale.

Métriques partenaires	2024 données
Partenariats stratégiques totaux	500+
Revenus des références partenaires	35%

Équipe de vente directe

Payoneer maintient une équipe de vente mondiale de 450 professionnels couvrant 15 bureaux régionaux dans le monde.

Métrique de l'équipe de vente	2024 données
Total des professionnels de la vente	450
Bureaux régionaux	15

Payoneer Global Inc. (Payo) - Modèle d'entreprise: segments de clientèle

Pigistes et professionnels indépendants

En 2024, Payoneer dessert environ 4,5 millions de pigistes dans le monde. La plateforme soutient les professionnels dans 190 pays avec des solutions de paiement.

Catégorie de pigiste	Nombre d'utilisateurs	Volume de transaction annuel moyen
Professionnels créatifs	1,2 million	85 000 $ par utilisateur
Professionnels techniques	1,7 million	125 000 $ par utilisateur
Écriture / traduction	650,000	62 000 $ par utilisateur

Petites et moyennes entreprises

Payoneer prend en charge 500 000 petites et moyennes entreprises dans plusieurs secteurs.

• Entreprises mondiales de commerce électronique: 275 000
• Fournisseurs de services numériques: 125 000
• SOCIETS ET ENTREPRISES TECHNOLOGIES: 100 000

Vendeurs de commerce électronique

Processus PayOneer 25 milliards de dollars par an Dans les transactions de commerce électronique pour les vendeurs en ligne.

Plate-forme de commerce électronique	Nombre de vendeurs	Ventes annuelles moyennes
Amazone	85,000	$350,000
eBay	62,000	$175,000
Etsy	43,000	$85,000

Entrepreneurs internationaux

Payoneer gère des paiements transfrontaliers pour 350 000 entrepreneurs internationaux.

• Entrepreneurs technologiques: 125 000
• Professionnels du design et du marketing: 95 000
• Professionnels du conseil: 130 000

Nomades numériques et travailleurs à distance

Payoneer prend en charge 250 000 nomades numériques avec des solutions de paiement internationales.

Région	Nombre de nomades numériques	Revenu annuel moyen
Amérique du Nord	95,000	$110,000
Europe	85,000	$95,000
Asie-Pacifique	70,000	$85,000

Payoneer Global Inc. (Payo) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coûts d'infrastructure technologique annuelle pour PayOneer en 2023: 47,3 millions de dollars

Catégorie de coûts	Montant ($)
Services cloud	18,500,000
Systèmes de cybersécurité	12,700,000
Développement de logiciels	16,100,000

Compliance et dépenses réglementaires

Total des coûts de conformité en 2023: 22,6 millions de dollars

• Frais de conseil juridique: 8,4 millions de dollars
• Licence réglementaire: 6,2 millions de dollars
• Systèmes anti-blanchiment d'argent: 7,9 millions de dollars

Marketing et acquisition de clients

Dépenses de marketing pour 2023: 36,5 millions de dollars

Canal de marketing	Dépenses ($)
Publicité numérique	15,200,000
Marketing de contenu	7,800,000
Programmes de partenariat	13,500,000

Salaires et développement des employés

Total des dépenses du personnel en 2023: 89,7 millions de dollars

• Salaires de base: 62,3 millions de dollars
• Avantages et assurance: 14,6 millions de dollars
• Formation et développement: 12,8 millions de dollars

Traitement des paiements et frais de transaction

Coûts liés aux transactions pour 2023: 41,2 millions de dollars

Catégorie de frais	Montant ($)
Frais de passerelle de paiement	22,600,000
Coûts de transaction transfrontaliers	18,600,000

Payoneer Global Inc. (Payo) - Modèle d'entreprise: Strots de revenus

Frais de transaction

Payoneer génère des frais de transaction avec la structure suivante:

Type de transaction	Pourcentage de frais
Paiements transfrontaliers	1.5% - 3%
transactions de commerce électronique	2.0% - 2.9%
Paiements de marché	1.0% - 2.5%

Marges de conversion de devises

Les marges de conversion de devises varient entre:

• 0,5% - 2,5% au-dessus des taux de change interbancaires
• Marge moyenne: 1,75% par transaction

Frais de compte annuels

Type de compte	Frais annuels
Compte de base	$0
Compte professionnel	$29.95
Compte d'entreprise	$199.00

Abonnements de services premium

Répartition des revenus d'abonnement:

• Rapports avancés: 19,99 $ / mois
• Gestion multi-monnaie: 49,99 $ / mois
• Services d'intégration personnalisés: 99,00 $ / mois

Licence de solution d'entreprise

Segments de revenus de licence d'entreprise:

Catégorie de licence	Gamme de revenus annuelle
Solutions de petite entreprise	$50,000 - $150,000
Entreprise intermédiaire	$250,000 - $750,000
Grande entreprise mondiale	$1,000,000 - $5,000,000

Payoneer Global Inc. (PAYO) - Canvas Business Model: Value Propositions

You're looking at how Payoneer Global Inc. delivers tangible value to its users, the global small and medium-sized businesses (SMBs) and entrepreneurs who need to move money across borders without the usual headaches. The core value is simplifying complexity, which the numbers clearly back up.

Simplified, low-friction cross-border payments for SMBs and entrepreneurs

The platform's primary value is making cross-border payments feel local, reducing the friction that typically plagues international transactions. This is evidenced by the sheer scale of money flowing through the system. For the full year 2025, the Total Processed Volume (TPV) surged to $82 billion in total. To give you a snapshot of that activity level, in the third quarter of 2025 alone, the volume processed was $22.3 billion. This volume is supported by consistent platform activity; for instance, 6.2 million transactions were completed monthly on Payoneer in 2025.

The focus on quality customers, defined as Active Ideal Customer Profiles (ICPs)-those with over $500 per month in volume-shows a commitment to the core user base, though this metric saw a slight dip to 548,000 in Q3 2025. Still, the take rate (revenue as a percentage of volume) for SMB services has been expanding, hitting 121 bps in Q3 2025, up from 109 bps in Q1 2025, suggesting users are deriving more value or adopting higher-priced services.

Here's a quick look at the scale of the platform's financial throughput as of late 2025:

Metric	Q3 2025 Value	YoY Growth (Q3 vs Q3 2024)
Total Revenue	$270.9 million	9%
Revenue excluding interest income	$211.4 million	15%
Volume ($bn)	$22.3 billion	9%
SMB Customer Revenue ($mm)	$192 million	17%

Multi-currency accounts for holding and managing funds globally

The ability to hold and manage funds globally is central to the value proposition, allowing entrepreneurs to keep earnings in the currency received, avoiding immediate conversion fees and volatility risk. As of September 30, 2025, customer funds held on the platform reached $7.1 billion, marking a 17% year-over-year increase. This demonstrates significant user trust in Payoneer Global Inc. to safeguard their working capital.

The platform's infrastructure supports this global management capability:

• Global reach extends to over 210 countries and territories.
• Supports transactions in over 160+ currencies.
• Approximately 40% of Payoneer Global Inc.'s revenue comes from helping customers sell into non-US markets, highlighting its role in facilitating global trade flows.

Working capital and card services to fuel business growth

For many users, the value extends beyond simple transfers into providing immediate access to funds for business operations and spending. The Payoneer card product is a key enabler here. In the third quarter of 2025, card spend hit a record $1.6 billion, which was up 19% compared to the prior year. This growth in card usage shows users are actively deploying their funds globally for procurement or expenses.

Furthermore, the growth in higher-value services like B2B and Checkout revenue streams shows the platform is successfully upselling working capital solutions. B2B SMB revenue grew by 27% year-over-year to $62 million in Q3 2025, and Checkout revenue saw an even sharper increase of 49% to $9 million in the same period. This suggests that the working capital and payment solutions are becoming more integral to the customers' operational finance. It's defintely a sign of successful product adoption.

The platform is also seeing strong adoption of its integrated financial stack, with 53% of active customers using 3+ accounts payable (AP) products as of Q2 2025.

Access to a global business network of payers and payees

The network effect is a critical, though less directly quantifiable, value proposition. Users gain access to a pool of established payers and payees, which reduces the need to onboard new, unverified counterparties. Payoneer Global Inc. has deepened partnerships with major marketplaces like Amazon, Walmart, and eBay to streamline payouts to sellers in over 120 countries.

The scale of the network is reflected in the total user base estimates. While SEC filings reported approximately 2 million active customers in 2025, the total user base, including indirect users like freelancers and marketplace sellers, is estimated to be between 5 to 8.1 million. This large, interconnected base of businesses and entrepreneurs forms the network that reduces counterparty risk and transaction discovery time for every new user joining the platform.

Finance: draft 13-week cash view by Friday.

Payoneer Global Inc. (PAYO) - Canvas Business Model: Customer Relationships

You're looking at how Payoneer Global Inc. manages its relationships with its millions of global users, which is key to their strategy of moving upmarket and increasing revenue per customer. Honestly, the data shows a clear dual approach: high-touch service for the biggest spenders and scalable digital tools for everyone else.

Dedicated account management for larger, upmarket customers

Payoneer Global Inc. focuses significant effort on its most valuable customers, the Ideal Customer Profiles (ICPs). As of Q3 2025, the company had 548,000 Active ICPs, defined as customers processing over $500 per month in volume. ARPU excluding interest income growth has been a major indicator of success with this segment, showing a 22% year-over-year increase in Q1 2025 and again in Q3 2025. This sustained, high double-digit ARPU growth is explicitly driven by continued strength with customers processing over $10,000 a month. While the exact number of customers receiving dedicated account management isn't public, the focus on this higher-value cohort suggests a tailored, relationship-driven approach for those contributing the most to the platform's monetization.

Digital self-service tools and automated payment workflows

For the broader base, the relationship is managed through scalable digital tools designed to reduce friction and manual work. Payoneer Global Inc. has been rolling out significant upgrades to its platform in 2025 to automate routine financial operations.

• Redesigned Withdraw to Bank experience for fewer errors.
• Direct bank feed integration, such as with NetSuite, to sync transactions automatically.
• Tools allowing account admins to review and approve batch payments prepared by operational teams.
• Custom exchange rate alerts to remove manual monitoring for conversion timing.

This automation helps scale the relationship without proportionally scaling the support staff, which is crucial for maintaining operational efficiency as the customer base grows.

High cross-selling rate, with 53% of active customers using 3+ AP products

The depth of the customer relationship is directly measured by product adoption. Payoneer Global Inc. is successfully cross-selling its Accounts Payable (AP) products across its user base. As of Q2 2025 reporting, 53% of active customers were utilizing 3 or more AP products. This is a significant increase from 40% reported in Q1 2022, showing a clear trend of customers embedding more of the financial stack into their operations. The platform supports over 160+ currencies and extends its reach to over 210 countries and territories.

Here's a look at how product adoption and revenue diversification are trending:

Metric	Value (Latest Available)	Context/Period
Active Customers Using 3+ AP Products	53%	Q2 2025
ARPU Growth (ex. Interest Income)	22%	Q3 2025 YoY
B2B SMB Revenue Growth	27%	Q3 2025 YoY
Checkout Revenue Growth	49%	Q3 2025 YoY
Customer Satisfaction Rate	97.2%	As of 2025

Digital marketing and in-platform engagement to drive product adoption

Product adoption is reinforced through continuous in-platform communication and strategic partnerships. Payoneer Global Inc. actively promotes its expanded capabilities through platform updates, such as the 'Grow Smarter in 2025' features focusing on workflow automation. The company also leverages key commercial relationships to drive usage of its payout services. For instance, Payoneer Global Inc. has deepened partnerships with Amazon, Walmart, and eBay to simplify cross-border payouts. The platform supports receiving accounts in multiple currencies, including USD, EUR, GBP, and JPY, allowing users to hold balances without immediate conversion. This deep integration into major commerce ecosystems serves as a powerful, implicit form of engagement driving continued platform use.

If onboarding takes 14+ days, churn risk rises.

Payoneer Global Inc. (PAYO) - Canvas Business Model: Channels

You're looking at how Payoneer Global Inc. gets its services into the hands of its global customer base as of late 2025. It's a multi-pronged approach, relying heavily on digital access but supported by deep integrations and physical card utility.

Direct digital platform (website and mobile app)

This is the core interface where most of the action happens. The platform serves as the central hub for account management, receiving funds, and initiating payouts. As of the third quarter of 2025, Payoneer Global Inc. reported serving nearly 2 million active customers. 6.2 million transactions were completed monthly on the platform in 2025, showing consistent daily engagement. The platform's success is also reflected in the Average Revenue Per User (ARPU) excluding interest income, which grew by 22% year-over-year in Q3 2025, marking the fifth consecutive quarter of over 20% growth. This suggests users are not just holding funds but actively using the platform's higher-value services.

Integrated payment solutions for global online marketplaces

This channel is about embedding Payoneer directly into the checkout and payout flows of major e-commerce platforms. It's a critical path for small and medium-sized businesses (SMBs) selling globally. For the third quarter of 2025, revenue specifically from SMBs that sell on marketplaces hit $121 million, an 11% year-over-year increase. Overall volume flowing through the platform reached $22.3 billion in Q3 2025. The company's SMB customer take rate, which includes marketplace revenue, was 121 basis points in Q3 2025.

Here's a quick look at the SMB revenue breakdown from Q3 2025:

SMB Revenue Segment	Q3 2025 Revenue (in millions USD)	Year-over-Year Growth
SMBs that sell on marketplaces	$121 million	11%
B2B SMBs	$62 million	27%
Checkout (Merchant Services)	$9 million	49%

Payoneer-branded physical and virtual prepaid Mastercard cards

The cards offer customers a direct way to spend funds globally, acting as a bridge between their Payoneer balance and the real-world economy. This channel drives transaction volume and interchange revenue. In Q3 2025, spend on Payoneer cards reached a record $1.6 billion, which was up 19% compared to the prior year. This strong usage is a key driver for the growth in higher take-rate franchises the company mentions. The company renewed its long-term agreement with Mastercard in July 2025 to support these multi-currency card offerings.

Direct sales and business development for enterprise clients

This focuses on larger, more complex customers, often categorized as B2B or enterprise payouts, moving beyond the typical freelancer or small seller. The strategy involves moving upmarket to clients with more complex, multi-entity needs. In Q3 2025, revenue from B2B SMBs was $62 million, showing a strong 27% growth. Furthermore, one report indicated that enterprise payouts increased by 19% to $6.5 billion in Q3 2025, pointing to significant direct engagement with larger corporate clients for cross-border payments. Customers doing over $250,000 in monthly Gross Merchandise Volume (GMV) make up roughly 30% of core revenue, and in the B2B franchise, they account for about 50% of that revenue.

The key distribution and service access points look like this:

• Direct digital platform: Primary access for nearly 2 million active customers.
• Marketplace Integration: Drives $121 million in Q3 2025 SMB marketplace revenue.
• Card Issuance: Supported $1.6 billion in card spend in Q3 2025.
• Enterprise/B2B Sales: Targeted at larger clients, contributing to $6.5 billion in enterprise payouts (reported for Q3 2025).

Finance: draft 13-week cash view by Friday.

Payoneer Global Inc. (PAYO) - Canvas Business Model: Customer Segments

You're looking at the core engine of Payoneer Global Inc.'s business as of late 2025, focusing on who is driving the platform's growth based on the Q3 2025 results.

The primary focus remains squarely on Small and Medium Businesses (SMBs). These customers are the bedrock, generating approximately 70.87% of the total Q3 2025 revenue, which itself was $270.9 million. SMB customer revenue hit $192 million in the third quarter, marking a solid 17% year-over-year increase.

Within the broader SMB group, the B2B segment is showing particularly strong momentum. B2B SMBs revenue was $62 million in Q3 2025, which is a significant 27% year-over-year jump. This growth is a key indicator of Payoneer Global Inc.'s success in moving upmarket, as the CEO noted over 10 consecutive quarters of SMB take rate expansion.

The platform is clearly segmenting its customer base toward higher-value users. Payoneer Global Inc. reported having 548,000 Active Ideal Customer Profiles (ICPs) as of September 30, 2025. An Active ICP is defined as a customer with an average volume of over $500 per month over the trailing twelve-month period.

E-commerce sellers operating on global marketplaces form another critical part of this segment. Their revenue contribution in Q3 2025 was $121 million, up 11% year-over-year. The volume associated with these marketplace sellers reached $12.5 billion in Q3 2025.

Here's a quick breakdown of the revenue generated by the core SMB components in Q3 2025:

Customer Sub-Segment	Q3 2025 Revenue ($ millions)	Year-over-Year Growth
Total SMB Customers	192	17%
B2B SMBs	62	27%
SMBs on Marketplaces	121	11%
Checkout	9	49%

You can see the deliberate focus on higher-value customers, as the overall Active ICP count saw a slight 2% decline to 548,000, reflecting a strategic pivot toward larger clients with scale.

The platform also serves other groups, which contribute to the overall volume:

• B2B payments volume reached $3.1 billion, an increase of 11% year-over-year.
• Enterprise payouts volume was approximately $6.5 billion, up 19% year-over-year.
• Payoneer card spend hit a record $1.6 billion, up 19% year-over-year.

If onboarding takes 14+ days, churn risk rises, defintely something to watch as you scale these segments.

Finance: draft 13-week cash view by Friday.

Payoneer Global Inc. (PAYO) - Canvas Business Model: Cost Structure

You're looking at the expenses Payoneer Global Inc. racks up to run its global payments platform. Honestly, for a fintech company, the cost structure is dominated by the direct costs of moving money and keeping the tech humming.

Transaction costs are a major variable expense, directly tied to the volume flowing through the platform. For the full year 2025 guidance, Payoneer Global Inc. expects these costs to be approximately ~16.0% of revenue. To be fair, this represents optimization, as Q3 2025 transaction costs were reported at 15.7% of revenue, amounting to $42 million for that quarter alone.

Operating expenses (OpEx) are the fixed and semi-fixed costs of running the business. Payoneer Global Inc. reported total operating expenses of $235 million in Q3 2025. This figure bundles several key areas, including the required technology and employee compensation costs. For a deeper look, we can reference the component breakdown from the first quarter of 2025, which gives you a sense of where the overhead sits:

Expense Category	Q1 2025 Amount (in thousands USD)	Notes
Sales and marketing expenses	54,726	Includes certain customer acquisition costs.
General and administrative expenses	29,904	Includes corporate management compensation and overhead.
Depreciation and amortization	14,390	Amortization of intangible assets and software.
Total Operating Expenses (Q1 2025)	217,298	This is the total for Q1 2025.

Technology development and platform maintenance expenses fall primarily within Research and Development (R&D) and General and Administrative (G&A) lines. R&D specifically covers employee compensation and costs for developing new technologies. Employee compensation is a significant driver across all OpEx categories, especially for the technology teams maintaining the platform and ensuring compliance.

Sales, marketing, and customer acquisition costs (CAC) are managed with an eye toward long-term value. While the specific CAC number for late 2025 isn't published as a single figure, the focus on efficiency is clear. Payoneer Global Inc. saw its customer acquisition costs (CAC) drop by 15% during 2025, reflecting improved marketing return on investment (ROI). The result of this efficiency is a strong unit economic indicator:

• Lifetime Value (LTV) to CAC ratio increased to 4:1.
• Sales and marketing expenses in Q1 2025 were $54.726 million.
• Management noted that the majority of customers are acquired organically.

The overall cost management strategy is about unlocking leverage. The company is focused on optimizing transaction costs via scale and partnerships, alongside automation in back-office functions. Finance: draft 13-week cash view by Friday.

Payoneer Global Inc. (PAYO) - Canvas Business Model: Revenue Streams

Payoneer Global Inc. has reinstated its total revenue guidance for the full fiscal year 2025 to be between $1,050 million and $1,070 million.

A significant component of the revenue base is Interest income on customer funds (float). The expectation for this stream for the full year 2025 is set at $235 million. In the third quarter of 2025, the interest income reported was $59.5 million. Customer funds held as of September 30, 2025, stood at $7.1 billion.

Revenue derived from transactions, which includes cross-border fees, currency conversion spreads, and other service charges, is represented by the Take Rate. The overall Revenue as a percentage of volume (Take Rate) for the third quarter of 2025 was 121 bps. The revenue generated from SMB customers specifically, which feeds into the take rate calculation, reached $192 million in Q3 2025, marking a 17% year-over-year growth. Transaction costs as a percentage of total revenue for Q3 2025 were reported at 15.7%.

Here's a look at the revenue breakdown from the third quarter of 2025, illustrating the transaction-based revenue streams:

Metric	Q3 2025 Value	Year-over-Year Change
Total Revenue	$270.9 million	9 %
Revenue excluding Interest Income	$211.4 million	15 %
Interest Income	$59.5 million	(9) %
Total Volume	$22.3 billion	9 %
Total Take Rate (Revenue as % of Volume)	121 bps	(1) bp

The growth in transaction-based revenue is also evident through specific customer segments and pricing initiatives. You can see the components driving the SMB customer revenue:

• SMBs that sell on marketplaces revenue: $121 million, up 11% year-over-year.
• B2B SMBs revenue: $62 million, up 27% year-over-year.
• Checkout revenue: $9 million, up 49% year-over-year.
• Spend on Payoneer cards: Record $1.6 billion, up 19% year-over-year.

The company is seeing success in driving higher monetization per user, which directly impacts transaction fee realization. ARPU (Average Revenue Per User) excluding interest income grew 22% year-over-year in Q3 2025. Also, ARPU has increased 65% since Q1 of 2023, moving from $286 to over $470.