03/26/2007
Web 2.0 payout solutions provider Payoneer secured $4 million
Web 2.0 payout solutions provider Payoneer has secured $4 million in Series A venture funding led by Greylock Partners. All earlier investors participated in the current round including Crossbar Capital and several angel investors. The new funding will Lets Payoneer tap explosive demand for faster and easier global payments for businesses In the Web 2.0 economy.
Payoneer offers outsourced Web payout solutions using prepaid debit MasterCard, wire transfers and e-checks. Payoneer’s prepaid debit cards are accepted at any store or ATM worldwide that accepts MasterCard. Payoneer has gained dozens of customers – including affiliate networks, bloggers, video and music sites, Internet payment service processors (IPSPs) in the 9 months since its service was introduced.
"The Internet payout space may well become a killer application in the next few years as Internet companies transition to smarter ways to pay out their partners around the globe,” said Moshe Mor, partner at Greylock Partners. "Payoneer’s team has deep payments experience, and an already impressive track rate of customer adoption and solutions.”
Payoneer was founded in 2005 by Yuval Tal, Payoneer CEO. Previously Tal served as the CEO of E4X, a provider of services that facilitate global business by reducing complexities relating to cross border sales and payments, from September 1999 until February 2005. Payoneer is based in New York, and maintains its R&D center in Tel Aviv.
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17:50 Posted in Web 2.0 | Permalink | Comments (1) | Email this | Tags: Web 2.0, payout, prepaid debit MasterCard, Payoneer
Comments
Can this company really compete? There fees are outrageous, and when compared to the competition, I dont think it can last in the market. They should try some competitive analysis because the only way they can survive is on the backs of the ignorant that have not taken the time to research other options which are 10x, or more, cheaper.
Posted by: Rob | 04/25/2007
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