Business
Payoneer Announces Third Quarter 2021 Financial Results
Strong Execution Drives 35% Revenue Growth Full-Year 2021 Revenue and Adjusted EBITDA Guidance Raised NEW YORK--(BUSINESS WIRE)-- Payoneer Global Inc.
About this update from Payoneer Global Inc.
[{"type":"text","content":"\nStrong Execution Drives 35% Revenue Growth\n\nFull-Year 2021 Revenue and Adjusted EBITDA Guidance Raised\n\n NEW YORK--(BUSINESS WIRE)--\nPayoneer Global Inc. (“Payoneer”) (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, today reported financial results for its third quarter ended September 30, 2021.\n\nFinancial Highlights\n\nThird Quarter 2021 versus Third Quarter 2020\n\n\nRevenue increased 35% to $122.7 million as compared to $90.5 million in 2020.\n\n\nTransaction costs improved to 20% of revenue compared to 27% of revenue in 2020.\n\n\nRevenue less transaction costs increased 48% to $98.0 million from $66.0 million in 2020.\n\n\nNet income of $0.8 million compared to a net income of $1.6 million in 2020.\n\n\nAdjusted EBITDA increased 138% to $6.1 million as compared to $2.6 million in 2020.\n\n\nOperational Metrics\n\n\nVolume increased 16% to $13.6 billion as compared to $11.7 billion in 2020.\n\n\nRevenue as a percentage of volume (“Take Rate”) increased to 90 basis points from 77 basis points in 2020.\n\n\n\n\n“Our global team executed really well this quarter as we continue to focus on delivering unique high-value services to our fast-growing and increasingly diverse customer base. We acquired a record number of new customers and drove adoption of services like B2B AP/AR, Bank Partnerships, our Commercial Card, Merchant Services, and Working Capital. We also accelerated growth in key regions like Latin America and Eastern Europe and forged new partnerships highlighted by our recently announced relationship with Coupang, a new eCommerce partner in South Korea, and Vimo, a mobile wallet provider in Vietnam, while also executing well on our rollout with eBay,“ said Scott Galit, Chief Executive Officer of Payoneer.\n\n“Our continued strong performance and momentum with customers highlight our unique position in the market, offering the most comprehensive solution set for small businesses from around the world looking to engage in commerce anywhere. We continue to see new and exciting opportunities globally across a range of markets including goods exporters, service providers, social commerce and more. We are also increasing our investments in R&D and Sales to capitalize on our unique market position, brand, platform and customer base, and the global secular shift ...