Payoneer Global Inc. · NASDAQ:PAYO
Payoneer Global — Q3 2025 Earnings Presentation
28 slides from Payoneer Global's earnings presentation, Nov 5, 2025
Slide 1: 3Q 2025 Investor Presentation
3Q 2025 Investor Presentation NASDAQ:PAYO | November 5, 2025
Slide 2: Disclaimers
Disclaimers This presentation does not constitute an offer to sell, a solicitation of an Payoneer uses these non-GAAP measures to compare Payoneer’s In addition the Company cannot reconcile its expected adjusted EBITDA offer to buy, or a recommendation to purchase any security. You should performanc
Slide 3: Payoneer's mission
Payoneer’s mission: Take the complexity out of doing Connect the world’s business globally for SMBs cross-border Serve diverse customer types in over 190+ countries and territories businesses to a rising, global economy Compelling financial profile positioned to generate long term profitable growth
Slide 4: 3-act journey to be the comprehensive financial stack for global SMBs
3-act journey to be the comprehensive financial stack for global SMBs 2005-2017 1. Founded to simplify cross-border payments and became one of the leading payment providers for SMBs selling on marketplaces 2018-2024 Expanded into B2B payments, leveraging 2. existing scaled global infrastructure, and
Slide 5: Delivered strong growth and a significant increase in profitability since going public in 2021
Delivered strong growth and a significant increase in profitability since going public in 2021 Volume ($B) Customer funds ($B) Revenue ($M) Adjusted EBITDA1 ($M) 27% 113% CAGR $978 CAGR $271 17% 13% CAGR $7.0 CAGR $80 $55 $4.4 $473 1.5x 1.6x 2.1x 9.7x $28 2021 2024 2021 2024 2021 2024 2021 2024 1. P
Slide 6: Our strategy for growth
Our strategy for growth Description 2024 performance Prioritize the customers Targeted GTM strategy to acquire and retain our ideal ✓ +8% ICP growth we can have the customer profile (ICPs) ✓ Increasing focus on our largest customers with greatest ARPU potential greatest impact on Expand where custom
Slide 7: Our business is highly diversified
Our business is highly diversified $978M of 2024 Revenue Latin B2B Other1 America Invoicing 1% Other3 5% B2B SMBs2 10% 14% 19% North EMEA Interest America 26% income 10% 26% Send to bank account 31% By customer By customer Interest income By product Checkout 2% type region 26% APAC 19% Enterprise pa
Slide 8: We take the complexity out of cross-border payments
We take the complexity out of cross-border payments Customers can access a comprehensive financial stack through their Payoneer Account Accounts Receivable Cash Management Accounts Payable B2B invoice Checkout FX capabilities Payoneer card Marketplace payout Load funds Hold multi-currency balances P
Slide 9: The Payoneer multi-currency account has everything a business needs
The Payoneer multi- currency account has everything a business needs to pay, get paid, and 13,000 USD 3,500 EUR 8,500 GBP grow globally 9
Slide 10: We acquire and serve customers in 190+ countries and territories
We acquire and serve customers in 190+ 5 35+ countries and territories Reported Countries with regions on-the-ground presence North America EMEA Greater China 548K Ideal Customer Profiles (ICPs) 28% 20% 7% of total ICPs of total ICPs of total ICPs Customer success Latin APAC 100+ managers speaking 2
Slide 11: We serve 3 diverse customer segments
We serve 3 diverse customer segments B2B SMBs SMBs that sell on Enterprise payouts marketplaces “One of the reasons I really like working with “Amazon is unable to pay funds directly into a “We wanted to find a solution that would Payoneer is that as I grow my own business, Thai bank account, so we
Slide 12: We focus on our Ideal Customer Profiles
We focus on our Ideal Customer Profiles (ICPs) because they represent the vast majority of our revenue Customers % of total revenue 47K >50% $10K+/month ICPs 548K Active ICPs1 501K ~25% $500-$10K/month ICPs Active non-ICPs 1.4M <10% <$500/month non-ICPs ~2M active customers ~90% + Enterprise payouts
Slide 13: Driving growth in our highest take rate regions
Driving growth in our highest take rate regions Active ICPs by region (‘000s) Revenue growth by region 548 479 73 57 27% +9% CAGR 175 in higher take 24% rate regions 22% 134 153 15% 171 110 90 38 6% 28 3Q22 3Q25 N. America China EMEA APAC LATAM APAC LATAM China EMEA N. America ~1% take rate ~2.5% ta
Slide 14: Strong momentum cross-selling our accounts payable capabilities
Strong momentum cross-selling our accounts payable (AP) capabilities Usage by number of products used by a customer 38% 38% 36% 34% 33% 32% 32% 30% 31% 29% 28% 28% 28% 28% 27% Larger SMBs have more 1 AP product complex AP needs. 21% 22% 20% 20% 20% 22% 22% 20% 21% 21% 21% As we enhance our 22% 2 AP
Slide 15: Delivering significant ARPU expansion
Delivering significant ARPU expansion $425 $322 Strategy to $359 +21% $265 expand ARPU +9% Growth in ARPU ex. interest • GTM strategy targeting $265 Growth in ARPU larger ICPs $243 ex. interest • Drive faster growth in high value businesses and products such as B2B and card $103 • Execute pricing in
Slide 16: 18 bps expansion of SMB customer take rate since 2022
18 bps expansion of SMB customer take rate since 2022 +18 bps 1.20% 1.21% 1.19% 1.10% 1.11% 1.09% 1.09% 1.08% 1.09% 1.06% 1.07% 1.03% 1.04% 1.00% 0.97% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q ecomm seasonality Note: SMB take rate represents revenue from SMB cust
Slide 17: High margin interest income revenue reflects the value of our platform and products
High margin interest income revenue reflects the value of our platform and products to our customers • $236M of LTM interest income reflects the trust of our Interest Income Earned on Customer Funds customers and the value they place in our platform and products Average Effective Federal Funds Rate:
Slide 18: Our strong balance sheet and cash flow generation enable us to invest for growth
Our strong balance sheet and cash flow generation enable us to invest for growth and return capital to shareholders Cash & equivalents and debt ($M) Operating cash flow ($M) Share repurchases and stock-based compensation ($M) $177 $159 $617 $543 $121 $137 $497 $93 $84 $66 $65 $52 $57 ($12) $16 $18 $
Slide 19: Investment opportunity based on 3 key pillars
Investment opportunity based on 3 key pillars Significant opportunity to be the partner for the world’s cross-border businesses A high growth, increasingly profitable SMB business that is supported by differentiated assets and infrastructure built over 20 years Robust balance sheet and strong cash f
Slide 20: 2025 full year guidance as of November 5, 2025
2025 full year guidance as of November 5, 2025 $1,050-1,070M ~16.0% $270-275M Revenue Transaction costs as a % of Adjusted EBITDA1 revenue 1. Please refer to “Non-GAAP Financial Measures” in slide 2 of this presentation. The Company cannot reconcile its expected adjusted EBITDA to expected net incom
Slide 21: Our roadmap to profitable growth
Our roadmap to profitable growth . Medium-term Long-term (Through 2026) (Beyond 2026) Mid-teens 20%+ Revenue growth Revenue growth 25% 25% Adjusted EBITDA margin Adjusted EBITDA margin 21
Slide 22: 3Q25 Financial Results
3025 Financial Results OPayoneer
Slide 23: We are delivering profitable growth
We are delivering profitable growth Total revenue ($M) Total adj. EBITDA ($M) Record quarter driven by Strong profitability despite strong SMB revenue growth $5M lower interest income Adjusted $271 $69 $66 $71 $262 $261 $63 $65 EBITDA $248 $247 28% 27% 26% 24% 25% Adjusted EBITDA margin 3Q24 4Q24 1Q
Slide 24: Volume and revenue trends
Volume and revenue trends Volume ($M) 3Q24 4Q24 1Q25 2Q25 3Q25 YoY QoQ SMBs that sell on marketplaces $11,983 $13,448 $11,373 $12,109 $12,453 4% 3% B2B SMBs 2,802 2,952 2,708 2,930 3,119 11% 6% Checkout 153 218 173 218 223 46% 3% Faster volume growth with higher take rate customer SMB customer volum
Slide 25: ICP and revenue by region trends
ICP and revenue by region trends Active ICPs ('000s) 3Q24 4Q24 1Q25 2Q25 3Q25 YoY QoQ By size: $500-$10K/month 503 505 503 508 501 0% -1% $10K+/month 54 55 53 52 47 -13% -9% Total 557 560 556 559 548 -2% -2% Year-over-year volume growth by customer size: $10K+ ICPs continue to $500-$10K/month 11% 11
Slide 26: Appendix
Appendix OPayoneer
Slide 27: Reconciliation of net income (loss) to adjusted EBITDA
Reconciliation of net income (loss) to adjusted EBITDA Twelve months ended, ($ in thousands) Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 1. Represents non-cash charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a
Slide 28: Thank You
Thank You