Israeli online payments solution company Payoneer Inc. has been selected by online retail giant Amazon Inc. to expand cross-border payment options to sellers from 24 countries who sell on marketplaces in the US, Spain, France, Italy, Germany and the UK. As a featured payment solution for select countries within Amazon Seller Central, Payoneer will provide a simple and convenient way for sellers from top markets including China, Japan and South Korea to receive their Amazon disbursements.
In cooperation with Payoneer, Amazon now allows sellers to sign up for Payoneer directly from Amazon Seller Central. Upon Payoneer registration, sellers receive online accounts that can collect Amazon disbursements, and that provide access to these disbursements through local bank account withdrawal or through the use of a Payoneer MasterCard. This alliance marks the first time that Amazon has expanded Seller Central cross-border payment capabilities through alliance with an external payment solution.
Payoneer was founded in 2005 by entrepreneur and investor Yuval Tal and has raised $90 million to date including $50 million in August. With 500 employees worldwide, the company is today headquartered in New York with its R&D center in Tel Aviv. Two years ago there were rumors that the company was planning an IPO at a company value of $700 million but in the end it chose a financing round of $25 million instead. Payoneer's investors include 83North, Carmel Ventures, Greylock, Vintage, Ping An and private investors such as Yuval Tal himself, Zohar Gilon, and others. Payoneer has been in the past chosen as one of "Globes" most promising Israeli startups.
Payoneer CEO Scott Galit said, "We're very excited to work with Amazon and support the needs of the rapidly growing cross-border e-tailing community by providing efficient and easy payments. Amazon is the driving force in empowering the world of ecommerce by connecting buyers and sellers from all over the world. Today, marks yet another step in our mission to streamline every step of the payment cycle for both marketplaces and sellers."
Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2015
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