Payoneer’s first-quarter net income dropped 61%, to $7.9 million, as revenue rose 40%, to $192 million, according to an earnings press release. The company provides payments services for cross-border sellers and marketplaces.

As private market valuations finally begin to decline, accelerated in part by the collapse of Silicon Valley Bank, Payoneer has “seen an uptick in inbound opportunity” on the acquisition targets front, Ordonez said. 

Payoneer aims to bolster accounts receivable, accounts payable and lending solutions, Caplan said, and is working to build and/or buy to do so. “Over the coming five years, this product-led growth, and product-led M&A will be a really important dynamic of the expansion of the Payoneer franchise,” Caplan said. 

He wouldn’t name specific companies or products Payoneer is eyeing, but added, “we are active on all fronts.” Earlier this year, William Blair analysts identified Payoneer as a potential acquisition target itself. 

Ordonez also noted the company’s hiring pause, and said restricting hiring across the company is expected to save $5 million this year. As Payoneer considers “further headcount efficiencies,” the company aims to reduce redundant roles, she said.

“We expect to exit the year with headcount modestly lower versus the prior year,” Ordonez said. The company had 2,336 employees across 36 countries as of December 2022, according to its most recent annual filing with the Securities and Exchange Commission.

By Caitlin Mullen on May 9, 2023
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