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Payoneer 
$FTOC
- Global payments service provider
Somewhat comparable to:
⢠Paypal $PYPL
⢠Square $SQ
Processed $44B in payments '20
⢠expect $434M in 2021 revenue
- Deals with 9/20 most valuable companies in the world
Dive deeper
Payoneer $FTOC - Global payments service provider
Somewhat comparable to:
⢠Paypal $PYPL
⢠Square $SQ
Processed $44B in payments '20
⢠expect $434M in 2021 revenue
- Deals with 9/20 most valuable companies in the world
Dive deeper
1/ What They Do
Enable businesses to pay each otherâand get paidâall across the globe
3 main things:
- pay other companies
- receive payments
- manage funds
Not an all-in-one payment service provider like:
- Paypal
- Square
- Stripe
Middleman between banks and partners.
Enable businesses to pay each otherâand get paidâall across the globe
3 main things:
- pay other companies
- receive payments
- manage funds
Not an all-in-one payment service provider like:
- Paypal
- Square
- Stripe
Middleman between banks and partners.
2/ Huge potential
e-commerce will keep growing
+
freelancing is becoming the new thing
+
global business transactions will multiply
=
digital payments will increase
The addressable market is increasing as well.
Payoneer will be a major beneficiary!
e-commerce will keep growing+
freelancing is becoming the new thing+
global business transactions will multiply=
digital payments will increaseThe addressable market is increasing as well.
Payoneer will be a major beneficiary!
3/ Clients
Payoneer has over 4M customers in 190+ countries and can process transactions in over 150 currencies
Some of the most famous clients in the world.
Including:
⢠Amazon $AMZN
⢠Google $GOOG
⢠Airbnb $ABNB
⢠Fiverr $FVRR
⢠Upwork $UPWK
⢠Ebay $EBAY
Payoneer has over 4M customers in 190+ countries and can process transactions in over 150 currencies
Some of the most famous clients in the world.
Including:
⢠Amazon $AMZN
⢠Google $GOOG
⢠Airbnb $ABNB
⢠Fiverr $FVRR
⢠Upwork $UPWK
⢠Ebay $EBAY
4/ $EBAY Deal
As I'm sure some of you are aware, Paypal use to be the default payment provider for Ebay
That deal expired in late 2020
Payoneer will now be the replacement (starting March 2021)
Ebay's 2019 revenue was almost $11B
This is huge for Payoneer's expansion.
As I'm sure some of you are aware, Paypal use to be the default payment provider for Ebay
That deal expired in late 2020
Payoneer will now be the replacement (starting March 2021)
Ebay's 2019 revenue was almost $11B
This is huge for Payoneer's expansion.
5/ Management 
⢠Very experienced in the FinTech industry
$FTOC team has brought other similar companies public:
⢠CardConnect
⢠InterMex
⢠Paya
Notable:
- Betsy Cohen is a legend in this space
- CEO Scott Galit had a major role at Mastercard before joining Payoneer
⢠Very experienced in the FinTech industry
$FTOC team has brought other similar companies public:
⢠CardConnect
⢠InterMex
⢠Paya
Notable:
- Betsy Cohen is a legend in this space
- CEO Scott Galit had a major role at Mastercard before joining Payoneer
6/ Freelance Workers
- Payoneer is the preferred payment method for workers on freelancing sites such as
Fiverr $FVRR
Upwork $UPWK
Stat:
Google's workforce currently has more freelancers than permanent employees (via Bloomberg)
- Google uses Payoneer to pay many of them
- Payoneer is the preferred payment method for workers on freelancing sites such as
Fiverr $FVRRUpwork $UPWKStat:
Google's workforce currently has more freelancers than permanent employees (via Bloomberg)
- Google uses Payoneer to pay many of them
7/ Reviews
Payoneer fetches positive reviews on major review platforms:
4.5 stars on TrustPilot
4.2 stars on G2 Crowd
4.5 stars on Capterra
B+ Better Business Bureau
Customers mostly praise:
⢠the ease
⢠speed
⢠service capabilities
Read Some: https://www.trustpilot.com/review/www.payoneer.com
Payoneer fetches positive reviews on major review platforms:
4.5 stars on TrustPilot
4.2 stars on G2 Crowd
4.5 stars on Capterra
B+ Better Business Bureau
Customers mostly praise:
⢠the ease
⢠speed
⢠service capabilities
Read Some:
https://www.trustpilot.com/review/www.payoneer.com
8/ Financials
$346M Rev '20
$540M exp. Rev for '22
(25% CAGR)
Personally, I think these may be conservative numbers.
e-commerce and freelance work are growing substantially
- Payoneer makes it easy for a small business in the U.S. to pay a graphic designer in Pakistan
$346M Rev '20
$540M exp. Rev for '22
(25% CAGR)
Personally, I think these may be conservative numbers.
e-commerce and freelance work are growing substantially
- Payoneer makes it easy for a small business in the U.S. to pay a graphic designer in Pakistan
9/ Comparables
Payoneer is trading at a much lower revenue multiple than the companies listed below.
The valuation looks compelling for sure
Keep in mind PayPal did:
$277B in total payment volume
with $6.12 billion in rev for '20
Payoneer is unique, but has a ways to go.
Payoneer is trading at a much lower revenue multiple than the companies listed below.
The valuation looks compelling for sure
Keep in mind PayPal did:
$277B in total payment volume
with $6.12 billion in rev for '20
Payoneer is unique, but has a ways to go.
10/ Merger
The $FTOC @Payoneer merger just went through on 2/2/21
There will be plenty of stock price fluctuations between now and the Q2 merger
Those who stay patient and get in early will be rewarded later on.
I expect this to gain traction and not look back.
The $FTOC
@Payoneer merger just went through on 2/2/21There will be plenty of stock price fluctuations between now and the Q2 merger
Those who stay patient and get in early will be rewarded later on.
I expect this to gain traction and not look back.
Final Thoughts
- I'm bullish on $FTOC @Payoneer
⢠e-commerce, digital payments, and freelance work has tons of room to grow
Payoneer has strong partnerships with some of the BEST companies in the world
- Carving out a niche to separate themselves from Paypal and Square
- I'm bullish on $FTOC @Payoneer
⢠e-commerce, digital payments, and freelance work has tons of room to grow
Payoneer has strong partnerships with some of the BEST companies in the world- Carving out a niche to separate themselves from Paypal and Square
Appreciate you taking the time to read this! I hope it was insightful.
Maybe one day we'll look back and be amazed at how we got in such a great company for nearly single digits.
Follow @PetcashInvest
for more DD threads on SPACs and high growth companies
Maybe one day we'll look back and be amazed at how we got in such a great company for nearly single digits.
Follow @PetcashInvest
for more DD threads on SPACs and high growth companies
