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New thread! $FTOC (payoneer) $3.3B SPAC deal.
'Global payment/e-commerce platform'
Key Stats:
$345M Rev 2020 > $432M 2021
$44B in payment volume
5 million customers across 190+ countries
7x users since 2014
Influential customers:
$EBAY
$ABNB
$FVRR
$GOOG
A thread
'Global payment/e-commerce platform'
Key Stats:
$345M Rev 2020 > $432M 2021$44B in payment volume5 million customers across 190+ countries7x users since 2014Influential customers:
$EBAY
$ABNB
$FVRR
$GOOG
A thread
1) Who are Payoneer?
Payoneer allow businesses to pay and get paid - all over the world.
They work as a bridge (middle-man) between banks and businesses - taking advantage of a two-sided market.
Payoneer grows as their clients grow!
Payoneer allow businesses to pay and get paid - all over the world.
They work as a bridge (middle-man) between banks and businesses - taking advantage of a two-sided market.
Payoneer grows as their clients grow!
2) Market opportunity
Payoneer are capitalizing on global trends towards digital.
E-commerce accelerating and growth becoming global ($26 Trillion total value).
TAM for payment transactions expanding (4.9B internet users).
Freelance platform growth.
Payoneer are capitalizing on global trends towards digital.
E-commerce accelerating and growth becoming global ($26 Trillion total value).TAM for payment transactions expanding (4.9B internet users).Freelance platform growth.
3) Management
Management looks good with top-teir experience at companies like:
$MA
$SQ
$HSBC
Betsy Cohen (highly-regarded businesswoman with history in making companies public)
Scott Gallt (Long history within Fin-tech at MasterCard, First Data, MetaBank, Solspark + more)
Management looks good with top-teir experience at companies like:
$MA
$SQ
$HSBC
Betsy Cohen (highly-regarded businesswoman with history in making companies public)Scott Gallt (Long history within Fin-tech at MasterCard, First Data, MetaBank, Solspark + more)
4) $FTAC Acquisition Corp
Have previously brought to makert similar companies such as:
CardConnect
Intermex
Paya
PWP
Have previously brought to makert similar companies such as:
CardConnectIntermexPayaPWP
5)Top Clients
Payoneer works with 9 of the top 20 most valuable companies in the world.
Examples:
$EBAY
$ABNB
$FVRR
$UPWK
$GOOG
As these businesses grow - Payoneer grows alongside.
190+Countries
4M Companies
150+ Currencies
Payoneer works with 9 of the top 20 most valuable companies in the world.
Examples:
$EBAY$ABNB$FVRR$UPWK$GOOGAs these businesses grow - Payoneer grows alongside.
190+Countries4M Companies150+ Currencies
6) Financials
$44B transaction volume 2020 > $85B in 2022
$346M rev 2020 > $540M in 2022
Margin growing from 65% in 2017 to 72% in 2020
$44B transaction volume 2020 > $85B in 2022$346M rev 2020 > $540M in 2022Margin growing from 65% in 2017 to 72% in 2020
7) Valuation
Payoneer's EV/REV multiple is only x7.6 compared to other similar payments/e-commerce platforms who average between x27 and x38.
Indicates stock is well-priced.
Important to point out the difference in scale between companies like $PYPL , $SQ and Payoneer.
Payoneer's EV/REV multiple is only x7.6 compared to other similar payments/e-commerce platforms who average between x27 and x38.
Indicates stock is well-priced.
Important to point out the difference in scale between companies like $PYPL , $SQ and Payoneer.
8) Growth
Clear plan for growth...
Continue to develop product offering
Expand ecosystem into new territories
Invest in the brand
Invest in scale to meet future demand
Pursue targeted strategic M&As
Clear plan for growth...
Continue to develop product offeringExpand ecosystem into new territoriesInvest in the brandInvest in scale to meet future demandPursue targeted strategic M&As
9) How this plays out
Payoneer's advantage over other similar companies is that it is a truly global payment solution.
The major underlying trend towards digital and freelance will accelerate growth and allow Payoneer to capitalize on the huge TAM.
Payoneer's advantage over other similar companies is that it is a truly global payment solution.The major underlying trend towards digital and freelance will accelerate growth and allow Payoneer to capitalize on the huge TAM.
...
Payoneer continues to acquire more high-profile clients (e.g. "it is reported $EBAY will start inviting sellers to register to use Payoneer in March 2021.")
Payoneer continues to acquire more high-profile clients (e.g. "it is reported $EBAY will start inviting sellers to register to use Payoneer in March 2021.")
10) Summary
I can see this stock at 5X within the next two years.
Commerce becoming global, e-commerce is growing rapidly, gig-economy is exploding.
Payoneer are in the perfect position to enable a border-less payment system.
I can see this stock at 5X within the next two years.
Commerce becoming global, e-commerce is growing rapidly, gig-economy is exploding.
Payoneer are in the perfect position to enable a border-less payment system.
Thanks for reading!
Please do check out my other deep-dive articles on substack.
These include:
$SPOT
$TTCF
$PINS
$TDOC
$BYND
... and many more. https://innovestor.substack.com/
Please do check out my other deep-dive articles on substack.
These include:
$SPOT
$TTCF
$PINS
$TDOC
$BYND
... and many more. https://innovestor.substack.com/
