Payoneer Gets $8 Million

By Craig Agranoff July 24th, 2008

Payoneer has just raised $8 Million dollars in a B round of financing. The Series B came from Greylock and Carmel ventures. Payoneer allows its cardholders to receive payments (ach) without having to actually deal with a US bank account.

I must disclose, that we are using Payoneer on one of the sites I am involved with, and the process is extremely easy. The folks that work there are quite pleasurable to deal with, and relatively quick to answer all questions and/or concerns.

Here is how Payoneer could work for someone wishing to get a card. Suppose you live in Thailand and you just had your money deposited into a PayPal account. Payoneer would allow you to initiate an ACH trasfer, straight from PayPal to your Payoneer Account. The funds become ready to use immediately and you could use the card at any ATM in Thailand or as a Charge Card at any store that has a MasterCard point-of-sale terminal.

Payoneer was started in Israel, and are headquarted in New York City. Payoneer said they will use this new round of investment to help them expand into new markets and develop technology to help prevent malicious use.

Since many countries, still do not have access to PayPal, Payoneer seems like a winner in my eyes, with huge potential for growth. Payoneer can only be applied for through one of their participating partners sites, which does limit its growth currently.

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