Payoneer Inc., the global payment and commerce-enabling platform, announced on Tuesday it is collaborating with eBay to enable sellers in select countries to get paid for their sales on eBay’s core marketplace. Payoneer reported that the partnership is part of eBay’s mission to modernize its marketplace, remove complexities, and create a more “streamlined” payment experience for sellers around the globe.
Scott Galit, CEO of Payoneer, spoke about the partnership by stating:
“[eBay’s] goal of creating a streamlined, modern marketplace that simplifies cross-border commerce is one that resonates deeply with us and our customers. As a commerce-enabler, it is our mission to work with sellers across every platform where they transact. We look forward to working with eBay to provide the best possible experience to sellers all over the world.”
Alyssa Cutright, Vice President of Global Payments at eBay, added:
“Managing payments on our platform is a key component to enhancing the eBay experience for our customers. We’re excited to be partnering with Payoneer at a time of such growth for both our companies. Together, we will build on the momentum that ecommerce has seen in the past year, helping sellers transact with customers across borders with flexibility and security, all on a simple, modern platform.”
As previously reported, Payoneer claims its mission is to empower businesses to go beyond borders, limits, and expectations.
“In today’s digital world, Payoneer enables any business of any size from anywhere to access new economic opportunities by making it possible to transact as easily globally as they do locally. Leveraging its robust technology, compliance, operations and banking infrastructure, Payoneer delivers a suite of services that includes cross-border payments, working capital, tax solutions and risk management.”
The partnership with eBay was announced a couple of months after Payoneer announced its plans to go public through the merger with Bancorp founder Betsy Cohen’s special purpose acquisition company (SPAC), FTAC Olympus Acquisition. The transaction is expected to close in the first half of 2021 and will value Payoneer at $3.3 billion upon consummation. Galit revealed more details about the SPAC :
“We chose to take Payoneer public via SPAC because it provides us with certainty of financing, more control around timing, and an incredible platform for future growth. We’ve known Betsy and her team for a long time, and feel we couldn’t have a better partner. Her expertise in this industry, as well as FTAC’s recognized position as SPAC pioneers bodes well for a successful, long-term partnership.”