Spott’s AI enhances Payoneer’s service offerings to expand services to customers across 190 countries
Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, today announced the asset acquisition of Israel-based Spott, a real-time data platform that uses AI to accurately surface, assess, and quantify data for more informed and faster business decision-making. Spott’s technology will enable Payoneer to better understand and serve customers, which supports our mission to make it easier for SMBs to operate and grow their business around the world.
Harnessing Spott’s capabilities, Payoneer will analyze large sets of data to apply advanced AI models and make predictions and decisions about its service offerings for a global SMB customer base. The first application of the technology will be on the Payoneer working capital products to enhance underwriting capabilities.
“Today’s announcement is part of Payoneer’s commitment to investing in AI and data to provide unique and seamless experiences for our customers,” saidAssaf Ronen, Chief Platform Officer at Payoneer. “We look forward to seeing the impact that these capabilities will have on Payoneer customers. Spott has built a strong solution, and as part of Payoneer, this innovative technology will be available to SMBs in nearly 200 countries and territories.”
“This is another exciting step on the journey for us. We believe in the impact our technology can have on Payoneer’s global customers and today’s announcement means the solution can help more businesses around the world,” said Amit Batzir, Co-founder and CEO at Spott. “Payoneer was a natural fit for the vision we have for our technology, and we look forward to working with the team and building for the future.”
As part of the transaction, Spott’s co-founders, CEO Amit Batzir and CTO Roma Bronstein will join Payoneer’s Technology team, also based in Israel.
About Payoneer
Payoneer is the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable anyone anywhere to participate and succeed in the global digital economy. Since our founding, we have built a global financial platform that has already made it easier for millions of SMBs, particularly in emerging markets, to pay and get paid, manage their funds, and grow their business.
Forward-Looking Statements
This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. For example, projections of future revenue, transaction cost and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “plan,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical and other economic, business and/or competitive factors; (3) Payoneer’s estimates of its financial performance; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2022 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.
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