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Israeli venture capital firm Carmel Ventures has made an $8 million investment in Payoneer Inc., a provider of prepaid MasterCards. Payoneer plans to use the funds to improve the compliance and customer-identification tools it offers its clients, company CEO Yuval Tal tells CardLine. Payoneer provides reloadable cards to companies that hire temporary workers overseas, Tal says. The companies pay workers with the cards instead of checks, he says. The workers typically do such work as computer programming and Web-site design, Tal says. Payoneer's customers often send hundreds of dollars to each worker each month. Though the amounts are small, the companies want to prevent the cards from being used to commit fraud or to launder money, he says. Payoneer will use the investment to develop better software to track such information as who receives the cards, how they use the cards and how they load funds on the cards, Tal says.
