Payoneer is working with Mastercard to offer a new digital card for small businesses, e-commerce sellers and freelancers in the B2B market.
The Payoneer Digital Purchasing Mastercard is also designed to help small businesses use their earnings to invest back into growing their businesses.
“This partnership with Mastercard is an essential step in providing our customers with another easy way to access and spend their funds from marketplace sales and B2B commerce,” said Charles Rosenblatt, chief strategy officer at Payoneer, said in a Wednesday press release.
The launch of the new card will help Payoneer's global customer base pay for online advertising and other digital services, as well as have another way to pay suppliers, Rosenblatt added. "We are very excited to partner with Mastercard as we expand our global offerings, providing our marketplaces and SMBs the best solution available.”
Through use of the digital purchasing card, businesses receiving payment through Payoneer will have immediate access to funds earned to invest in digital advertising platforms; make purchases anywhere Mastercard is accepted; have the ability to connect the card to mobile wallets; have access to multiple cards as well as virtual card access for better choices in how they pay and get paid via digital payments.
“We have been laser-focused on enabling faster, more convenient, and secure digital payments to address the evolving needs of businesses and consumers alike,” Sherri Haymond, executive vice president of digital partnerships at Mastercard, said in the release. “We look forward to working closely with Payoneer to further address the critical SMB segment through the combination of their significant reach with the power of the Mastercard network.”
This partnership comes soon after Payoneer announced it will go public through a SPAC transaction, which assigns Payoneer a pro-forma implied enterprise value of approximately $3.3 billion when completed.
Mastercard will provide Payoneer with access to innovative new products and benefits to better meet the needs of their digital business customers, and Mastercard says it will benefit from Payoneer’s global B2B footprint, gaining access to the company’s ecosystem of more than five million businesses.
