Cross-border payment gateway Payoneer has opened a new office in London, citing demand among U.K. businesses that want to expand beyond Europe as the U.K. starts its separation from the European Union.
Processing Content
Payoneer has also recently opened new offices in Japan, India, the Philippines and China.
There are a couple of reasons for the expansion. The cross-border payments market is growing and in a state of flux as buyers and sellers adopt new technology as an alternative to banks. And Payoneer, which recently received a fresh infusion of capital, is betting on U.K. businesses seeking opportunities outside of the European Union.
View of The Houses of Parliament at dusk.
_ultraforma_/Getty Images
"As Brexit looms, there’s an increased interest among many U.K. businesses to look to new markets for growth, like the U.S., Asia and Latin America," said Scott Galit, CEO of Payoneer, in a press release.
Payoneer hopes the new Japanese Yen and Chinese Yuan Payment Services, together with existing American dollar and Euro offerings, will provide U.K.-based Payoneer customers with local receiving accounts in key trading markets to accept payments in those countries and currencies. This could empower them to sell to clients or on marketplaces in those countries and collect their earnings with the same ease as domestic businesses, making it simple to expand into these huge and rapidly growing markets, according to Payoneer's release.
Plus, the Payoneer account allows U.K. sellers to hold multiple currencies, and make payments to foreign suppliers using these funds for free, avoiding a double conversion.
John Adams is executive editor of payments for American Banker. John interviews top executives in the payments, cryptocurrency and fintech... Read full bio
Sens. Ed Markey and Ron Wyden argue that the Small Business Administration neglected to warn small firms of the risks of merchant cash advances and closed off a key "escape route" from the resulting debts.
In a move seen to bolster his 2028 presidential run, California Governor Gavin Newsom named Rohit Chopra, the former director of the Consumer Financial Protection Bureau, to lead a new oversight agency; a Pine Bluff, Arkansas, bank employee was sentenced to 36 months in federal prison for bank theft; a Fairfax, Virginia, security administrator has been charged with allegedly stealing more than $6.6 million from his employer; and more in this week's banking news roundup.
The Mississippi lender's pending acquisition of OFB Bancshares, the parent company of One Florida Bank, offers an entry point into the fast-growing Orlando market.
