Payment and commerce-enabling platform Payoneer has joined forces with Mastercard to provide digital solutions for small and mid-sized businesses (SMBs).
The partnership will offer SMBs the Payoneer Digital Purchasing Mastercard. The card will offer users instant access to funds earned which they can invest into their growth via digital advertising platforms including Facebook and Google
It can be connected to mobile wallets and accepted globally wherever Mastercard is accepted.
Businesses can also receive virtual card access, thereby having more choices in how they send and receive payments. They can access many cards, thereby simplifying expense management across platforms, storefronts as well as product lines.
The latest news comes shortly after Payoneer’s announcement to go public through merger with blank check firm FTAC Olympus Acquisition, which is backed by banking entrepreneur Betsy Cohen.
The deal with Cohen’s SPAC, which would make Payoneer a US publicly listed entity, values Payoneer at $3.3bn. The deal is slated to complete in the first half of 2021.
Set up in 2005, Payoneer has over five million users on its platform. The firm counts Airbnb, Amazon, Google and Upwork as clients.
Commenting on the partnership, Mastercard executive vice president of Digital Partnerships Sherri Haymond said: “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.”
The digital cards will be rolled out widely in the second half of this year.
Payoneer chief strategy officer Charles Rosenblatt said: “With the launch of the Payoneer Digital Purchasing Mastercard, our global customer base can pay for online advertising and other digital services, as well as have another way to pay suppliers.
“We are very excited to partner with Mastercard as we expand our global offerings, providing our marketplaces and SMBs the best solution available.”