Payoneer Global Inc.

Payoneer helps small and midsize businesses receive and make cross-border payments. It earns transaction and service fees, as well as interest on customer balances. Business-to-business payments, online marketplaces and direct-to-consumer sellers are important customer groups. The company trades on Nasdaq as PAYO and uses a December 31 fiscal year-end.

Growth and the profit comparison

B2B volume growth accelerated to 59% in the third quarter of 2026 from 48% in the second quarter. B2B small-business revenue growth slowed to 13% from 18%. Both comparisons measure growth from the respective quarter a year earlier.

The first four measures follow U.S. accounting rules. Adjusted EBITDA removes taxes, net financial income or expense, depreciation and amortization, stock compensation and acquisition-related costs.

Net income benefited from a $5.8 million correction of unrealized foreign-exchange losses previously overstated in the June quarter. The correction is in nonoperating financial income, which adjusted EBITDA excludes. Payoneer concluded that the error was not material to the earlier statements, but disclosed a related material weakness in financial-reporting controls. Remediation is in progress.

The pending Nuvei transaction

Nuvei agreed in June 2026 to buy Payoneer for $7.40 a share in cash, valuing its equity at approximately $2.75 billion. Shareholders approved the transaction in September. Completion is expected in mid-2027, subject to regulatory approval and other closing conditions.

Payoneer withdrew its financial guidance in August and suspended earnings conference calls while the transaction is pending. It had already suspended program share repurchases during the second quarter and made none in the third quarter.

Corporate cash and customer funds

Operating cash flow in the nine months ended September 30 increased to $180.4 million from $171.9 million. The third-quarter portion was $67.3 million versus $47.5 million, calculated from matched nine-month and first-half statements.

September corporate cash and cash equivalents were $362.6 million. The company separately held $7.54 billion of customer funds, offset by customer operating-balance liabilities. Current and long-term lease liabilities were $10.9 million and $74 million. Its balance sheet did not report financial borrowings.

Nine-month cash outlays included $25.5 million for property, equipment and software, a separate $50.8 million for capitalized internal-use software, and $92.5 million for share repurchases. Those buyback cash payments differ from the repurchase cost recorded during the period.

Completed acquisitions

Payoneer completed its Boundless acquisition in January 2026 for $13.2 million of consideration. Cash paid net of acquired cash was $6.5 million. A separate service-contingent earnout is treated as compensation. Boundless added employer-of-record capabilities to its workforce-management services.

Its earlier expansion included the April 2025 acquisition of PayEco, the parent of a licensed China-based payment provider, and the August 2024 acquisition of workforce and payroll platform Skuad.

Read our analysis of Payoneer's operating profit and currency correction for the latest earnings comparison.