Payoneer posts solid Q1 results
KARACHI: Payoneer, a global fintech leader empowering small and medium-sized businesses (SMBs) to expand globally, has delivered strong growth and profitability in the first quarter of 2025.
According to financial results for the first quarter ended March 31, 2025, Payoneer's revenue excluding interest income grew 16 percent year-over-year to $188.6 million, driven by B2B customers and the Card product.
Total revenue for the quarter was $246.6 million, an 8 percent increase compared to the same period last year. Adjusted EBITDA was $65.4 million, maintaining a 27% margin, reflecting the company's continued focus on disciplined execution and profitability.
Operationally, Payoneer saw a 7 percent year-over-year increase in volume to $19.7 billion and a 5 percent growth in active Ideal Customer Profiles to 556,000. The revenue as a percentage of volume ('Take Rate') was 125 basis points, with the SMB customer take rate reaching 119 basis points, up 11 basis points year-over-year.
The company's business highlights for the quarter included 18% year-over-year growth in SMB customer revenue to $170 million. This was driven by 8% growth in marketplace SMB revenue, 37% growth in B2B SMB revenue, and a 96% increase in Merchant Services (Checkout) revenue. Payoneer card spend reached $1.4 billion, up 29% year-over-year, with increased usage across all regions. Customer funds held by Payoneer totalled $6.6 billion as of March 31, 2025, an 11% increase year-over-year.
During the quarter, Payoneer completed the acquisition of Easylink Payment Co., Ltd., a licensed China-based payment service provider, further strengthening its global regulatory infrastructure and positioning the company to better serve customers in China as they export globally.
Copyright Business Recorder, 2025
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