Payoneer and Etsy partner to make it easier for sellers in emerging markets to get paid
Payoneer will support Etsy in its expansion of Etsy Payments into emerging markets
NEW YORK, October 25, 2023 – Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, announced a collaboration with global online marketplace Etsy (NASDAQ: ETSY), to support its bespoke seller offering, Etsy Payments. The collaboration will enable Etsy to streamline payments to sellers and help create economic opportunities to more entrepreneurs in emerging markets.
Etsy Payments is the core of Etsy’s payment technology and enables flexible and secure payments infrastructure to both buyers and sellers. The collaboration between Payoneer and Etsy will utilize Payoneer’s global infrastructure to offer greater services and seamless payouts to sellers in the currency of their preference. It will initially be launched in Ukraine and Thailand, followed by India, Japan, Argentina, Chile, and Peru by the end of 2023.
Ya Wen, SVP Americas at Payoneer, commented:
“As a leader in cross-border financial services technology, Payoneer will provide critical infrastructure to support Etsy in expanding its payments offering to sellers in emerging markets and navigating complex payment ecosystems. This collaboration will help create opportunities for the often-underserved sellers in emerging markets, giving them better access to global demand. We are delighted to be working with such an established brand. We look forward to working with Etsy to increase accessibility for sellers in other markets.”
Chirag Patel, VP & GM Payments and Risk at Etsy, commented:
“We’re excited to help sellers in emerging markets expand their reach with Etsy Payments, enabling safer and convenient shopping experiences. Through this partnership, we are able to leverage Payoneer’s global reach and world-class payment technology to bring efficiencies at scale and provide seamless payouts to sellers in their local markets and the currency of their preference. We look forward to working with Payoneer to provide new economic opportunities for entrepreneurs around the world.”
Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces share a mission to “Keep Commerce Human,” and we’re committed to using the power of business and technology to strengthen communities and empower people. Our primary marketplace, Etsy.com, is the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs.
Etsy, Inc.’s “House of Brands” portfolio also includes fashion resale marketplace Depop and musical instrument marketplace Reverb. Each Etsy, Inc. marketplace operates independently, while benefiting from shared expertise in product, marketing, technology, and customer support.
Etsy was founded in 2005 and is headquartered in Brooklyn, New York.
Payoneer is the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable anyone anywhere to participate and succeed in the global digital economy. Since our founding, we have built a global financial platform that has already made it easier for millions of SMBs, particularly in emerging markets, to pay and get paid, manage their funds, and grow their business.
This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. For example, projections of future revenue, transaction cost and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “plan,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical and other economic, business and/or competitive factors; (3) Payoneer’s estimates of its financial performance; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2022 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.