Payoneer, a financial technology company for small and medium-sized businesses (SMBs), has acquired Easylink Payment, a licensed payment service provider in China.
According to the Nasdaq-listed fintech company, this deal makes it the third foreign platform licensed to offer online payment services in China.
Go deeper with GlobalData
Payoneer CEO John Caplan said, “We serve a diverse range of companies in China, allowing them to grow their business globally.”
Caplan further added, “We are honoured to be a licensed payment service provider in China. Our acquisition strengthens our global regulatory infrastructure and positions us to better serve those customers with enhanced and localized products and services.”
In February this year, Payoneer secured approval from the regulatory authorities to complete the acquisition of Easylink Payment.
The acquisition follows Payoneer’s purchase of Skuad, a Singapore-based payroll/HR platform, in August 2024 for $61m in cash. Skuad was formed in 2019 by Sundeep Sahi.
Founded in 2005, Payoneer provides cross-border financial solutions, aimed at “empowering” SMBs to transact and do business. Its services include global payments, multi-currency fund management, and marketplace integration.
In April 2023, Payoneer partnered with Zoho, a global technology company, to provide a range of business software solutions.
This partnership enabled Payoneer to offer new payment solutions to businesses via Zoho Books, a cloud accounting platform.
The payment solutions were aimed at benefiting small and medium enterprises (SMEs) and freelancers working in India, Australia, New Zealand, the UK, and the Philippines.
In December of the same year, Payoneer launched new features to improve the customer experience and help entrepreneurs easily connect with the global economy.
These updates to Payoneer Checkout were aimed at helping customers accept online payments via their webstores safely and easily, and in turn, contribute to a higher rate of customer conversions.
