The deal includes an additional $20 million of future payments in cash and equity, contingent upon performance and tenure milestones.
Payoneer says the acquisition accelerates its strategy to become a business-grade financial stack for SMBs that operate internationally, with many existing customers already using their Payoneer account for payroll.
A quarter of Payoneer’s B2B customers are asking for enhanced workforce management capabilities, including payroll, employer of record, and contractor management capabilities, meaning, the firm believes, there is significant cross-sell potential with the acquisition.
John Caplan, CEO, Payoneer, says: “More and more cross-border SMBs with global operations are using Payoneer’s financial stack. To accelerate our evolution and B2B momentum, we are excited to announce the acquisition of Skuad and welcome to Payoneer the talented entrepreneurs who share our vision of supporting global SMBs.
“We are combining the strength and reach of Payoneer with Skuad’s comprehensive global workforce and payroll solutions to create a powerful platform that will enhance our customers’ ability to expand their teams worldwide and grow globally.”
