Cross-border payment startup Payoneer launched its first set of APIs this week. The New York-based company’s integrated payments APIs aim to make it easy for business platforms to power cross-border payments across the globe.
Using the new APIs, financial service providers can help their users in 200+ countries get paid by clients in 150+ local currencies without leaving their platform. After a simple integration process, companies can let Payoneer do the heavy lifting of regulatory compliance, licensing, security, and customer support. Among the first to leverage the new APIs is FinDEVr alum Xero (FDSV 14), a cloud-based accounting platform. Other use cases include:
- Freelance management platforms
- B2B marketplaces
- Invoicing platforms
Founded in 2005, Payoneer offers multiple payout options, including prepaid debit cards, local bank deposits, international wire transfers, mobile payments, e-wallets, and paper checks. The company facilitates mass payouts for businesses looking to transfer money internationally, a service that supports companies such as Newegg, Airbnb, and Fiverr. Last October, H2 Ventures and KPMG named Payoneer as one of 50 industry leaders in fintech. That same month, the company closed a $180 million Series E round, which brought its total funding to $270 million. At FinDEVr New York 2016, the company’s director of engineering, Mark French, showcased how Armor Payments’ escrow solution has been integrated with Payoneer. The company also made an appearance at FinovateAsia 2013, where it launched a commercial account.