Payoneer Global, the fintech firm once valued at $3.3 billion following a 2021 SPAC merger, is now exploring a potential sale as it navigates financial headwinds and declining investor confidence. According to three private equity and banking sources, who requested anonymity due to the sensitive nature of the matter, the cross-border payments platform has hired an advisor and initiated discussions with potential acquirers within the past month.
While Payoneer declined to comment directly on the reports, stating it does not “comment on rumor or speculation,” signs of turbulence are evident. The company recently reported weaker-than-expected first-quarter earnings, posting earnings per share of 5 cents—missing Wall Street’s forecast of 9 cents. Although revenue rose 8% to $246.6 million and slightly beat expectations, the results were overshadowed by the suspension of the company’s full-year 2025 guidance.
Founded in 2005, Payoneer offers cross-border payment solutions tailored to small and medium-sized businesses (SMBs) and entrepreneurs across 190+ countries. With over 2 million customers as of last year and approximately 2,407 employees stationed in 44 offices worldwide, Payoneer has built a sizable international presence. However, a significant portion of its workforce—about 55%—is based in Israel, which may add layers of geopolitical and operational complexity.
In a statement addressing the suspension of earnings guidance, CFO Bea Ordonez cited macroeconomic uncertainties and volatility in cross-border commerce. “There are a broad range of potential outcomes, and as a company supporting cross-border businesses that may be negatively impacted, we face substantial risks which could impact our financial results,” she said.
Following the announcement, Payoneer’s stock plummeted nearly 14%, closing at $6.16 on Wednesday. As of Thursday, the company’s market cap stood at approximately $2.89 billion, down sharply from its 52-week high of $11.29 per share in November, which equated to a $4.24 billion valuation.
Payoneer is not alone in facing post-SPAC challenges. The company went public via a merger with a special purpose acquisition company (SPAC) in 2021—a route many fintechs pursued for its expedited timeline and lighter regulatory hurdles compared to traditional IPOs. However, several of these SPAC-backed fintechs are now seeking strategic alternatives amid tightening capital markets and investor skepticism.
MoneyLion, for instance, once valued at $2.4 billion after its SPAC deal, was sold to Gen Digital in April for close to $1 billion. Similarly, crypto platform Bakkt, which went public at a $2.1 billion valuation, was reportedly in acquisition talks with Donald Trump’s media group late last year.
Even fintechs that pursued traditional IPOs in 2021 are not immune. AvidXchange, a provider of accounts payable automation software, agreed this week to a $2.2 billion acquisition by TPG and Corpay.
Payoneer’s current strategy suggests it is weighing multiple paths forward in an increasingly complex fintech environment. As it navigates market headwinds, the outcome of its potential sale could serve as a bellwether for other SPAC-era fintechs reconsidering their strategic options amid ongoing economic uncertainty.