Payoneer, a cross-border payments company that drives global growth for digital marketplaces, platforms and SMBs, announced a surge in its 2016-2017 business performance.
Since its 2016 launch, Payoneer Philippines has seen a 472% growth in the number of active monthly users, leading to a record 483% growth in monthly core payment volume and 663% year-over-year Billing Service payment volume growth. This growth was primarily driven by freelancers and service providers.
Payoneer CEO Scott Galit recently visited the Philippines, which acts as the company’s regional hub for Southeast Asia, Pakistan, Bangladesh and Sri Lanka. Galit expressed confidence in the company’s continued growth, expansion and investment in the market, and noted the region’s significant contribution to Payoneer’s global business, along with its impact on the growth of freelance and outsourcing industries.
“The Philippines is absolutely one of the most important markets around the world for businesses outside of the region to buy services from. Because it is a key market, it was crucial that we localize our offerings here, and build a strong team and a successful business. We’re really excited that we’ve been able to do that,” Galit stated.
Galit remains optimistic about the opportunities in the country citing the local market’s scale and successful history of providing outsource services to buyers all over the world and the continuing trends towards outsourcing around the world.
“As Filipinos continue to be more tech-savvy, those services that are being provided are widening, from outsourcing call-center related services to being about technology-driven services. There’s a whole other wave of growth that’s coming. The sophistication of the market here, the quality of education, the quality of English that’s here and the global orientation of business people mean there’s tremendous opportunity,” he said.
Payoneer Regional Head Miguel Warren added that the steady global rise of the freelance economy fuels Payoneer’s phenomenal growth. “In a way, our work also became an advocacy. Payoneer’s growth parallels the trends that we see in the freelance and outsourcing industries. With our expansion came roadshows to empower small businesses, and we can’t wait to duplicate the Payoneer Philippines’ and the freelancers’ success in other countries. The goal is not just to benefit us but also to empower our core market,” Warren remarked.
Warren further commented on the company’s mission to democratize access to economic opportunity for entrepreneurs. “We’re thrilled to be helping small business owners tap into new opportunities all around the world,” he noted. “Our goal is to lower borders for them, and make it easier to go global. Technology and internet have created a new digital economy, but with international expansion come a number of logistical and operational challenges. Through our payment services and our network of global partners, Payoneer provides the tools that modern businesses and entrepreneurs need to grow.”