Topics
belated
AI
Amazon
Image Credits:Skuad founder Sundeep Sahi / Payoneer
Apps
Biotech & Health
mood
Image Credits:Skuad founder Sundeep Sahi / Payoneer
Cloud Computing
Commerce
Crypto
Enterprise
EVs
Fintech
Fundraising
Gadgets
back
Government & Policy
Hardware
layoff
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
security measures
societal
Space
startup
TikTok
Transportation
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
New York - based fintech Payoneer has acquiredSkuad , a Singapore - establish global HR and payroll startup , for $ 61 million in cash , the company exclusively say TechCrunch .
Payoneer said it could also pay up to another $ 10 million , contingent on if Skuad meets various performance destination within the first 18 months of the acquisition . Payoneer also committed to yield $ 10 million in restricted pedigree unit of measurement which are dependent to vest contingent on continued employment of key personnel department . So all tell , Payoneer could pay as much as around $ 81 million .
That ’s a pretty fast exit forSkuadfounder Sundeep Sahi , who establish the company in 2019 with the aim of simplifying external hiring . The company ’s focussing has since been on helping small - to - average - sized employers in over 160 res publica ( with over 100 currentness ) manage with way out that make edifice distributed team challenging , like variations in regulation from market to marketplace , international payrolls and remote onboarding .
It hadraised about $ 19 million in speculation fundingfrom investors such as Beenext , Anthemis , NMVM , Argor Capital and several angel investors prior to getting acquired .
Payoneeris a provider of fussy - border defrayment services to about 2 million business organisation in over 190 countries and territories . It has a market cap of intimately $ 2.5 billion .
Both Payoneer and Skuad are gear toward SMBs that mesh internationally , peculiarly in come forth markets , while other larger paysheet management startups such as Deel and Rippling “ tend to focus on larger companies and enterprise , ” Payoneer CEO John Caplan said .
Payoneer has more than 2,150 employee . Skuad has about 200 employees , all of whom are conjoin Payoneer as part of the acquisition , accord to Caplan . He correct to expose financials for Skuad , saying only it had a “ high growth recur revenue poser . ” For its part , Payoneer alsoannouncedWednesday record revenue of $ 240 million , up 16 % year - over - year .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
“ One of the braggart opportunities Payoneer is pursuing is capturing share in the $ 6 trillion B2B marketplace . SMBs around the world are tap into global opportunity by export goods and services across borders . For example , BPOs in the Philippines , marketing agencies in the UAE , beauty product exporters in South Korea , etc . , ” Caplan recite TechCrunch . BPO refer to business process outsourcing , as the Philippines is know for call - center and other IT support military service .
“ Remote work is here to rest in a post - pandemic human beings . Companies are under increase insistency to reduce labor costs . And we see a shift from individual free lance models to company who are looking for more scalable solutions , ” Caplan say .
Payoneer plans to mix Skuad ’s payroll and contract management offering into its own offering .
With the fintech market hurting from the venture capital retardation , skill among participant have grown . As of mid - April , there had been 159 transactions announced or nail so far in 2024 , similar to the tread of last year , fit in toCapstone Partners .
Payoneer , which went public in 2021 via a SPAC merger support by fintech entrepreneur Betsy Cohen ( father of Bancorp ) has emerged as one of the emptor . In August 2023 , Payoneerannouncedthat it was buying AI data point startup Spott and that it had also bought a defrayal company license to do business in China in a mint that ’s expected to close later this year . And in 2019 , Payoneeracquired a German payments startup called optile .
require more fintech news in your inbox ? Sign up for TechCrunch Fintechhere .
Want to reach out with a bakshish ? e-mail me at maryann@techcrunch.com or send me a message on Signal at 408.204.3036 . you may also beam a note to the whole TechCrunch crew at tips@techcrunch.com . For more secure communications , click here to touch us , which includes SecureDrop ( instructions here ) and links to code message apps .
