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Highlights

  • PAYO posted a 6% growth in active Independent Contractor Providers and around 36% increase in Average Revenue Per User, in 2023.
  • In Q4 2023, Payoneer secured a 13% YoY increase in its Business-to-Business (B2B) volume.
  • PAYO’s total business revenue grew by 32.4% from USD 627.6 million in FY22 to USD 831.1 million in FY23.

Financial technology company, Payoneer Global Inc. (NASDAQ: PAYO) facilitates small and medium-sized businesses (SMBs) to perform overseas and cross-border trade and transactions. Its payments platform brings together businesses, professionals, countries, and currencies.

For 2023, the company posted a 6% growth in active Independent Contractor Providers (ICPs) and around 36% increase in Average Revenue Per User (ARPU).

In Q4 2023, Payoneer secured a 13% YoY increase in its Business-to-Business (B2B) volume. Notably, PAYO’s Merchant Services segment registered a massive ~400% YoY upswing. There has been a record usage of USD 1.1 billion on Payoneer cards in the quarter, reflecting increasing customer adoption. This marked around 32% YoY surge.

PAYO’s total business revenue grew by 32.4% from USD 627.6 million in FY22 to USD 831.1 million in FY23. It posted operating cash flows of USD 159.5 million for the full year, representing a 90% growth from USD 84 million in FY22. Subsequently, the company reported a net income of USD 93.3 million in FY23, against a net loss of about USD 12 million in FY22. 

The company has outlined revenue guidance for 2024 to be between USD 875 million and USD 885 million. It is likely that the total revenue will include approximately 17.5% contribution from the transaction costs. The adjusted EBITDA is expected to be between USD 185 million and USD 195 million.

Top 10 shareholders:

Around 55.35% of the total shareholding in PAYO is held by its top ten shareholders. While Technology Crossover Ventures is the biggest shareholder with over 11.5% stake, The Vanguard Group, Inc. is the second biggest shareholder with over 8.79% shareholding.

 

Stock Price Performance

PAYO’s stock price has gained more than 9.4% in the last three months. It has increased by approximately 23.37% in the past six months. The stock’s 52-week high and low price stand at USD 7.05 and USD 4.02, repsectively.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is February 28, 2024. The reference data in this report has been partly sourced from EODHD/Others.