Payoneer Gets $3M from Greylock Partners

Payoneer is announcing it has received the remaining $3M of a $4M Greylock investment. All earlier investors participated in the current round including Crossbar Capital and several angel investors. Payoneer will use the additional funds to expand its services for Web 2.0 companies and other businesses that need faster, easier and more cost-effective ways of paying people around the world.

Payoneer offers Web-based businesses a method to pay their members/users/partners by way of prepaid debit cards. The fully-functioning debit MasterCards are issued to payees worldwide and can be used online, at points-of-sale, or at ATM’s for cash withdrawals in local currency.

Founded in 2005, Payoneer employs 25 people and is headquartered in New York with R&D in Israel. A $2M seed round was raised from Payoneer’s CEO Yuval Tal and private investors including Zohar Gilon, Charlie Federman, Michael Loeb and Ilan Kaufthal. Greylock (Israel) added a total of $4M in Series A this year.

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