Payoneer's Brexit play targets companies moving to non-EU markets
Cross-border payment gateway Payoneer has opened a new office in London, citing demand among U.K. businesses that want to expand beyond Europe as the U.K. starts its separation from the European Union.
Payoneer has also recently opened new offices in Japan, India, the Philippines and China.
There are a couple of reasons for the expansion. The cross-border payments market is growing and in a state of flux as buyers and sellers adopt new technology as an alternative to banks. And Payoneer, which recently received a fresh infusion of capital, is betting on U.K. businesses seeking opportunities outside of the European Union.
"As Brexit looms, there’s an increased interest among many U.K. businesses to look to new markets for growth, like the U.S., Asia and Latin America," said Scott Galit, CEO of Payoneer, in a press release.
Payoneer hopes the new Japanese Yen and Chinese Yuan Payment Services, together with existing American dollar and Euro offerings, will provide U.K.-based Payoneer customers with local receiving accounts in key trading markets to accept payments in those countries and currencies. This could empower them to sell to clients or on marketplaces in those countries and collect their earnings with the same ease as domestic businesses, making it simple to expand into these huge and rapidly growing markets, according to Payoneer's release.
Plus, the Payoneer account allows U.K. sellers to hold multiple currencies, and make payments to foreign suppliers using these funds for free, avoiding a double conversion.