Payoneer announced its latest strategic acquisition of Israel’s Spott, an innovative real-time data platform. Spott uses artificial intelligence to surface, assess, and quantify data to facilitate swifter and more insightful business decisions.
By integrating Spott’s capabilities, Payoneer aims to offer a heightened understanding of customer needs and preferences. This move aligns with Payoneer’s overarching objective of simplifying international business operations for SMBs.
One of the primary implementations of Spott’s AI-driven technology will be in the enhancement of underwriting capabilities within Payoneer’s working capital products. This adoption seeks to bolster the efficiency and accuracy of services provided to its vast SMB clientele.
Assaf Ronen, Chief Platform Officer at Payoneer, remarked on the acquisition, stating, “Today’s announcement is part of Payoneer’s commitment to investing in AI and data to provide unique and seamless experiences for our customers. We look forward to seeing the impact that these capabilities will have on Payoneer customers. Spott has built a strong solution, and as part of Payoneer, this innovative technology will be available to SMBs in nearly 200 countries and territories.”
Amit Batzir, Co-founder and CEO of Spott added, “This is another exciting step on the journey for us. We believe in the impact our technology can have on Payoneer’s global customers and today’s announcement means the solution can help more businesses around the world. Payoneer was a natural fit for the vision we have for our technology, and we look forward to working with the team and building for the future.”
Further deepening the collaboration, Spott’s co-founders, CEO Amit Batzir, and CTO Roma Bronstein, are set to join the technology wing of Payoneer, which is also headquartered in Israel.
Established in 2005, Payoneer has been at the forefront of financial technology innovation, with a core focus on SMBs. Founded on the principle that while talent is ubiquitous, opportunities are not, Payoneer’s mission is to bridge this gap. The company has simplified transactions, fund management, and business growth through its comprehensive financial platform, particularly for SMBs in emerging markets.
Small Business Deals
While this press release emphasizes the optimistic trajectory of the collaboration, it also contains forward-looking statements, as defined by the United States Private Securities Litigation Reform Act of 1995. Such statements offer projections based on current expectations and are subject to inherent uncertainties. Stakeholders need to recognize that actual outcomes might differ due to various factors, including regulation changes, global economic shifts, and other associated risks. Payoneer reiterates that forward-looking statements should be considered in their current context, and the company is not obligated to update these projections.
This acquisition signals an era of enhanced financial services powered by AI for small business owners, further simplifying the intricacies of global trade and transactions. As the digital landscape continues to evolve, collaborations like these are instrumental in ensuring SMBs remain competitive and well-equipped to navigate international markets.