Payoneer Delivers Solid Q1 2025 Results With Continued Profitability
Payoneer (NASDAQ: PAYO), a global fintech leader empowering small and medium-sized businesses (SMBs) to expand globally, announced its financial results for the first quarter ended March 31, 2025.
Payoneer delivered strong growth and profitability in the first quarter of 2025. Revenue excluding interest income grew 16 percent year-over-year to $188.6 million, driven by B2B customers and the Card product.
Total revenue for the quarter was $246.6 million, an 8 percent increase compared to the same period last year. Adjusted EBITDA was $65.4 million, maintaining a 27 percent margin, reflecting the company’s continued focus on disciplined execution and profitability.
Operationally, Payoneer saw a 7 percent year-over-year increase in volume to $19.7 billion and a 5 percent growth in active Ideal Customer Profiles to 556,000. The revenue as a percentage of volume (“Take Rate”) was 125 basis points, with the SMB customer take rate reaching 119 basis points, up 11 basis points year-over-year.
The company’s business highlights for the quarter included 18 percent year-over-year growth in SMB customer revenue to $170 million. This was driven by 8 percent growth in marketplace SMB revenue, 37 percent growth in B2B SMB revenue, and a 96 percent increase in Merchant Services (Checkout) revenue. Payoneer card spend reached $1.4 billion, up 29 percent year-over-year, with increased usage across all regions. Customer funds held by Payoneer totaled $6.6 billion as of March 31, 2025, an 11 percent increase year-over-year.
John Caplan, Chief Executive Officer of Payoneer, commented, “Payoneer delivered another solid quarter, driven by strong ARPU growth, increasing adoption of our high-value products, focus on quality customers, and continued profitability. We also extended our regulatory advantage, becoming the third foreign company licensed as a payment service provider in China. This reflects our long-term commitment to complex, high-potential markets. Global trade is rapidly evolving. Payoneer’s customers are adapting, and we are right there with them. Approximately 40% of our revenue comes from helping customers sell into non-US markets”.
He said, “As supply chains shift and global workforces expand, we’re positioning ourselves to capture the upside. We’re executing our strategy with discipline. We are balancing growth and profitability while strengthening our long-term moat by investing in our payments infrastructure and differentiated capabilities. Our strategy is simple: build the financial stack for the next generation of borderless SMBs and be their long-term partner as they grow and expand globally.”
During the quarter, Payoneer completed the acquisition of Easylink Payment Co., Ltd., a licensed China-based payment service provider, further strengthening its global regulatory infrastructure and positioning the company to better serve customers in China as they export globally.
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Given the current macroeconomic uncertainty, Payoneer is suspending its previously issued full-year 2025 guidance. Bea Ordonez, Chief Financial Officer, stated, “Payoneer delivered 16% growth in revenue excluding interest income and continued strong profitability in the first quarter. We continue to execute against our long-term vision and strategic roadmap. We remain confident in our long-term thesis – serving the complex needs of global SMBs and entrepreneurs by providing a comprehensive and differentiated financial stack that enables them to achieve their cross-border ambitions”.
“Given the rapidly evolving and uncertain global macro and trade environment, at this time, we are suspending our previously issued full year 2025 guidance. There is a broad range of potential outcomes and as a company supporting cross-border businesses that may be negatively impacted, we face substantial risks that could impact our financial results. Our business and the customers we serve are diverse and our focus during this time is squarely on supporting our customers as they navigate the dynamic environment. Some customers may benefit from potential shifts in global trade and supply chains and we are focused on ensuring we and our customers are well-positioned to capture potential new opportunities,” she added.
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