Earlier this year, Payoneer went public on the Nasdaq in 2021 and announced new executive hires and a shift in strategy to prioritize its most profitable clients. The company recently reported solid financial results for the fourth quarter and the entire year of 2022, thanks mainly to the success of its technology that makes processing payments easier for SMEs. With the news, Payoneer’s fintech stock price jumped by more than 13%, and the company’s market valuation climbed above $2.3 billion.

Galit will stay on the executive committee after guiding Payoneer’s initial public offering (IPO) through a deal with a special purpose acquisition company (SPAC) valued at $3.3 billion. Former Payoneer deputy CFO Bea Ordonez has been promoted to CFO. Payoneer had a 33% growth in 2022, and the company plans to increase efficiency and turn a profit by increasing productivity. Payoneer intends to exceed its adjusted EBITDA from 48 million dollars in 2022 to 120-130 million in 2023.

Only 25% of its active clients generate the company’s income and profit. Payoneer has cut its operational deficit from 30 million dollars in 2021 to 22 million dollars in 2022, a significant improvement that still leaves the company far from profitability. Despite a drastic cut in its activities in Russia, the company’s annual revenues climbed by 30%, totalling $627.6 million.

According to IPO news, Payoneer predicts a 28% growth in 2023, with sales exceeding $800 million, despite suspending services in Russia owing to the Ukrainian conflict. Payoneer has been successful because it takes a cut of the 5 trillion dollars in payments for small and medium businesses. Specifically, the corporation will invest 30 million dollars into platform development and hire heavily in the development domain.

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