Payoneer Global Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Payoneer Global Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and corporate information.</b>

AI Summary

Payoneer Global Inc. (PAYO) filed a Annual Report (10-K) with the SEC on February 28, 2024. Payoneer Global Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 150 W 30TH STREET, NEW YORK, NY 10001. Payoneer Global Inc. was formerly known as New Starship Parent, Inc. until February 11, 2021. The filing includes detailed financial information, including preferred stock and treasury stock data for various periods.

Why It Matters

For investors and stakeholders tracking Payoneer Global Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Payoneer's financial health and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue streams, expenses, assets, liabilities, and equity, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Payoneer Global Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of financial and operational information. While it doesn't highlight immediate crises, the sheer volume and complexity of financial data, including various stock and equity details, necessitate careful review to identify potential risks or areas of concern.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Payoneer's financial position, growth drivers, and potential challenges for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 0001845815 — Central Index Key (Company identifier)
• 7389 — Standard Industrial Classification (Industry code)
• 212-600-9272 — Business Phone (Contact number)
• 2021-02-11 — Date of Name Change (Former name to current name transition)

Key Players & Entities

• Payoneer Global Inc. (company) — Filer name
• New Starship Parent, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• 150 W 30TH STREET (address) — Business address
• NEW YORK (location) — Business address city
• NY (location) — Business address state
• 10001 (postal_code) — Business address zip

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: 10-K Filing Date — Date Payoneer Global Inc. submitted its annual report.
• 2021-02-11: Name Change Date — Date the company changed its name from New Starship Parent, Inc. to Payoneer Global Inc.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share PAYO The Nasdaq Stock Mar
• $11.50 — 0.01 par value, at an exercise price of $11.50 per share PAYOW The Nasdaq Stock Ma
• $66.0 billion — ear ended December 31, 2022. Volume was $66.0 billion and $59.7 billion and revenue was $831.
• $59.7 billion — 31, 2022. Volume was $66.0 billion and $59.7 billion and revenue was $831.1 million and $627
• $831.1 million — llion and $59.7 billion and revenue was $831.1 million and $627.6 million for the years ended
• $627.6 million — lion and revenue was $831.1 million and $627.6 million for the years ended December 31, 2023 a
• $36 — a 14.5% compound annual growth rate to $36 trillion by 2026. By region, Asia-Pacif
• $300 billion — e payouts business is estimated to be a $300 billion volume opportunity, based on third-part
• $6 — directly by other businesses. This is a $6 trillion volume opportunity based on th
• $150 billion — rch conducted in 2022, is approximately $150 billion in volume. Payoneer's Financial Stack
• $50 — ital with amounts advanced ranging from $50 to more than $1 million. We leverage ma
• $1 million — advanced ranging from $50 to more than $1 million. We leverage machine learning models an
• $500 — are customers that have on average over $500 a month in volume, and we are focused o

Filing Documents

• payo-20231231x10k.htm (10-K) — 3045KB
• payo-20231231xex4d5.htm (EX-4.5) — 61KB
• payo-20231231xex10d23.htm (EX-10.23) — 276KB
• payo-20231231xex10d24.htm (EX-10.24) — 200KB
• payo-20231231xex14d1.htm (EX-14.1) — 341KB
• payo-20231231xex21d1.htm (EX-21.1) — 23KB
• payo-20231231xex23d1.htm (EX-23.1) — 5KB
• payo-20231231xex31d1.htm (EX-31.1) — 12KB
• payo-20231231xex31d2.htm (EX-31.2) — 12KB
• payo-20231231xex32d1.htm (EX-32.1) — 4KB
• payo-20231231xex32d2.htm (EX-32.2) — 4KB
• payo-20231231xex97.htm (EX-97) — 52KB
• payo-20231231x10k001.jpg (GRAPHIC) — 20KB
• payo-20231231x10k002.jpg (GRAPHIC) — 56KB
• payo-20231231x10k008.jpg (GRAPHIC) — 3KB
• payo-20231231xex14d1001.jpg (GRAPHIC) — 6KB
• 0001558370-24-001998.txt (&nbsp;) — 14922KB
• payo-20231231.xsd (EX-101.SCH) — 105KB
• payo-20231231_cal.xml (EX-101.CAL) — 100KB
• payo-20231231_def.xml (EX-101.DEF) — 350KB
• payo-20231231_lab.xml (EX-101.LAB) — 835KB
• payo-20231231_pre.xml (EX-101.PRE) — 650KB
• payo-20231231x10k_htm.xml (XML) — 2574KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 35 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 36 Part II. Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 Item 6. Reserved 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risks

Quantitative and Qualitative Disclosures About Market Risks 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56 Item 9A.

Controls and Procedures

Controls and Procedures 56 Item 9B. Other Information 57 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 57 Part III. Item 10. Directors, Executive Officers and Corporate Governance 58 Item 11.

Executive Compensation

Executive Compensation 58 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 58 Item 13. Certain Relationships and Related Transactions, and Director Independence 58 Item 14. Principal Accountant Fees and Services 58 Part IV. Item 15. Exhibits, Financial Statement Schedules 58 Item 16. Form 10-K Summary 60

Signatures

Signatures 61 2 Table of Contents Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K (this "Annual Report"), including the information incorporated herein by reference, contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as "anticipate," "appear," "approximate," "believe," "continue," "could," "estimate," "expect," "foresee," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "would" and other similar words and expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of Payoneer Global Inc.'s ("Payoneer") management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as the current conflict between Israel and Hamas, and other economic, business and/or competitive factors; (3) Payoneer's estimat

Business

Item 1. Business. Unless the context otherwise requires, the "Company", "Payoneer", "we," "our," "us" and similar terms refer to Payoneer Inc. for the period prior to the Closing Date (as defined below) and to Payoneer Global Inc., for the period thereafter. Overview Payoneer is a financial technology company purpose-built to enable the world's small and medium-sized businesses ("SMB(s)") to grow and operate their businesses around the world by reliably and securely connecting them to the global digital economy. Payoneer was founded in 2005 and in the 19 years since the Company's founding, we have built a global financial stack that makes it easier for millions of SMBs, particularly in emerging markets, to access global demand and supply, pay and get paid, and manage their cross border and other needs from a single platform. Our financial stack provides a full suite of cross-border accounts receivable (AR) and accounts payable (AP) capabilities and includes services such as working capital and the provision of data-driven insights. Payoneer's core value proposition is that we remove the complexity and barriers of doing business across borders for our customers. With a multi-currency Payoneer Account, businesses around the world can serve and transact with their overseas customers, suppliers, vendors, and partners as if they were local. The Payoneer financial stack is comprised of a secure, regulated payment infrastructure platform that provides customers with a one-stop, global, multi-currency account to serve their comprehensive AR and AP needs. Payoneer's global platform is built with a focus on security, stability and redundancy. The Company leverages nearly 100 banking and payment service providers globally to support transactions in over 7,000 trade corridors and enable same-day and real-time settlement in over 150 countries. Payoneer serves SMBs located in more than 190 countries and territories and operating in a wide variety of industries. We have app

View Full Filing

View this 10-K filing on SEC EDGAR