Payoneer (NASDAQ:PAYO) just put a rocket under its stock price, soaring 17% today after crushing Q3 expectations. The fintech player reported a record-breaking $248.3 million in quarterly revenue, up 19% year-over-year, thanks to a booming 57% increase in B2B transaction volume. Payoneer's platform processed a jaw-dropping $20.4 billion in transactions this quartera 25% jump from last yeardriven by growing demand from small and medium businesses expanding globally.
CEO John Caplan laid out Payoneer's winning game plan: building a full-service financial suite that helps cross-border SMBs scale fast. And it's working. Payoneer's big-ticket customersthose moving over $10,000 each monthgrew revenue by more than 25%, with the Payoneer card becoming a favorite for global payments. Spending on Payoneer cards is up 41%, signaling massive adoption across emerging markets and adding fuel to their upward momentum.
And here's the kicker: Payoneer just boosted its 2024 guidance, with revenue now expected to hit up to $960 million. The company also repurchased 25 million public warrants, showing serious confidence in its long-term growth path. CFO Bea Ordonez underscored that these moves are all about maximizing shareholder value, positioning Payoneer as a top choice for growth-focused investors eyeing the fintech sector.
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