Susquehanna Growth Equity (SGE), an affiliate of technology and trading firm Susquehanna International Group, took part in a $50m secondary equity investment in US-based payments services provider Payoneer yesterday.
Investment firm Wellington Management led the funding, the firms acquiring shares from undisclosed existing backers. Payoneer did not disclose which backers had divested shares but stated all of its largest investors have retained the majority of their shares.
Payoneer has developed a financial services platform through which companies can transfer money to users in more than 200 countries. The technology facilitates mass payouts, targeting companies operating in the e-commerce, affiliate marketing and freelance services sectors.
The company had disclosed $39m of funding from SGE, which led its $25m series D round in March 2014, Carmel Ventures, Vintage Venture Partners and 83North, then known as Greylock IL, before receiving an undisclosed sum from insurance firm Ping An in June 2014.
Fintech-focused venture capital firm Nyca Partners provided an additional $1m in funding for Payoneer in September 2014.