Payoneer Reports 16% YoY Growth in Revenue Excluding Interest Income for Q1 2025

First-quarter results highlight Payoneer’s expanding footprint and financial strength. 

Global financial technology company Payoneer has released its financial results for Q1 2025, which ended on March 31. Based on the report, the company’s revenue—excluding interest income— grew 16% year-over-year. 

This growth is driven by 7% volume growth and significant take rate expansion with small and medium-sized business (SMB) customers. 

In addition to this, average revenue per user (ARPU) excluding interest income likewise grew by 22%, accelerating for the seventh consecutive quarter. This was driven by continued strength among larger customers, growth in higher take rate B2B, Checkout and Card franchises, and various pricing initiatives.

“Payoneer delivered another solid quarter, driven by strong Average Revenue Per User (ARPU) growth, increasing adoption of our high-value products, focus on quality customers, and continued profitability,” said Payoneer CEO John Caplan. “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.”

Payoneer’s Q1 2025 in Numbers

Aside from increases in ARPU and revenue, both excluding interest income, Payoneer’s Q1 2025 financial results also highlighted the following:

• SMB customer revenue of $170 million (approximately PHP 9.49 billion) grew 18% year-over-year, reflecting:
  • SMBs that sell on marketplaces revenue of $110 million (approximately PHP 6.14 billion), up 8% year-over-year.
  • B2B SMBs revenue of $52 million (approximately PHP 2.9 billion), up 37% year-over-year.
• $1.4 billion (approximately 78.18 billion) of spend on Payoneer cards, up 29% year-over-year, with increased usage across all regions.
• $6.6 billion (approximately PHP 368.58 billion) of customer funds (including both short-term and long-term funds) as of March 31, 2025, up 11% year-over-year.
• $17 million (approximately PHP 949.29 million) of share repurchases at a weighted average price of $9.04 (approximately PHP 504.90). Share repurchases slowed versus $51 million (approximately PHP 2.85 billion) in the prior year period at a weighted average price of $4.84 (approximately PHP 270.32).
• Completion of previously announced acquisition of a licensed China-based payment service provider, Easylink Payment Co., Ltd. in April 2025

“We’re executing our strategy with discipline,” said Caplan. “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,” he concluded.

Volatile Global Trade 

According to the company, it is witnessing positive outcomes in Southeast Asia, Latin America, and the EMEA (Europe, the Middle East, and Africa) region in terms of global trade. While global trade corridors have been volatile, these shifts have opened new opportunities. 

“Global trade is rapidly evolving,” Caplan pointed out. “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 added, “As supply chains shift and global workforces expand, we’re positioning ourselves to capture the upside.”

2025 Outlook

For the rest of 2025, Payoneer aims to “continue to execute against our long-term vision and strategic roadmap,” said Payoneer Chief Financial Officer Bea Ordoñez. 

“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,” Ordoñez added. 

With a 20-year presence giving Payoneer a long track record of resilience and innovation in the face of global headwinds, the company plans on delivering continued improvement in the coming years. 

“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,” Ordoñez added. “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.”