Cross-border payments firm Payoneer has acquired Singapore-based workforce and payroll management company Skuad for $61 million in cash. The deal also includes an additional $20 million in potential future payments, comprising cash and equity, dependent on specific performance and tenure milestones.
This acquisition is part of Payoneer’s strategy to enhance its offerings as a comprehensive financial stack for small to medium-sized businesses (SMBs) operating internationally. Many of Payoneer’s existing customers are already utilizing their accounts for payroll services. Notably, a quarter of Payoneer’s B2B clientele have expressed interest in enhanced workforce management solutions, such as payroll, employer of record services, and contractor management capabilities, indicating significant cross-selling opportunities.
John Caplan, CEO of Payoneer, stated: “More and more cross-border SMBs with global operations are using Payoneer’s financial stack. To accelerate our evolution and B2B momentum, we are excited to announce the acquisition of Skuad and welcome to Payoneer the talented entrepreneurs who share our vision of supporting global SMBs.” He emphasized that this partnership will leverage the strengths of both companies to create a robust platform, enabling customers to expand their teams and grow globally.