Global fintech platform authorised as an Electronic Money Institution by Central Bank of Ireland, to guarantee uninterrupted cross-border commerce for customers following Brexit
Payoneer, the digital payment platform empowering businesses around the world to grow globally, announced its continued global expansion with the establishment of a new office in Dublin, Ireland. This announcement, in conjunction with the Central Bank of Ireland (CBI) authorizing the Dublin entity of the fintech unicorn as an Electronic Money Institution, demonstrates Payoneer’s commitment to being a reliable, secure and convenient partner for businesses all over the world.
Payoneer supports thousands of enterprise clients and millions of small businesses that come from 200 countries and territories, enabling them to do business globally in a complex, rapidly evolving regulatory, legal and political landscape. Obtaining CBI’s authorisation as an Electronic Money Institution and passporting across the European Economic Area (EEA) is a significant milestone, making Payoneer only the twelfth company to be granted the license.
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By investing in a new Dublin hub and being authorized as an Electronic Money Institution, Payoneer has ensured that its customers are able to seamlessly continue business operations in the EEA following Brexit. Payoneer supports sellers on many of the leading eCommerce marketplaces across Europe, including Amazon, Cdiscount, Joom and Rakuten – critical platforms for merchants worldwide to get access to consumers in the EU. The license also supports the many small businesses based in Europe that sell goods and services worldwide.
Scott Galit, CEO of Payoneer said, “This license is the culmination of our efforts to ensure stability and continuity for our customers. With this investment, we are able to continue to support the growth of our customers from around the globe, keeping cross-border commerce flowing smoothly, regardless of the regulatory changes triggered by Brexit. We are very grateful to the CBI for their guidance and assistance in granting the new license and to IDA Ireland for its support.”
The new Dublin office will be headed by Patrick de Courcy, who previously ran Payoneer’s APAC operations and brings more than 20 years expertise of global banking and regulatory infrastructure.
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de Courcy comments, “We’re delighted to launch in Dublin and join the growing number of e-money and payment institutions established here. Ireland has a credible and experienced regulator in the CBI and provides access to a sophisticated financial services ecosystem with the deep pool of staff, managers, professional advisers and service providers that we’re looking for as we grow operations.”
Payoneer’s new Dublin office is complemented by its existing UK and other European offices, overseen by industry veteran, James Allum, who recently joined Payoneer as VP Regional Head of Europe, having previously worked at Freemarket, Paysafe and Western Union.
Allum comments, “This new license and Dublin office highlights our continued investment across Europe. We offer customers and partners a premium service and that means ensuring the highest levels of regulatory compliance and security, and investing in local markets to give them the support they need. Whilst many European businesses have tended to be more domestically focused in the past, transacting globally is fast becoming a major priority for them and we’re here to help facilitate that with on-the-ground talent and support.”
CEO of IDA Ireland, Martin Shanahan said: “Ireland is a significant location for payments technologies, home to some 25 payment companies. Payoneer is a well-recognised brand in the payments industry and a very welcome addition to the sector in Ireland where, post-Brexit, they will benefit from Ireland being a committed member of the EU and Eurozone, our strong pro-business and competitive environment, open economy, and a strong skills base. I wish Patrick and his team every success here.”
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