PAYO · Payoneer Global Inc.

Payoneer delivered Q1 2026 results showing acceleration in core metrics, with revenue excluding interest income growing 11% year-over-year to $210.1 million, outpacing total revenue growth of 6% to $261.6 million due to a 11% decline in interest income from lower rates and customer funds mix. Volume expanded 16% to $22.8 billion, led by 44% B2B volume growth across China, EMEA, and APAC, alongside 28% enterprise payouts growth. SMB customer revenue reached $189 million (up 12%), with B2B SMBs at $64 million (up 23%) and Checkout at $10 million (up 46%), reflecting product mix shift toward higher-yield services and fee initiatives that drove 1bp SMB take rate expansion to 120 bps. ARPU grew 17% to $513, with ex-interest ARPU up 22%, marking the seventh straight quarter of 20%+ growth. Profitability strengthened as transaction costs fell 250 bps to 13.5% of revenue, boosting Adjusted EBITDA ex. interest 140% to $17.9 million and core operating leverage. Management highlighted broad momentum, network effects, and investments in stablecoin and AI. Share repurchases surged to $74 million, signaling confidence. Raised full-year guidance reflects this traction: revenue ex. interest $900-940 million, total revenue $1,100-1,140 million, and Adjusted EBITDA $285-295 million, positioning Payoneer to capture share in the digitizing B2B payments market.