Payoneer Global Inc., a digital payments solutions provider to small and medium businesses, saw a 31 percent revenue growth last year in Asia and the Pacific as more Filipinos adopted e-commerce.

In a financial report last Friday, Payoneer said it collected $187 million in revenues last year in the region.

The firm said the robust revenues partly stemmed from the 14 percent growth to $13.4 billion in online sales in the last quarter of 2024 by partnered small and medium enterprises worldwide.

Globally, Payoneer grew its revenue excluding interest income by 20 percent to $720.9 billion, the highest since the business was established in 2005.

Net income reached $121.2 billion or higher by 30 percent compared to the level in 2023.

Looking ahead

“Looking ahead to 2025, we will focus on expanding our regulatory moat, modernizing our technology infrastructure, and further enhancing our financial stack while seeking to deliver continued strong growth and profitability,” Payoneer chief executive officer John Caplan said.

According to global business consultancy McKinsey & Company, Philippine e-commerce started expanding by 15 percent in 2022, although slower than the 30 percent in Singapore and Indonesia.

Local e-commerce

Statista expects the local e-commerce to grow revenues by over 10 percent this year until 2029.

Payoneer is listed with New York-based stock market Nasdaq and has a market capitalization of $3 billion.

Aside from consumer-to-business transactions, Payoneer facilitates payments from firms to freelance workers.

In expanding its services, Payoneer said it secured regulatory approvals last month to acquire a China-based payments service company. “The transaction is expected to close in the first half of 2025, subject to customary closing conditions,” Payoneer said.