Payoneer Acquires Skuad to Expand Payroll Management

US-based payment technology firm Payoneer has acquired Singapore-based workforce and payroll management start-up Skuad for $61 million in cash. The deal, completed on August 5, includes the possibility of an additional $20 million in future payments, contingent on Skuad meeting specific performance and tenure milestones.

Founded in 2019, Skuad simplifies hiring, onboarding, payroll, and talent management for small and medium-sized businesses (SMBs). The platform operates in 160 countries and supports 100 currencies.

Payoneer plans to integrate Skuad’s payroll and contract management services into its existing offerings, which currently provide online money transfers and cross-border payment solutions to businesses in 190 countries. This acquisition aligns with growing demand from Payoneer’s B2B customers, 25% of whom have requested enhanced workforce management features, such as payroll and contractor management.

Payoneer CEO John Caplan stated that the acquisition will accelerate the company’s growth in the B2B space and enhance its ability to support global expansion for its customers. The move comes as Payoneer reported a 16% increase in revenue to $239.5 million for the first half of 2024.

This strategic acquisition positions Payoneer to better serve businesses seeking to expand their global teams and manage payroll more efficiently across borders.