Payoneer Acquires Singapore Payroll Start-Up Skuad for $61M

12 Aug, 2024

Payoneer Acquires Singapore Payroll Start-Up Skuad for $61M

US-based fintech company Payoneer has acquired Skuad, a Singapore-based global workforce and payroll management start-up, for $61 million in cash. The deal, finalized on August 5, includes up to an additional $20 million in potential future payments based on Skuad achieving certain performance and tenure milestones. Founded in 2019, Skuad provides solutions for hiring, onboarding, payroll, and talent management, operating in 160 countries and supporting 100 currencies.

With this acquisition, Payoneer plans to integrate Skuad’s payroll and contract management capabilities into its existing suite of online money transfer and cross-border payment services. This move responds to growing demand from 25% of Payoneer's B2B customers for enhanced workforce management solutions, such as payroll and contractor management, offering significant cross-sell opportunities.

Payoneer CEO John Caplan believes the acquisition will accelerate the company’s B2B growth and enhance its global expansion capabilities. The company’s recent financial results indicate a 16% increase in revenue to $239.5 million compared to the previous year, highlighting a strong performance and growth trajectory.