Payoneer acquires data platform Spott to expand service offerings

By Delisha Fernandes

Payoneer, a FinTech company helping small and medium-sized businesses (SMBs), has announced the asset acquisition of Israel-based Spott, a real-time data platform.

Harnessing Spott’s capabilities, Payoneer will analyse large data sets to apply advanced AI models and make predictions and decisions about its service offerings for a global SMB customer base. The technology’s first application will be on the company’s working capital products to enhance underwriting capabilities.

“Today’s announcement is part of Payoneer’s commitment to investing in AI and data to provide unique and seamless experiences for our customers,” said Assaf Ronen, Chief Platform Officer at Payoneer. “We look forward to seeing these capabilities’ impact on Payoneer customers. Spott has built a strong solution, and as part of Payoneer, this innovative technology will be available to SMBs in nearly 200 countries and territories.”

Spott’s technology will enable Payoneer to understand better and enable SMBs to operate and grow their business worldwide. As part of the transaction, Spott’s co-founders, CEO Amit Batzir and CTO Roma Bronstein will join Payoneer’s Technology team, also based in Israel.

“This is another exciting step on the journey for us. We believe in the impact our technology can have on Payoneer’s global customers. Today’s announcement means the solution can help more businesses worldwide,” said Amit Batzir, Co-founder and CEO at Spott. “Payoneer was a natural fit for the vision we have for our technology, and we look forward to working with the team and building for the future.”