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Payoneer expands AI capabilities with acquisition of Israeli startup Spott


Payoneer, a leading US-based financial technology company dedicated to empowering small and medium-sized businesses (SMBs) worldwide, has announced its strategic acquisition of Spott, an Israel-based real-time data platform driven by AI. The move underscores Payoneer’s commitment to leveraging cutting-edge technology to better serve its global customer base and streamline SMB operations.

Spott’s innovative AI-driven technology serves as a powerful tool for precise data analysis, empowering businesses to make well-informed decisions swiftly. This acquisition will equip Payoneer with a robust suite of tools to enhance its understanding of customers’ needs and consequently elevate its ability to cater to the diverse demands of SMBs operating on an international scale.

The primary application of Spott’s technology will be within Payoneer’s working capital products, where it will bolster underwriting capabilities. By harnessing the potential of AI-driven predictive analysis, Payoneer aims to enhance its services, enabling SMBs to secure reliable working capital solutions. The acquisition marks a significant step forward in Payoneer’s journey towards creating a seamless and unique experience for its customers.

Assaf Ronen, Chief Platform Officer at Payoneer, expressed his enthusiasm for the acquisition, emphasizing the transformative impact it will have on customer experiences. “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 Ronen. He added that the integration of Spott’s technology will be a valuable asset to SMBs across nearly 200 countries and territories where Payoneer operates.

Amit Batzir, Co-founder and CEO at Spott, echoed Ronen’s sentiment, highlighting the potential benefits for businesses worldwide. “We believe in the impact our technology can have on Payoneer’s global customers, and today’s announcement means the solution can help more businesses around the world,” Batzir noted. He expressed excitement about aligning Spott’s vision with Payoneer’s, emphasizing the synergies that will drive future innovation.

As part of the acquisition, Spott’s co-founders, Amit Batzir and CTO Roma Bronstein, will join Payoneer’s esteemed Technology team, further enhancing the integration of Spott’s technology within the company’s framework. This strategic collaboration between talented minds is expected to drive accelerated advancements in data analysis, propelling Payoneer’s services to new heights.

Payoneer’s mission to democratize opportunities within the global digital economy has been a driving force since its inception in 2005. The acquisition of Spott reaffirms this commitment, enabling businesses of all sizes and backgrounds to thrive in a rapidly evolving landscape.

In conclusion, Payoneer’s acquisition of Spott marks a significant milestone in its journey to enhance SMB services globally. By leveraging Spott’s AI-powered data analysis capabilities, Payoneer is poised to deliver even more tailored and effective solutions to its diverse customer base. The collaboration between Payoneer and Spott promises to unlock a new era of innovation, empowering SMBs to transact, conduct business, and flourish on a global scale.

Picture credit: Depositphotos

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