Payoneer has reported its first earnings results since Nuvei announced its intention to acquire the company in a deal worth $2.75bn. The global payment solution provider saw continued revenue growth driven by a significant rise in B2B volume in Q2 2026.
With Nuvei’s acquisition of Payoneer currently targeting completion in mid-2027, subject to various approvals, the company has suspended earnings calls and withdrawn its future guidance but will continue to report its quarterly financial results.
In Q2, Payoneer saw its overall revenue increase 5% YoY to $274.3m, while revenue excluding interest income saw faster growth at 10%. This was largely driven by a 15% rise in total volume to $23.7bn, significantly bolstered by B2B volume increasing 48% to $4.3bn. The company also saw its adjusted EBITDA grow 7% YoY to $71.4m in Q2, while its adjusted EBITDA excluding interest income increased to 138% to $19.3m.
Payoneer held $7.7bn of customer funds at the end of Q2 – 10% higher than at the end of Q2 the previous year. This growth helped to partially offset an 11% YoY decline in interest income to $52.1m, down from $58.3m in Q2 2025.
Despite strong growth across much of the business, Payoneer reported a net income loss of $2.4m – far below the net positive $19.5m it reported in Q2 2026. This appears to have been partially caused by an increase in M&A related expenses, which reached $13.5m in Q2, of which $10.8m were third-party costs related to Nuvei’s planned acquisition of the company.
In the earnings release, CEO John Caplan explained that Nuvei’s planned acquisition of Payoneer highlighted “the strength of the business” that the team has built to date, including specialised infrastructure for cross-border commerce and “deep relationships with millions of global businesses”. Through the acquisition, Nuvei plans to combine the capabilities of the two companies to serve businesses of all sizes worldwide.
