American financial technology company Payoneer has announced the asset acquisition of Israel-based real-time data platform Spott.
The financial terms of the deal were not revealed.
Spott utilises artificial intelligence (AI) to precisely surface, evaluate, and quantify data for more informed and quicker business decision-making.
Through the acquisition, Payoneer aims to improve its service offerings to extend services to customers across 190 countries.
Besides, the real-time data platform’s technology will allow Payoneer to better comprehend and cater to clients, supporting the latter’s goal to make it seamless for small and medium-sized businesses (SMBs) to operate and expand their business worldwide.
By leveraging Spott’s capabilities, the financial technology company will analyse huge sets of data to apply advanced AI models as well as to predict and make informed decisions regarding its service provisions for the global SMB customer segment.
As part of the transaction, Spott’s co-founders, CEO Amit Batzir, and chief technology officer Roma Bronstein will join Payoneer’s technology team, which is based in Israel.
Batzir said: “This is another exciting step on the journey for us. 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.
“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.”
Payoneer said that the first application of Spott’s technology will be on the company’s working capital products to bolster underwriting offerings.
Established in 2005, Payoneer helps businesses and professionals from over 200 countries and territories to connect with each other and expand globally through the company’s cross-border payments platform.
Payoneer chief platform officer Assaf Ronen said: “Today’s announcement is part of Payoneer’s commitment to investing in AI and data to provide unique and seamless experiences for our customers.
“We look forward to seeing the impact that these capabilities will have 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.”
