Fintech company Payoneer is set to go public through a merger with special purpose acquisition company, or SPAC, FTAC Olympus Acquisition (FTOC). Cross-border payments are Payoneer's bread and butter, so in this Fool Live video clip, recorded on March 1, Fool.com contributor Matt Frankel, CFP, discusses the opportunities in cross-border payments and how much room to grow Payoneer has with its CEO, Scott Galit.
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Matt Frankel: So, how big of an opportunity do you see in cross-border payments, specifically, before I get to the bigger picture of your business?
Scott Galit: I mean, it's absolutely gigantic. It's tens of trillions of dollars a year that are moving around the world between and among trading partners and in practice, the way that money moves hasn't changed in more than a generation in any meaningful way. It still largely is moving around the world as wires and really what we've looked to do is modernize the way businesses are able to transact with each other in much the way technology is modernizing, the way we have the interfaces and the way we actually are communicating and interacting. Go ahead. I'm sorry, I went a little bit further than I meant to on the market size, but it's gigantic, it's one of the biggest markets in the world.
Frankel: No, that actually really leads into the next question really nicely. I read in the press release announcing your deal that you guys processed about $44 billion of payments last year.
Galit: Yeah.
Frankel: Your customer list includes some pretty impressive names. I think Amazon, Airbnb are some of your customers, for example if I'm quoting those correctly.
Galit: Correct.
Frankel: It sounds like it's been a pretty impressive story so far. We know the market size is huge, but Payoneer specifically, how does it grow from here and how big of an opportunity do you see for you?
Galit: That's what we're so excited about. You mentioned a few of the bigger household names that we work with. But actually, in addition to some of those great companies that everybody is really aware of, digital leaders around the world and we work with nine of the top 20 most highly valued companies in the world by market cap to give a sense of some of the big ones. But actually, what gets us most excited is the small businesses around the world that we work with and there are literally hundreds of millions of small businesses around the world, that if you think about it now, as the world is digitalizing, have opportunities to participate in digital commerce in ways that they didn't before and have opportunities to participate in cross-border digital commerce that they didn't before and so we're just scratching the surface. We're now up to over five million small businesses, enterprises, and marketplaces that we've worked within our history. But we see literally hundreds of millions of small businesses and billions of people that are now actually connected to opportunities in a digital world. We've really become an on-ramp for folks in many parts of the world to actually access and take advantage of these new opportunities that the digital world is creating.
