Payoneer has recently announced the asset acquisition of data platform, Spott, for an undisclosed fee.
The New York-based FinTech announced the purchase of a real-time data platform and now looks set to use its intellectual technology to make it easier for small to medium-sized businesses to operate and grow their business around the world.
The acquisition of the Israeli company will allow Payoneer to harness Spott’s capabilities to analyse large sets of data with the use of AI to help assist SMBs in their quest to thrive.
Assaf Ronen, Chief Platform Officer at Payoneer 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.”
This investment is set to allow Payoneer to continue its ambition to create a global SMB customer base.
The first application of the technology will be on the Payoneer working capital products to enhance underwriting capabilities.
Amit Batzir, Co-founder and CEO at Spott 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.”
As part of the acquisition, Spott’s co-founders, CEO Amit Batzir and CTO Roma Bronstein will join Payoneer’s Technology team based in Israel.
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