Canadian payments-technology firm Nuvei has agreed to acquire Payoneer, the cross-border payments company that many Bangladeshi freelancers and IT-service exporters rely on to get paid, in an all-cash deal worth about $2.75 billion, the two companies said on Monday.
Under the agreement, Nuvei will pay $7.40 a
share for Payoneer Global, which is listed on the Nasdaq under the ticker PAYO.
On completion, Payoneer would become a wholly owned Nuvei subsidiary and leave
the stock market.
The deal is expected to close in mid-2027,
subject to approval by Payoneer's shareholders and by regulators, the companies
said. It has been reported by Reuters and other outlets and is corroborated by
Payoneer's filings with the US Securities and Exchange Commission (SEC).
Nuvei is itself privately held. The US
private-equity firm Advent International took it private in November 2024 in a
deal that valued Nuvei at about $6.3 billion, or $34.00 a share. The Payoneer
purchase is Nuvei's first major acquisition since it left the public market.
The companies framed the deal as a way to
combine Nuvei's payment-acceptance technology with Payoneer's cross-border
payouts, multi-currency accounts and banking network. The merged firm would
serve more than 2.4 million customers, process over $500 billion in annual
payment volume and generate about $3 billion in yearly revenue, they said,
adding that it would focus on businesses "particularly in emerging
markets".
Why the deal matters in Bangladesh
Payoneer is one of the main ways Bangladeshi
freelancers and IT-enabled service exporters receive money from global
platforms such as Fiverr and Upwork, both of which use it for payouts.
Since 10 February 2022, an instant-payout
partnership has allowed Bangladeshi freelancers to move their Payoneer earnings
into a bKash mobile wallet, without paperwork, through the bKash app. A
transfer can range from Tk1,000 to Tk250,000.
BRAC Bank acts as the
foreign-currency-management and settlement bank for that channel, with incoming
funds routed through it, via Bangladesh Bank (BB), before reaching a
recipient's bKash account. The arrangement was made possible by a February 2021
rule change in which Bangladesh Bank allowed mobile financial service (MFS)
providers, not only banks, to handle local freelancers' remittance.
At present, according to bKash, Payoneer
charges a 3% conversion fee plus $1 per transaction on withdrawals to bKash.
What is not yet clear
What the change of ownership means for
Bangladeshi users is, so far, an open question. Neither company has commented
on the Bangladesh market, and the deal materials do not mention the country.
It is not yet known whether the new ownership
will affect the fees Bangladeshi payees pay, the bKash and BRAC Bank
arrangement, or whether any Bangladesh Bank approval applies to the change of
control. There has been no reported reaction yet from the local freelancing
community or industry bodies.
For now, the deal is a global corporate
transaction whose subject happens to be a payment rail of real importance to
Bangladesh, rather than a confirmed change for the people who use it. Because
the agreement was announced only on Monday and is not due to close until
mid-2027, any effect on Bangladeshi freelancers remains to be seen.