US-based fintech Payoneer has made an asset acquisition of real-time data platform Spott, which uses AI to speed up business decision-making.
The transaction enables Payoneer to better understand and serve its SMB customers.
Israel-based Spott’s capabilities will be used by Payoneer to analyse large sets of data to apply advanced AI models and make predictions and decisions about its service offerings for a global SMB customer base.
Assaf Ronen, chief platform officer at Payoneer, said the acquisition is part of Payoneer’s commitment to investing in AI and data to provide “seamless experiences” for its customers.
“We look forward to seeing the impact that these capabilities will have on Payoneer customers,” Ronen added.
“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.”
The first application of Spott’s technology will be on Payoneer’s working capital products to enhance underwriting capabilities.
Spott’s co-founders, chief executive officer Amit Batzir and chief technology officer Roma Bronstein will join Payoneer’s technology team, also based in Israel, following the deal.
Batzir said: “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.”
Early in 2023, Payoneer received its Electronic Money License (EMI) from UK regulator the Financial Conduct Authority, securing the license via its subsidiary, Payoneer Payment Services UK Ltd, to continue providing its full suite of services to UK-based businesses.