Dive Brief:
- Payoneer has named Webster Bank alum Bea Ordonez as its deputy CFO with the expectation that the board will appoint her to succeed the company’s current CFO, Michael Levine, after he steps down from the role in March, according to a Wednesday press release.
- Levine, an 11-year company veteran, will stay on at the firm to assist with the transition until Jan. 1, 2024, according to a Securities and Exchange Commission filing.
- The New York-based payments company also said it expects to exceed its full-year guidance for the year ending Dec. 31, 2022, based on its preliminary results.
Dive Insight:
The CFO swap comes as other payment players are making large-scale acquisition plays, with Montreal-based fintech Nuvei announcing it would be acquiring payments firm Paya for $1.3 billion earlier this month.
Analysts pointed to Payoneer, and other payment companies such as Toast, Flywire and Lightspeed Commerce, as possible acquisition targets in 2023, according to a recent report by Industry Dive sister publication Payments Dive.
Payoneer, which has a market cap of about $2.06 billion, could potentially be an attractive target for a company such as Global Payments due to the “B2B aspect that Payoneer has,” Oppenheimer & Co. analyst Dominick Gabriele told Payments Dive.
In a statement sent to CFO Dive, Payoneer’s co-CEO John Caplan wrote that Ordonez, as deputy CFO and “eventually as CFO,” will focus on scaling and continuing to grow revenue.
“Payoneer is in a strong position, as reflected in our publicly shared earnings, and the goal is for Bea to take it to the next level,” he wrote. “Her expertise leading enterprise fintech companies will be incredibly valuable for Payoneer as we execute our strategy for our next leg of growth.”
Caplan declined to comment on M&A speculation.
On Wednesday the company — which provides a payment platform to cross-border businesses — raised its full-year guidance to between $605 million and $615 million in revenue, with adjusted EBITDA of $40 million to $43 million, according to its earnings results.
Payoneer also reported $158.9 million in revenue for its third quarter, a 30% bump year-over-year. The payments company will report its fourth quarter and full-year 2022 earnings Feb. 28.
Levine, who has served as the payments company’s CFO since October 2011, will receive a lump sum cash severance payment of $400,000, as well as salary continuation payments equal to the sum of his annual base salary until January, according to the filing.
Bea Ordonez
Permission granted by Payoneer
Ordonez most recently served as chief innovation officer for Webster Bank prior to her appointment as Payoneer’s deputy CFO, beginning in January 2022, according to her LinkedIn profile. Before Webster, Ordonez served as CFO, EVP for Sterling National Bank, and began her career at auditing firms including Arthur Andersen and PricewaterhouseCoopers.
This story has been updated to include comments received from Payoneer.
