Payoneer acquires AI-powered data platform Spott to streamline decision-making
US-based paytech Payoneer has acquired Israeli real-time data platform Spott for an undisclosed sum.
Payoneer acquires Israeli real-time data platform Spott
Founded in 2020 and based in Tel Aviv, Spott leverages artificial intelligence (AI) and machine learning (ML) to sift through large datasets and provide quantifiable results to help businesses make more informed and faster decisions.
Payoneer says the start-up’s capabilities will help it to “better understand and serve customers”. It plans to use Spott’s tech 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”.
The company will initially deploy the technology to streamline underwriting for its working capital products.
Spott co-founder and CEO Amit Batzir says Payoneer is “a natural fit for the vision we have for our technology”. Both Batzir and fellow Spott co-founder and CTO Roma Bronstein will join Payoneer’s Israel-based tech team as part of the deal.
The acquisition comes after a filing with the US Securities and Exchange Commission (SEC) in July revealed Payoneer was set to cut its staff headcount by around 9% by the end of Q3 2023 to “enhance productivity and efficiency” and “streamline the company’s organisational structure to better align operations with its growth objectives”.
Headquartered in New York, Payoneer provides online money transfer services and enables cross-border payments for businesses and entrepreneurs across 190 countries. Earlier this year, the firm secured an Electronic Money Licence (EMI) from the UK’s Financial Conduct Authority (FCA) to further expand its footprint.
