Payoneer, the leading money transfer and cross-border payments company, officially unveiled a new office in London. The company has seen an increased demand for UK businesses looking to expand beyond the EU, as well as digital marketplaces and platforms opening their doors to foreign sellers, publishers and talent. Payoneer is aiming to connect the fast-growing digital economy in the UK to the rest of the world.
“London is a huge tech and innovation hub, yet UK businesses have historically focused on a domestic-first approach,” notes Daniel Mayhew, Country Manager for Payoneer in the UK. “Our mission is to help these businesses take advantage of the incredibly lucrative markets that exist internationally. We felt it was crucial to open up a physical office in the UK at this junction to offer more support to the local business community.”
In March 2017, HM Revenue and Customs reported that total UK trade exports reached £31.4 billion that month, a 27% increase from the same period last year. UK merchants are increasingly selling on international marketplaces such as Amazon, Wish and Tophatter in the US, Cdiscount in France and Lazada in SE Asia. Payoneer has seen that UK sellers can expect their sales to grow by an average of 66% by listing their products on additional international marketplaces.
Cross-border commerce is also on track to reach an all-time high, with new leaders in global trade arising each year. Numbers indicate that the UK is in the early stages of a globalization boom; in 2016, Payoneer saw triple digit growth in the number of new users from the UK compared with the previous year. With a team on the ground offering increased support to the local business community, Payoneer can help accelerate global growth for UK businesses.
The new Japanese Yen and Chinese Yuan Payment Services, together with existing American dollar and Euro offerings, provide UK-based Payoneer customers with local receiving accounts in key trading markets to accept payments in those countries and currencies. This empowers them to sell to clients or on marketplaces in those countries and collect their earnings with the same ease as domestic businesses, making it simple to expand into these huge and rapidly growing markets. Plus, the Payoneer account allows UK sellers to hold multiple currencies, and make payments to foreign suppliers using these funds for free, avoiding a double conversion.
“As Brexit looms, there’s an increased interest among many UK businesses to look to new markets for growth, like the US, Asia and Latin America,” states Scott Galit, CEO of Payoneer. “At Payoneer, we are experts helping businesses expand into international markets and capitalize on growth opportunities in the new global digital economy. We’ve continued to increase investment in key markets to support global trade, most recently opening new offices in Japan, India, the Philippines, China and now, the UK. After twelve years in the industry, we understand the needs of the business community in the rapidly changing digital economy, and plan to become the top partner in the UK helping businesses grow internationally.”