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eCommerce - Monday, March 26, 2007

Web Debit Card's Payoneer Raises $4M

Founded in early 2005, New York-based Payoneer has raised $4M in Series A funding. Greylock Partners led the deal, and was joined by seed backer Crossbar Capital plus some angels.

Payoneer is being marketed as a way for parents to give their kids money in credit card form without the risks of them running up big debts as they can only spend what you put on the card. It is also a substitute for travelers checks. Moreveover, Payoneer's prepaid debit cards does, co-branding, placing a company's logo on the cards. Payoneer also provides a white-labeled payout site that allows a company to continue communication with its payees after payment was made. The payout site can include a customizable online account management tool for the cardholder to check their balance and account activity online.

"The Internet payout space may well become a killer application in the next few years as Internet companies transition to smarter ways to pay out their partners around the globe," aid Moshe Mor, partner at Greylock Partners.

CEO Yuval Tal was with a startup called E4X and before that was VP business development at RADWARE.

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