- Payoneer acquires Singapore’s Skuad for $61M.
- Deal enhances Payoneer’s global HR tech capabilities.
- Skuad’s team and technology will be fully integrated into Payoneer’s services.
A skuad-tastic deal
US fintech giant Payoneer has snapped up Singapore-based global HR and payroll startup Skuad in a $61 million cash deal.
The acquisition could potentially reach $81 million if performance goals are met and key personnel remain on board. Founded in 2019, Skuad has rapidly grown to serve SMBs across 160 countries, streamlining the process of hiring and managing global talent.
The company’s last funding round, a $15 million Series A in 2022, brought its total raised capital to approximately $19 million.
A perfect match
Payoneer, boasting 2 million customers worldwide, sees Skuad’s expertise in payroll and contract management as a natural fit for its cross-border payment services.
All 200 Skuad employees will join Payoneer, integrating their specialized offerings into the acquiring company’s suite of services.
