Payoneer Global's Q2 2025: Unpacking Contradictions in Tariff Impact, Revenue Growth, and B2B Dynamics

Tariff impact on revenue and volume, customer onboarding and retention trends, revenue growth expectations, B2B revenue growth expectations, and macro uncertainty and revenue growth assumptions are the key contradictions discussed in Payoneer Global's latest 2025Q2 earnings call.



Strong Revenue Growth and Strategic Focus:
- Payoneer delivered record revenue of $261 million for Q2 2025, up 9% year-over-year, with core revenue excluding interest income reaching $202 million, a quarterly record and up 16% year-over-year.
- The growth was driven by increasing adoption of high-value products and services like checkout and card products, strategic pricing and offering strategy, and strong B2B revenue expansion.

B2B Revenue and Market Expansion:
- Payoneer's B2B revenue grew 37% in Q2, led by large customer segments, with mid-20% volume growth in APAC, LATAM, and EMEA regions.
- This growth was supported by a shift towards larger multi-entity customers with more complex needs and expanding B2B capabilities in service-oriented markets.

Adjusted EBITDA and Operational Efficiency:
- Payoneer achieved $66 million in adjusted EBITDA for Q2, representing a 25% margin, driven by disciplined execution and strategic investments in scaling card products and strategic relationships.
- The company's improved yield expansion and operational efficiency have helped mitigate the impact of lower interest income.

Stablecoin and Blockchain Integration:
- Payoneer is exploring enabling stablecoin functionality for business-grade accounts and off-ramping stablecoins globally through its extensive last-mile infrastructure.
- The company's efforts are supported by increased regulatory clarity and its distribution, customer relationships, and connectivity to global bank infrastructure.