Israeli fintech giant, Payoneer (NASDAQ: PAYO), unveiled its strategic acquisition of Spott, an Israeli AI-based data platform. Spott will equip Payoneer with enhanced abilities to better comprehend and serve its customers, aligning with its ambition of simplifying and expanding global operations for SMBs. The terms of the deal were not disclosed.
With Spott’s cutting-edge technology at its disposal, Payoneer plans to scrutinize vast data sets to employ advanced AI models, making forecasts and decisions regarding its services for an expansive SMB customer base. Initially, the technology will be implemented to refine underwriting capabilities within Payoneer’s working capital products.
“Today’s announcement is part of Payoneer’s commitment to investing in AI and data to provide unique and seamless experiences for our customers,” said Assaf Ronen, Chief Platform Officer at Payoneer. “We look forward to seeing the impact that these capabilities will have on Payoneer customers. Spott has built a strong solution, and as part of Payoneer, this innovative technology will be available to SMBs in nearly 200 countries and territories.”
Launched in 2020 by founders Roma Bronstein, Guy Salame, and Amir Batzir, Spott has raised $8.3 million in total funding (StartupHub.ai data), from Viola Ventures and Team8.
As part of the agreement, Spott’s co-founders, CEO Amit Batzir, and CTO Roma Bronstein will integrate into Payoneer’s Technology team, also situated in Israel.