New York-based Payoneer, an Israeli-American global B2B online payments fintech company, said it has completed the first closing of a new $180 million growth equity funding round led by TCV, with the participation of existing investor Susquehanna Growth Equity.

Aside from its investment in newly issued preferred stock, TCV is also said to have agreed to acquire shares from existing shareholders, pending regulatory approval and other customary closing conditions.

“TCV’s connections with fast growing e-commerce marketplaces, global brand-building expertise and its long-term investment philosophy are the perfect fit for Payoneer and will help us propel our growth in the years to come,” said Scott Galit, CEO of Payoneer.

“We have been watching Payoneer’s rapid growth for several years and have appreciated their ability to execute a unique business strategy aimed at empowering SMEs and leading digital platforms around the world to reduce the friction they face sending and receiving global payments” said Woody Marshall, general partner of TCV, who is expected to be appointed to the board subject to regulatory approvals.

Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. The firm has invested approximately $9 billion in leading technology companies and has helped guide CEOs through more than 100 IPOs and strategic acquisitions. TCV is headquartered in Palo Alto, California, with offices in New York and London.

Payoneer was founded in 2005 with $2 million in seed funding from then-CEO Yuval Tal and other private investors. Since then, the company has raised $90 million in 12 funding rounds to date from Israeli, Chinese and American venture capital investors, including Greylock Partners, Carmel Ventures, 83North, Crossbar Capital, Ping An Insurance, Susquehanna Growth Equity, Nyca Partners, Wellington Management and various Israeli angel investors.

Payoneer empowers global commerce by connecting businesses, professionals, countries and currencies with its innovative cross-border payments platform. Payoneer enables millions of businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments. Thousands of leading corporations including Airbnb, Amazon, Getty Images, Google, and Upwork rely on Payoneer’s mass payout services. The company has 600 employees globally across six offices.

In May, Payoneer acquired Silicon Valley-based startup Armor Payments, the only licensed business-to-business payments provider offering Escrow-as-a-Service (EaaS). Armor enables buyers and sellers, whether transacting directly or through B2B marketplaces, to reduce the uncertainty and risk associated with high-value B2B purchases by making secure, online escrow payments anywhere in the world.

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