Payoneer Global (PAYO) 10-K 3 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 25, 2022
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-40547
Entity Registrant Name	Payoneer Global Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1778671
Entity Address State Or Province	NY
Entity Address, Address Line One	150 W 30th St
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	600-9272
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float	$ 1,604,249,477.25
Entity Common Stock, Shares Outstanding		341,834,302
Entity Central Index Key	0001845815
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Kesselman&Kesselman
Auditor Firm ID	1309
Auditor Location	Tel Aviv, Israel
Share capital
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PAYO
Security Exchange Name	NASDAQ
Warrants
Title of 12(b) Security	Warrants, each exercisable for one share of common stock, $0.01 par value, at an exercise price of $11.50 per share
Trading Symbol	PAYOW
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 465,926	$ 102,988
Restricted cash	3,000	26,394
Customer funds	4,401,254	3,346,722
Accounts receivable, net	13,844	17,843
CA receivables, net	53,675	66,095
Other current assets	25,024	10,417
Total current assets	4,962,723	3,570,459
Non-current assets:
Property, equipment and software, net	12,140	12,694
Goodwill	21,127	22,541
Intangible assets, net	37,529	34,415
Restricted cash	5,113	5,199
Deferred taxes	4,900	3,684
Investment in associated company	7,013	6,858
Severance pay fund	1,723	1,624
Operating lease right-of-use asset	12,943
Other assets	13,541	12,210
Total assets	5,078,752	3,669,684
Current liabilities:
Trade payables	17,200	17,245
Outstanding operating balances	4,401,254	3,346,722
Current portion of long-term debt		13,500
Other payables	79,374	63,455
Total current liabilities	4,497,828	3,440,922
Non-current liabilities:
Long-term debt from related party (refer to Notes 9 and 18 for further information)	13,665	26,525
Warrants liability	59,877
Other long-term liabilities	20,309	12,403
Total liabilities	4,591,679	3,479,850
Commitments and contingencies (Note 12)
Shareholders' equity:
Common stock, $0.01 par value, 3,800,000,000 and 320,115,953 shares authorized; 340,384,157 and 48,608,176 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively.	3,404	486
Additional paid-in capital	575,470	79,706
Accumulated other comprehensive income	2,253	4,174
Accumulated deficit	(94,054)	(60,067)
Total shareholders' equity	487,073	24,299
Total liabilities redeemable preferred stock, redeemable convertible preferred stock and shareholders' equity	$ 5,078,752	3,669,684
Redeemable convertible preferred stock
Non-current liabilities:
Redeemable preferred stock		154,800
Redeemable preferred stock
Non-current liabilities:
Redeemable preferred stock		$ 10,735

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Dec. 31, 2021$ / sharesshares
Preferred stock, par value | $ / shares	$ 0.01
Preferred stock, shares authorized	380,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value | $ / shares	$ 0.01
Common stock, shares authorized	3,800,000,000
Common stock, shares issued	340,384,157
Common stock, shares outstanding	340,384,157

CONSOLIDATED STATEMENTS OF LOSS

CONSOLIDATED STATEMENTS OF LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF LOSS
Revenues	$ 473,403	$ 345,592	$ 317,750
Transaction costs ($220 interest expense and fees associated with related party transaction in 2021, refer to Notes 9 and 18 for further information)	101,476	97,040	94,665
Other operating expenses	124,649	81,976	82,295
Research and development expenses	80,760	52,301	34,772
Sales and marketing expenses	114,331	76,846	61,020
General and administrative expenses	64,399	37,629	31,016
Depreciation and amortization	17,997	17,095	10,341
Total operating expenses	503,612	362,887	314,109
Operating income (loss)	(30,209)	(17,295)	3,641
Financial income (expense):
Gain from change in fair value of Warrants	11,824
Other financial income, net	(6,854)	2,012	524
Financial income (expense), net	4,970	2,012	524
Income (loss) before taxes on income and share in losses of associated company	(25,239)	(15,283)	4,165
Taxes on income	8,711	8,320	4,709
Share in losses of associated company	37	143	81
Net loss	$ (33,987)	$ (23,746)	$ (625)
Per share data
Net loss per share attributable to common stockholders - Basic loss per share	$ (0.33)	$ (0.80)	$ (0.33)
Net loss per share attributable to common stockholders - Diluted loss per share	$ (0.33)	$ (0.80)	$ (0.33)
Weighted average common shares outstanding - Basic	202,881,911	47,007,695	36,114,832
Weighted average common shares outstanding - Diluted	202,881,911	47,007,695	36,114,832

CONSOLIDATED STATEMENTS OF LO_2

CONSOLIDATED STATEMENTS OF LOSS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
CONSOLIDATED STATEMENTS OF LOSS
Interest expense and fees associated with related party transaction	$ 220

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (33,987)	$ (23,746)	$ (625)
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,921)	4,031	143
Unrealized gain on derivatives designated as cash flow hedges, net of taxes			719
Comprehensive income (loss), net of tax	$ (35,908)	$ (19,715)	$ 237

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED STOCK, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Redeemable convertible preferred stock	Redeemable preferred stock	Share capital	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficitAdoption of new accounting standard	Accumulated deficit	Adoption of new accounting standard	Total
Beginning balance at Dec. 31, 2018	$ 154,800
Beginning balance (in shares) at Dec. 31, 2018	209,529,798
Beginning balance at Dec. 31, 2018			$ 339	$ 19,897	$ (719)		$ (35,981)		$ (16,464)
Beginning balance (in shares) at Dec. 31, 2018			33,935,626
Exercise of options			$ 37	1,007					1,044
Exercise of options (in shares)			3,633,916
Share-based compensation				9,535					9,535
Other comprehensive income, net of tax					862				862
Net income (loss)							(625)		(625)
Ending balance at Dec. 31, 2019	$ 154,800
Ending balance (in shares) at Dec. 31, 2019	209,529,798
Ending balance at Dec. 31, 2019			$ 376	30,439	143	$ 285	(36,321)	$ 285	(5,363)
Ending balance (in shares) at Dec. 31, 2019			37,569,542
Issuance of redeemable preferred stock and warrants		$ 10,735		21,911					21,911
Issuance of redeemable preferred stock and warrants (in shares)		3,500
Acquisition related issuance of common Stock			$ 53	15,490					15,543
Acquisition related issuance of common Stock (in shares)			5,278,856
Exercise of options			$ 57	792					849
Exercise of options (in shares)			5,759,778
Share-based compensation				11,074					11,074
Other comprehensive income, net of tax					4,031				4,031
Net income (loss)							(23,746)		(23,746)
Ending balance at Dec. 31, 2020	$ 154,800	$ 10,735
Ending balance (in shares) at Dec. 31, 2020	209,529,798	3,500
Ending balance at Dec. 31, 2020			$ 486	79,706	4,174		(60,067)		24,299
Ending balance (in shares) at Dec. 31, 2020			48,608,176
Reverse Recapitalization transaction	$ (154,800)		$ 2,498	189,056					191,554
Reverse Recapitalization transaction (in shares)	(209,529,798)		249,792,546
PIPE financing			$ 300	279,885					280,185
PIPE financing (in shares)			30,000,000
Redemption of Redeemable Preferred Stock		$ (10,735)		(29,069)					(29,069)
Redemption of Redeemable Preferred Stock (in shares)		(3,500)
Exercise of options			$ 117	18,883					19,000
Exercise of options (in shares)			11,704,229
Share-based compensation				37,012					37,012
Deferred consideration related to acquisition of Optile			$ 3	(3)
Deferred consideration related to acquisition of Optile (in shares)			279,206
Other comprehensive income, net of tax					(1,921)				(1,921)
Net income (loss)							(33,987)		(33,987)
Ending balance at Dec. 31, 2021			$ 3,404	$ 575,470	$ 2,253		$ (94,054)		$ 487,073
Ending balance (in shares) at Dec. 31, 2021			340,384,157

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities
Net loss	$ (33,987)	$ (23,746)	$ (625)
Adjustment to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	17,997	17,095	10,341
Deferred taxes	(1,216)	(721)	(694)
Share-based compensation expenses	37,012	11,074	9,535
Share in losses of associated company	37	143	81
Gain from change in fair value of Warrants	(11,824)
Transaction costs allocated to Warrants	5,087
Foreign currency re-measurement (gain) loss	1,103	(576)	(521)
Changes in operating assets and liabilities, net of the effects of business combinations:
Other current assets	(14,694)	3,627	(1,278)
Trade payables	469	2,865	6,817
Deferred revenue	(432)	417	(1,873)
Accounts receivables	3,933	(3,869)	1,197
CA extended to customers	(330,510)	(266,149)	(171,105)
CA collected from customers	342,930	259,790	128,125
Other payables	691	15,416	12,030
Other long-term liabilities	(4,775)	(2,572)	1,750
Operating lease right-of-use assets	9,525
Other assets	(1,331)	(3,268)	(8,092)
Net cash provided by (used in) operating activities	20,015	9,526	(14,312)
Cash Flows from Investing Activities
Purchase of property, equipment and software	(6,891)	(4,992)	(9,149)
Capitalization of internal use software	(14,008)	(9,045)	(8,140)
Severance pay fund (contributions) distributions, net	(99)	378	(40)
Customer funds in transit, net	31,154	(37,713)	3,249
Investments in associated company			(6,501)
Acquisition of Optile, net of cash acquired		(15,482)
Net cash provided by (used in) investing activities	10,156	(66,854)	(20,581)
Cash Flows from Financing Activities
Exercise of options	19,000	849	1,044
Outstanding operating balances, net	1,054,530	1,659,944	292,699
Proceeds of long-term debt from related party	17,431		60,000
Repayment of long-term debt ($3,766 associated with related party transaction in 2021, refer to Notes 9 and 19 for further information)	(43,791)	(19,975)
Issuance of redeemable preferred stock and warrants, net		32,646
Redemption of redeemable preferred stock	(39,803)
Proceeds from Reverse Recapitalization, net	108,643
Proceeds from PIPE financing, net	280,185
Net cash provided by financing activities	1,396,195	1,673,464	353,743
Effect of exchange rate changes on cash and cash equivalents	(1,222)	636	521
Net change in cash, cash equivalents, restricted cash and customer funds	1,425,144	1,616,772	319,371
Cash, cash equivalents, restricted cash and customer funds at beginning of the period	3,413,289	1,796,517
Cash, cash equivalents, restricted cash and customer funds at end of the period	4,838,433	3,413,289	1,796,517
Supplemental disclosure of cash flow information:
Cash paid for taxes, net of refunds	3,689	5,713	1,937
Cash interest received	2,935	5,455	15,867
Cash interest paid	1,919	1,887	311
Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid	20	534	444
Internal use software capitalized but not paid	1,560	$ 988	$ 1,149
Right of use assets obtained in exchange for new operating lease liabilities	3,188
conversion of redeemable convertible preferred stock into Common Stock	$ 154,800

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Reconciles cash, cash equivalents, restricted cash and customer funds & Supplemental schedule about acquisition - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Additional cash flow information
Repayment of long-term debt associated with related party	$ 3,766
Reconciles cash, cash equivalents, restricted cash and customer funds
Cash and cash equivalents	465,926	$ 102,988	$ 114,896
Current restricted cash	3,000	26,394	18,909
Non-current restricted cash	5,113	5,199	6,235
Customer funds	4,364,394	3,278,708	1,656,477
Total cash, cash equivalents, restricted cash and customer funds shown in the consolidated statements of cash flows	4,838,433	3,413,289	1,796,517
Customer funds in transit	36,860	$ 68,014	$ 30,301
Supplemental schedule about Reverse Recapitalization
Cash held by FTOC and cash related to FTOC trust, net of redemptions	574,961
Less cash consideration paid to Legacy Payoneer Shareholders	398,201
Less cash paid associated with transaction costs allocated to Reverse Recapitalization	68,117
Reverse Recapitalization financing	108,643
Cash related to PIPE	300,000
Less cash paid associated with transaction costs allocated to PIPE	19,815
PIPE financing	280,185
Net contributions from Reverse Recapitalization and PIPE financing	388,828
Optile
Net fair value of assets acquired and liabilities assumed at the date of acquisition was as follows:
Working capital deficit, net (excluding cash and cash equivalents in the amount of $196)	(29)
Property, plant and equipment	162
Goodwill	20,449
Identifiable intangible assets	17,805
Non-cash consideration	(22,905)
Total cash paid, net of cash acquired	15,482
Cash and cash equivalents	$ 196

GENERAL OVERVIEW

GENERAL OVERVIEW	12 Months Ended
	Dec. 31, 2021
GENERAL OVERVIEW
GENERAL OVERVIEW	NOTE 1 – GENERAL OVERVIEW Payoneer Global Inc. (together with its subsidiaries, “Payoneer” or the “Company”), incorporated in Delaware, empowers global commerce by connecting businesses, professionals, countries and currencies with its innovative cross-border payments platform. Payoneer enables businesses and professionals around the globe to reach new audiences while reducing the complexity involved in enabling overseas and cross-border trade, by facilitating seamless, cross-border payments. Payoneer offers its customers the flexibility to pay and get paid globally as easily as they do locally. The Company offers a suite of services that includes cross-border payments, physical and virtual Mastercard cards, working capital, risk management and other services. The fully-hosted service includes various payment options with minimal integration required, full back-office functions and customer support offered. Payoneer is registered as a Money Service Business with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) and licensed as a Money Transmitter under the laws of all U.S. states where such license is necessary as well as in the District of Columbia and Puerto Rico. During 2012, the Company, through Payoneer (EU) Limited., was granted an e-money license by the Gibraltar Financing Services Commission which enabled Payoneer (EU) Limited to issue prepaid cards and Payoneer accounts. Payoneer (EU) Limited issued prepaid cards and accounts balances and provided collection and global bank transfers services. In December 2020, the customers of Payoneer (EU) Limited were migrated to Payoneer Europe Limited, discussed further below, and on April 30, 2021, Payoneer (EU) Limited ceased to provide services and surrendered its license as an electronic money institution. During 2015, the Company, through Payoneer Hong Kong Limited, was granted a Money Service Operator License in Hong Kong which enables the Company to offer payment services from Hong Kong. During 2016, the Company, through Payoneer Japan Limited, was registered as a Funds Transfer Service Provider in Japan. During 2018, the Company, through Payoneer Australia PTY Limited, was registered as a Financial Services Licensee in Australia. During 2019, the Company, through Payoneer Europe Limited, was granted authorization to operate as an Electronic Money Institution from the Central Bank of Ireland and was then authorized pursuant to EU passporting rules to provide payment services under its license in all countries in the European Economic Area. Payoneer Europe Limited also holds a license with Mastercard to issue cards and as of December 31, 2020, was the issuer of the majority of cards issued to Payoneer customers. In January 2021, Payoneer entered into an agreement with an existing card issuing partner in the United States that enables Payoneer to also provide its customers with access to commercial Mastercard cards issued through the card issuing partner to make online purchases of commercial goods and services. This commercial card provides advantages such as higher acceptance rates. The Company supports customers that come from more than 190 countries and territories and operates in a rapidly evolving regulatory environment characterized by a heightened regulatory focus on all aspects of the payments industry. Government regulations impact key aspects of the Company’s business. The Company is subject to regulations that affect the payments industry in the markets in which the Company operates. Unless the context otherwise requires, the “Company”, “Payoneer”, and similar terms refer to Payoneer Inc. for the period prior to the Closing Date (as defined below) and to Payoneer Global Inc. for the period thereafter. On June 25, 2021 (the “Closing Date”), FTAC Olympus Acquisition Corporation (“FTOC”), consummated the previously announced merger pursuant to the Agreement and Plan of Reorganization (the “Reorganization Agreement”), dated February 3, 2021, as amended, by and among FTOC, Payoneer Inc. (“Legacy Payoneer”), New Starship Parent Inc., a Delaware corporation (“New Starship”), Starship Merger Sub I Inc., a Delaware corporation and a direct, wholly owned subsidiary of New Starship (“First Merger Sub”), Starship Merger Sub II Inc., a Delaware corporation and a direct, wholly owned subsidiary of New Starship (“Second Merger Sub” and, together with First Merger Sub, the “Merger Subs”, and together with the Legacy Payoneer, FTOC, New Starship and the Merger Subs, the “Parties”). Pursuant to the terms of the Reorganization Agreement, a transaction between FTOC and Legacy Payoneer was effected through the merger of First Merger Sub with and into FTOC and through a merger of Second Merger Sub with and into Legacy Payoneer (the “Reverse Recapitalization”). ​ NOTE 1 – GENERAL OVERVIEW (continued) On the Closing Date, and in connection with the closing of the Reverse Recapitalization, New Starship became the combined company and changed its name to Payoneer Global Inc. (the “Company”). Legacy Payoneer was deemed the accounting acquirer in the Reverse Recapitalization based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) 805. This determination was primarily based on Legacy Payoneer's stockholders prior to the Reverse Recapitalization having a majority of the voting interests in the combined company, Legacy Payoneer's operations comprising the ongoing operations of the combined company, Legacy Payoneer's board of directors comprising a majority of the board of directors of the combined company, Legacy Payoneer's senior management comprising the senior management of the combined company and the assets and revenue of Legacy Payoneer were greater than those of FTOC. As FTOC does not meet the definition of a “business” for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Legacy Payoneer issuing stock for the net assets of FTOC, accompanied by a recapitalization. The net assets of FTOC are stated at historical cost, with no goodwill or other intangible assets recorded. While FTOC was the legal acquirer in the Reverse Recapitalization because Legacy Payoneer was deemed the accounting acquirer, the historical financial statements of Legacy Payoneer became the historical financial statements of the combined company upon the consummation of the Reverse Recapitalization. As a result, the financial statements included in this report reflect (i) the historical operating results of Legacy Payoneer prior to the Reverse Recapitalization; (ii) the combined results of the Company and Legacy Payoneer following the closing of the Reverse Recapitalization; (iii) the assets and liabilities of Legacy Payoneer at their historical cost; and (iv) the Company’s equity structure for all periods presented. In accordance with guidance applicable to these circumstances, the equity structure has been retroactively adjusted in all comparative periods up to the Closing Date, to reflect the number of shares of the Company's common stock, $0.01 par value per share issued to Legacy Payoneer's stockholders in connection with the Reverse Recapitalization transaction. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Payoneer redeemable convertible preferred stock and common stock prior to the Reverse Recapitalization have been retroactively adjusted as shares reflecting the exchange ratio established pursuant to the Reorganization Agreement. In conjunction with the Reverse Recapitalization, the Company’s Common Stock underwent a 1-for-1.88 conversion. Note that the consolidated financial statements give retroactive effect as though the conversion of the Company’s Common Stock occurred for all periods presented, without any change in the par value per share. Starting in January 2020, the COVID-19 pandemic impacted Payoneer teams, customers, and supply chains in Greater China. Starting in March 2020, due to broader travel restrictions, global travel and tourism slowed, negatively impacting our travel customer base. Furthermore, the Federal Reserve cut interest rates to zero in mid-March of 2020, negatively impacting our interest income revenues, associated with underlying customer accounts. Despite the global travel slowdown and interest rate cuts, and wavering consumer confidence, the COVID-19 pandemic driven shift in buying patterns from brick and mortar to eCommerce, led to an acceleration of digital commerce that created tailwinds which further strengthened the Company’s role in the global economy. Shelter-in-place orders, social distancing measures and travel restrictions following the extraordinary spread of COVID-19 fundamentally shifted commerce and the way buyers and sellers transact, accelerating digitalization and eCommerce trends.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES a. Principles of consolidation and basis of presentation: The accompanying consolidated financial statements include the accounts of Payoneer Global Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Investments in an entity where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is shown within Share in losses of associated company on our consolidated statements of loss and our investment balance as an investment in associated company on our consolidated balance sheets. b. Accounting principles: The consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (hereafter - U.S. GAAP). c. Use of estimates in the preparation of financial statements: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, share-based compensation, revenue recognition for items such as customer life, valuation allowance on deferred taxes, contingencies, and allowance for doubtful accounts on capital advances. d. Functional currency and translation: The functional currency of the Company is the U.S. dollar (“dollar” or “$”). Where the Company’s foreign subsidiaries derive their revenue primarily from services provided to the parent company as well as obtains its financing from the parent company in dollars, the Company has determined the functional currencies to be the dollar as well. Accordingly, monetary accounts maintained in currencies other than the dollar are re-measured into dollars in accordance with the principles set forth in ASC 830 of the Financial Accounting Standards Board ("FASB") "Foreign Currency Translation", in the following manner: Transactions and balances originally denominated in dollars are presented at their original amounts. Balances in non-dollar currencies are translated into dollars using historical and current exchange rates for non-monetary and monetary balances, respectively. For non-dollar transactions reflected in the statement of loss, the transaction date exchange rates are used. The resulting transaction gains or losses are recorded as net financial income or expenses. Depreciation, amortization and other changes deriving from non-monetary items are based on historical exchange rates. The Company is also affected by fluctuations in exchange rates on its investments in an associated company. The assets and liabilities of the associated company whose functional currency is a foreign currency are translated at the period-end rate of exchange. The resulting translation adjustment is recorded as a component of other comprehensive income and is included in shareholders' equity. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): The Company also has a foreign subsidiary that uses the local currency of the respective country as its functional currency. Assets and liabilities of the non-U.S. dollar functional currency subsidiary is translated into U.S. dollars at exchange rates prevailing at the balance sheet dates. Revenues, costs, and expenses of the non U.S. dollar functional currency subsidiary is translated into U.S. dollars using daily exchange rates. Gains and losses resulting from these translations are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as other income (expense), net in our consolidated statements of income. e. Fair value measurement: The Company applies the provisions of ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), regarding fair value measurements for assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. The provisions apply whenever other accounting pronouncements require or permit fair value measurements. Fair value measurements used in the consolidated financial statements are based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1— Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the inputs that market participants would use in pricing. As of December 31, 2021, and 2020, the fair values of the Company's cash, cash equivalents, customer funds, short-term and long-term deposits, accounts receivable, CA receivables, accounts payable and outstanding operating balances approximated the carrying values of these instruments presented in the Company's consolidated balance sheets because of their nature. The fair value of the warrants described within Note 3 is determined by utilizing the publicly available price of the Company’s stock (Level 1). The fair values of the derivative assets and liabilities are determined using quantitative models that use as their basis readily observable market parameters that are actively quoted and can be validated through external sources, including third-party pricing services, brokers and market transactions (Level 2). The fair value of long-term debt, the Company’s common stock and contingent consideration related to the acquisition (as described within note 3) are determined using Level 3 unobservable inputs and assumptions by the Company. f. Cash and cash equivalents: The Company considers cash invested in short-term bank deposits (up to three months from date of deposit) that are not restricted to withdrawal or use and money market instruments, to be cash equivalents. The Company maintains cash and cash equivalent balances with various financial institutions. The Company regularly reviews investment concentrations of these institutions and has relationships with a globally diversified group of banks and financial institutions. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): g. Restricted cash: The Company maintains restricted cash held as collateral for the purpose of maintaining compliance with certain agreements as well as deposits held with payment processors and issuing banks that assist the Company in executing payment transactions, deposits in connection with regulatory requirements and deposits for property rental in different locations around the globe. The classification of restricted cash between current and non-current assets depends on the expected duration of the underlying activity. h. Customer funds: The Company holds customer funds as the Company’s liability. These funds are reflected on the consolidated balance sheets as an outstanding operating balances liability. To meet regulatory requirements in the jurisdictions in which the Company operates, the Company is obligated to hold the underlying funds and separately classify the assets as customer funds in the consolidated balance sheet. The Company classifies the assets underlying the customer funds as current based on their purpose and availability to fulfill the direct obligation of the Company under amounts due to customers. The Company does not commingle these customer funds within its corporate funds. Customer funds are maintained within both interest and non-interest bearing bank accounts. The Company has restricted access to some bank accounts depending on the license and regulatory body governing the services and nature of the services underlying each obligation. Customer funds include funds in transit that have not yet settled with the designated payee bank account or have yet to be loaded to a customer card or account. These funds are classified on the consolidated statements of cash flows as investing activities. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): i. Accounts receivable, net: Accounts receivable includes receivables from program management services and other payment service programs whereby the Company periodically assesses and evaluates the collectability of outstanding receivables. The Company maintains a reserve for doubtful accounts. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Bank income receivable ​ $ 64 ​ $ 13,097 Program management receivable ​ 13,899 ​ 4,868 Reserve for doubtful accounts ​ (119) ​ (122) Total accounts receivable ​ $ 13,844 ​ $ 17,843 ​ j. Capital Advance (CA) receivable, net: The Company enters into transactions with pre-qualified sellers in which the Company purchases a designated amount of future receivables for an upfront cash purchase price. The delivery of the future receivables purchased in exchange for the advance cash purchase price is facilitated through the seller’s payment processing activities with the Company. There is no economic recourse to the seller in the event that the future receivables are not generated. There is also no fixed period of time in which the seller must deliver the purchased future receivables to the Company, as delivery of the purchased future receivables is contingent on the sellers’ generation of such receivables. The Company does have limited contractual remedies in the event that a seller breaches its agreement with the Company. Although there is no economic recourse to the seller in the event that the future receivables are not generated, the degree of uncertainty related to this economic benefit is mitigated by the due diligence performed by the Company prior to purchasing the seller’s future receivables and is further mitigated by limited contractual remedies. The Company’s due diligence includes but is not limited to detailed analyses of the seller’s historical processing volumes, transaction count, chargeback history, growth of the seller, and account longevity with the Company. The Company recognizes revenues associated with these fees over the CA period, adjusting the amount to reflect an effective interest rate. The fees earned on these receivables are included in total revenue on the consolidated statements of loss and the total fees were not significant the Company’s operations for the years ended December 31, 2021, 2020 and 2019. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): During the years ended December 31, 2021 and 2020, the Company has purchased and collected the following principal amounts associated with CAs: ​ ​ ​ ​ CA receivable, gross, December 31, 2020 $ 67,682 CA extended to customers ​ 334,775 Increase in revenue receivables ​ 444 CA collected from customers ​ (342,930) Charge-offs, net of recoveries ​ (3,870) CA receivable, gross, December 31, 2021 ​ $ 56,101 Allowance for CA losses, December 31, 2021 ​ (2,426) CA receivable, net, December 31, 2021 ​ $ 53,675 ​ ​ ​ ​ ​ CA receivable, gross, December 31, 2019 $ 60,636 CA extended to customers ​ 266,562 Increase in revenue receivables ​ 126 CA collected from customers ​ (259,134) Charge-offs, net of recoveries ​ (508) CA receivable, gross, December 31, 2020 ​ $ 67,682 Allowance for CA losses, December 31, 2020 ​ (1,587) CA receivable, net, December 31, 2020 ​ $ 66,095 ​ The outstanding gross balance at December 31, 2021, consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current 1-30 days overdue 30-60 overdue 60-90 overdue Above 90 overdue 56,101 53,150 964 704 163 1,120 ​ The outstanding gross balance at December 31, 2020, consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current 1-30 days overdue 30-60 overdue 60-90 overdue Above 90 overdue 67,682 66,018 263 129 218 1,054 ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less than ​ ​ ​ ​ ​ Due in more than Total Overdue 30 days Due in 30-60 days Due in 60-90 days 90 days 56,101 2,951 9,511 12,457 23,008 8,174 ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less than ​ ​ Due in more than Total Overdue 30 days Due in 30-60 days Due in 60-90 days 90 days 67,682 1,664 10,143 19,726 34,979 1,170 ​ ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): CA advance receivable, net represents the aggregate amount of CA-related receivables owed by sellers as of the consolidated balance sheet date, net of an allowance for potential uncollectible amounts in the event of merchant fraud, diversion or default. For the purchased receivables, the Company is generally exposed to advance losses related to uncollectibility, and similar to the allowance for transaction losses, the Company establishes allowance for CA losses (ALCAL). The Company estimates the ALCAL based on an assessment of various factors, including historical experience, sellers’ current processing volume, and other factors that may affect the sellers’ ability to make future payments on the receivables. Changes to the ALCAL are reflected as transaction costs on the statement of income (loss), according to company’s charge-off methodology. The Company has developed a risk-based methodology that is used to estimate future losses based on historical loss experience as well as the qualitative judgment when historical loss data is not available. For product offerings with sufficient historical loss experience, the Company develops loss estimates based on receivable balance attributes such as account payment status, percentage of collections per day, and length of time from advance to collection. Based on these attributes, a historical loss rate is applied to calculate the allowance for CA losses. For product offerings that do not have significant historical loss data to develop a historical loss percentage, the Company estimates losses by evaluating portfolio factors such as average balance outstanding by customer as well as creating specific identification provisions for known collection risks. As of December 31, 2021, the Company has applied a range of loss rates to the portfolio of 3.13% to 3.35% for the allowance for CA losses with the weighted average loss rate applied being 3.22%. The Company applied a range of loss rates to the portfolio of 0.75% to 5.1% for the allowance for CA losses with the weighted average loss rate applied being 2.15% as of December 31, 2020. Below is a rollforward for the ALCAL for the years ending December 31, 2021 and 2020: ​ ​ ​ ​ ​ ALCAL balance, December 31, 2020 $ 1,587 Provision for ALCAL ​ 11,934 Recoveries for ALCAL ​ (7,225) CA receivables charged off ​ (3,870) ALCAL balance, December 31, 2021 ​ $ 2,426 ​ ​ ​ ​ ​ ALCAL balance, December 31, 2019 $ 900 Provision for ALCAL ​ 5,723 Recoveries for ALCAL ​ (4,247) CA receivables charged off ​ (789) ALCAL balance, December 31, 2020 ​ $ 1,587 ​ ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): k. Property, equipment and software, net: 1) The assets are stated at cost. 2) The assets are depreciated and amortized by the straight-line method, on basis of their estimated useful lives. 3) Additions, renewals, and betterments are capitalized. Maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. The estimated useful lives are as follows: ​ ​ ​ ​ ​ Years Computers, software and peripheral equipment 3-5 Furniture and office equipment 6-16 Leasehold improvements Lesser of economic life or lease term ​ l. Internal use software: The Company accounts for costs incurred to develop software and other applications for internal use to enhance its capabilities as a payment solution provider, in accordance with ASC 350-40 “Internal-Use Software” and are included within Intangible assets, net on the Company’s balance sheet. The Company capitalizes the costs incurred during the application development stage, which include costs to design the software, application configuration, interfaces, coding, installation, and testing. Costs incurred during the preliminary project along with post-implementation stages of internal use computer software are expensed as incurred. Capitalized development costs are amortized over the period of estimated benefit, which is three years, using the straight-line method, and presented under depreciation and amortization. Costs incurred to maintain existing product offerings are expensed as incurred. The capitalization and ongoing assessment of recoverability of development cost requires considerable judgement by management. m. Business combinations The Company accounts for business combinations using the acquisition method when control is transferred to the Company. The consideration transferred in the acquisition is measured at fair value, as are the identifiable net tangible and intangible assets acquired. The fair value of the assests are considered to be significant estimates made by the Company. The methodologies used by the company are discussed further within Note 3. Any residual purchase price is allocated as goodwill. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Any contingent consideration connected to the business combination is measured at fair value at the date of acquisition and each reporting period thereafter. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed in the business combination, with the corresponding offset recorded to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of income (loss). ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): n. Deferred transaction costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financing activities, including the Reverse Recapitalization and the PIPE offering described within Note 3, as deferred costs until such financings are consummated. Upon consummation of the equity financing activity, these fees are recorded in the stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the activity. o. Goodwill and intangible assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination and is allocated to the reporting unit expected to benefit from the business combination. Goodwill is tested for impairment at a minimum on an annual basis at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. The fair value of the reporting unit is estimated using a discounted cash flow method. The discounted cash flow method, a form of the income approach, uses expected future operating results and a market participant discount rate. Failure to achieve these expected results, changes in the discount rate or market pricing metrics, may cause a future impairment of goodwill at the reporting unit level. The Company conducted the annual impairment test of goodwill as of September 30, 2021. The Company elected to directly perform a quantitative analysis of fair value of the reporting unit compared to the carrying value of the reporting unit. Based on the results of this analysis, the Company determined that the goodwill was not impaired. Intangible assets consist of acquired developed technology, internal use software (refer to note 2l) and other intangible assets. Intangible assets are amortized over the period of estimated useful life using the straight-line method and have estimated useful lives ranging from three The Company evaluates intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net cash flow the asset is expected to generate. p. Impairment of long-lived assets: The Company reviews long-lived assets for their impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future cash flows (undiscounted and without interest charges) from the use of the asset are less than the carrying value, a write-down would be recorded to reduce the related asset to its estimated fair value. q. Leases: The Company determines whether an arrangement is a lease for accounting purposes at contract inception. Operating leases are recorded as right-of-use (“ROU”) assets, which are included in right-of-use assets, and lease liabilities, which are included in other payable and other long-term liabilities on the consolidated balance sheets, respectively. As of December 31, 2021, the Company did not have any finance leases. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit rate; we use an incremental borrowing rate for specific terms on a collateralized basis based on the information available on either the ASC 842 transition date or commencement date as applicable in determining the present value of lease payments. The ROU asset calculation includes lease payments to be made and excludes lease incentives. The ROU asset and lease liability may include amounts attributed to options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. In certain instances the Company may have lease agreements with lease and non-lease components. In these instances the Company has elected to apply the practical expedient and account for the lease and non-lease components as a single lease component for all leases. In addition, the Company has elected the practical expedients related to lease classification and hindsight. The Company applies a single portfolio approach within certain lease classes to account for the ROU assets and lease liabilities. r. Outstanding operating balances: The outstanding operating balances include customers’ balances held with the Company as well as customers’ funds in transit that have not yet settled with the designated payee bank account or have yet to be loaded to a customer card or account. The Company recognizes the outstanding operating balances as a liability on the accompanying consolidated balance sheets and releases the liability once the funds reached the customer or loaded to the card. s. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own shares of Common Stock and whether the warrant holders could potentially require different settlement value of consideration in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a derivative liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as gain or loss on the statements of operations. In accordance with ASC 825-10 “Financial Instruments”, offering costs attributable to the issuance of the derivative warrant liabilities are recognized in the statement of operations as incurred. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): t. Revenue recognition: On January 1, 2019, the Company adopted Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2019. The Company recorded a net increase to retained earnings of $285 as of January 1, 2019, due to the cumulative impact of adopting ASC 606, primarily related to the effect of incremental contract acquisition costs on contracts that were not completed by the transition date. A corresponding increase of $285 was recorded in other assets on the consolidated balance sheet. Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The majority of the Company’s revenue is recognized and collected upon the completion of the underlying transaction. Card and Customer Account revenue: 1) Transaction fee revenues - the Company’s transaction fee revenue principally consists of usage fees. Revenue may vary based on the size of the transaction, the funding method used, the currency to be ultimately disbursed and the countries to which the funds are transferred. Transaction fee revenues are recognized at a point in time which is the period when the underlying transactions occur, and at this time the amounts are known. 2) Collection and loading fees - fees are charged to customers upon withdrawal of funds into a customer’s bank account or utilization of funds loaded or allocated to cards. Fees are recognized at a point in time which is the period that the underlying withdrawal or load to a customer occurs. 3) Service and maintenance fees – maintenance and service fees are charged either monthly or annually to customers. Fees charged in advance to customers covering a single reporting period or multiple reporting periods are recognized when the fee is charged as there is no binding contract term and the fee does not represent a material right to the customer. 4) Cancellations and refunds of fees - the Company records revenue net of transaction cancellation and refunds of fees. Cancellations and refunds of fees are estimated at the time that the underlying transaction occurs and are provided for in advance of the cancellation or refund. Capital Advance fees The Company offers customers a cash advance in exchange for a fixed amount of their future receivables. Such customers use Payoneer’s payment services to receive payments from third party online marketplaces for goods and services sold on the marketplaces. For the cash advances in which the Company retains the right to future receivables, the fee is recognized over the advance period. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): Global Bank Transfer Revenue: Revenues generated from bank transfers are recorded at the time the related funds transfer is executed and delivered to the beneficiary. Revenue is deferred until it reaches the beneficiary even if it has been collected by the Company at any point during the bank transfer process. The timing of recognition is dependent on geographic region, and overall reliance on third party processors and financial institutions. The Company uses third-party processors and financial institutions in executing foreign exchange transactions with third-parties. The Company acts as the principal in these transactions and recognizes revenue as it relates to these transactions on a gross basis as the Company controls the service to the end customer and directs third party processors and other financial institutions to perform the specified services on the Company’s behalf. To the extent revenues are recorded on a gross basis, any commissions or other payments to third-parties are recorded as transaction costs so that the net amount (gross revenue less transaction costs) is reflected in operating income. The company charges both fixed and variable fees related to global bank transfers. Fixed fees are generally on a per transaction basis while variable are generally based on volume of a transaction where a transactions involve funds transferred to the Company in one currency and are transferred to a beneficiary in another currency. Disaggregation of Revenue We determine operating segments based on how our Chief Operating Decision Maker (“CODM”) manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. Our CODM is our Chief Executive Officer, who reviews our operating results on a consolidated basis. We operate in one segment and have one reportable segment. Based on the information provided to and reviewed by our CODM, we believe that the nature, amount, timing, and uncertainty of our revenue and cash flows and how they are affected by economic factors are most appropriately depicted through our primary geographical markets. The following table presents our revenue disaggregated by primary geographic market where revenues are attributable to the country in which the billing address of the customer is located with the exception of global bank transfer revenues where revenues are disaggregated based on the billing address of the transaction funds source. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Primary geographical markets ​ ​ ​ Greater China (1) ​ ​ 160,583 ​ $ 127,307 ​ $ 103,531 United States ​ ​ 55,941 ​ 38,729 ​ 69,016 All other countries (2) ​ ​ 256,879 ​ 179,556 ​ 145,203 Total revenues ​ ​ 473,403 ​ $ 345,592 ​ $ 317,750 (1) Greater China is inclusive of mainland China, Hong Kong and Taiwan (2) No single country included in the other countries category generated more than 10% of total revenue The Company had one customer that contributed 3%, 5% and 15% of total

REVERSE RECAPITALIZATION AND BU

REVERSE RECAPITALIZATION AND BUSINESS COMBINATION	12 Months Ended
	Dec. 31, 2021
REVERSE RECAPITALIZATION AND BUSINESS COMBINATION
REVERSE RECAPITALIZATION AND BUSINESS COMBINATION	NOTE 3 – REVERSE RECAPITALIZATION AND BUSINESS COMBINATION Reverse Recapitalization On the Closing Date, Legacy Payoneer and FTOC consummated the Reorganization in accordance with the Reorganization Agreement, with Legacy Payoneer and FTOC surviving the merger as wholly-owned subsidiaries of New Payoneer. Immediately prior to the closing of the Reverse Recapitalization, all shares of outstanding redeemable convertible preferred stock of Legacy Payoneer were converted into shares of Common Stock of New Payoneer. Upon the consummation of the Reverse Recapitalization, among other things, (i) 85% of each issued and outstanding share of Legacy Payoneer common stock was converted into the right to receive shares of Common Stock of New Payoneer at a ratio of 1:1.88 (the “Exchange Ratio”), and (ii) 15% of each share of issued and outstanding Legacy Payoneer Common Stock was converted into the right to receive cash consideration at $18.82555 per share (the “Per Share Merger Consideration”). The total cash consideration paid to holders of Legacy Payoneer shares of common stock upon consummation of the Reverse Recapitalization was $398,201. Upon the closing of the Reverse Recapitalization, New Payoneer’s certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of all classes of capital stock to 4,180,000,000 shares, of which 3,800,000,000 shares were designated Common Stock, $0.01 par value per share, and of which 380,000,000 shares were designated preferred stock, $0.01 par value per share. In connection with the execution of the Reorganization Agreement, New Payoneer entered into separate subscription agreements (each, a “Subscription Agreement”) with a number of investors (each a “Subscriber”), pursuant to which the Subscribers agreed to purchase, and the Company agreed to sell to the Subscribers, an aggregate of 30,000,000 shares of Common Stock of New Payoneer (the “PIPE Shares”), for a purchase price of $10.00 per share and an aggregate purchase price of $300,000, in a private placement pursuant to the Subscription Agreements (the “PIPE”). The PIPE investment closed simultaneously with the consummation of the Reverse Recapitalization. In addition, according to the Reorganization Agreement, New Payoneer will issue to Legacy Payoneer stockholders up to an additional 30,000,000 shares of common stock (the “Earn-Out Shares”), (a) 50% of which will be issued if at any time during the first 30 months following the Closing Date, the closing trading price of the shares of New Payoneer common stock will be greater than or equal to $15.00 over any 20 trading days within any 30 trading days period and (b) the remaining 50% of which will be issued if at any time during the first 60 months following the Closing Date, the closing trading price of the New Payoneer shares of common stock will be greater than or equal to $17.00 over any 20 trading days within any 30 trading days period. The Company accounts for the Earn-Out Shares as an equity instrument as it meets the definition of an equity instrument and as it considers a free-standing instrument that is indexed to the Company’s own equity in accordance with ASC 815. ​ NOTE 3 – REVERSE RECAPITALIZATION AND BUSINESS COMBINATION (continued) Additionally, prior to the Reverse Recapitalization, the Company approved and adopted a management bonus plan (the “Transaction Bonus Pool”), to be effective as of and conditioned upon the occurrence of the Reverse Recapitalization which provided for a pool consisting of 1,000,000 shares of the Company’s Common Stock, with such shares to be allocated by the Company to executives and management of the Company. Prior to the closing of the Reverse Recapitalization, Legacy Payoneer converted 209,529,798 shares of Legacy Payoneer's redeemable convertible preferred stock pursuant to the applicable preferred stock agreements. Note that the number of shares is after the 1:1.88 conversion, which took place after the Reverse Recapitalization transaction. On the Closing Date, the existing warrant agreement governing the warrants that were exercisable for shares of FTOC’s Class A ordinary shares was amended to reflect that the warrants will be exercisable for shares of the Company’s Common Stock. As of the Closing Date, the total value of the liability associated with the warrants was $71,701 measured at fair value based on the quoted price and therefore is considered to be a Level 1 measurement. The Company evaluated that the warrants met the definition of a liability and have been classified as such on the balance sheet in accordance with the accounting policy described within Note 2s. The Company incurred $64,271 in costs directly related to the Reverse Recapitalization and the PIPE offering such as third-party legal, accounting services and other professional services. Upon consummation of the Reverse Recapitalization, these costs, which had been capitalized on the Company’s balance sheet were recorded as a reduction to additional paid in capital with the exception of $5,087, which were expensed as they represent the allocation of the transaction costs associated with the warrants. Transaction costs were allocated to the warrants based on the fair value of the warrants out of the total consideration. There were also deferred underwriting costs related to FTOC totaling $28,934 that were paid as part of the closing of the Reverse Recapitalization. The number of shares of Common Stock issued immediately following the consummation of the Reverse Recapitalization were as follows: ​ ​ ​ ​ ​ Number of ​ ​ shares Common Stock outstanding at April 1, 2021 49,697,982 Common stock issued through options and warrants exercises between April 1, 2021 and June 25, 2021 8,854,131 Common Stock outstanding prior to the Reverse Recapitalization (1) 58,552,113 Conversion of Redeemable Convertible Preferred Stock (1) 209,529,798 Less: Legacy Payoneer Stock subject to cash out (1) (36,818,547) Common Stock attributable to FTOC conversion (2) 77,081,295 Shares attributable to Reverse Recapitalization 308,344,659 Common Stock attributable to PIPE 30,000,000 Total shares of Common Stock as of close of Reverse Recapitalization and PIPE transaction 338,344,659 (1) (2) (3) FTAC Olympus Acquisition Corp: based on outstanding shares, as of the Closing Date, of 59,611,310 FTOC Class A ordinary shares (following the redemption of 18,033,066 shares); 5,823,328 FTOC Class B ordinary shares which are not subject to restrictions; and 11,646,656 FTOC Class B ordinary share (the "Founder Shares") which are subject to restriction per section 1.2 of the Sponsor Share Surrender and Share Restriction Agreement. According to such restriction, holders of Founder Shares shall not Transfer, or permit the Transfer of, (a) a number equal to 50% of the Founder Shares, until such time that New Payoneer common stock closing trading price equals or is greater than $15.00 per share for any 20 trading days within any 30 trading days period; and (b) a number equal to 50% of the Founder Shares, until such time that the New Payoneer common stock closing trading price equals or is greater than $17.00 per share for any 20 trading days within any 30 trading days period, subject to certain exemptions. ​ ​ NOTE 3 – REVERSE RECAPITALIZATION AND BUSINESS COMBINATION (continued) ​ Business Combination ​ Associated with the optile GmbH (now, Payoneer Germany GmbH) (“optile”) acquisition consummated in 2020, there was a contingent consideration arrangement that was initially valued at $4,044, which was estimated by using the Black-Scholes model for each earn out period under the acquisition agreement. Key inputs and assumptions used in this were revenue milestones, expected term, volatility, the risk-free rate, and dividend yield. These inputs are Level 3 assumptions that are updated each reporting period as the earn-out is recorded at fair value on a recurring basis. The Company revalued the contingent consideration arrangement as of the period end and determined the fair value to be $2,580. The fair value of the contingent consideration arrangement at the beginning of the period was $4,044 and the resulting benefit of $1,464 was an offset in general and administrative expenses. During the year ended December 31, 2021, the Company issued to optile sellers 279,206 shares that were deferred in line with the acquisition agreement. The Company did not receive any proceeds from the issuance. There are no shares remaining to be issued to optile sellers as part of the total contingent deferred consideration as of December 31, 2021.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2021
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	NOTE 4 - OTHER CURRENT ASSETS ​ Composition of other current assets, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Income receivable ​ $ 9,825 ​ $ 97 Prepaid expenses ​ ​ 9,598 ​ ​ 5,980 Prepaid income taxes ​ 2,789 ​ 2,094 Other ​ 2,812 ​ 2,246 Total other current assets ​ $ 25,024 ​ $ 10,417 ​

PROPERTY, EQUIPMENT AND SOFTWAR

PROPERTY, EQUIPMENT AND SOFTWARE, NET	12 Months Ended
	Dec. 31, 2021
PROPERTY, EQUIPMENT AND SOFTWARE, NET
PROPERTY, EQUIPMENT AND SOFTWARE, NET	NOTE 5 – PROPERTY, EQUIPMENT AND SOFTWARE, NET Composition of property, equipment and software, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Computers, software and peripheral equipment ​ $ 32,379 ​ $ 27,322 Leasehold improvements ​ ​ 8,920 ​ ​ 8,157 Furniture and office equipment ​ ​ 4,074 ​ ​ 3,579 Property, equipment and software ​ 45,373 ​ 39,058 Accumulated depreciation ​ (33,233) ​ (26,364) Property, equipment and software, net ​ $ 12,140 ​ $ 12,694 ​ Depreciation expense for the years ended December 31, 2021, 2020 and 2019 were $7,057, $6,847 and $6,091, respectively. The following table presents the Company’s property and equipment, net of depreciation and amortization, by geographic region: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Israel ​ $ 7,798 ​ $ 8,224 United States ​ 1,370 ​ 2,450 All other countries ​ 2,972 ​ 2,020 ​ ​ $ 12,140 ​ $ 12,694 ​

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS, NET
GOODWILL AND INTANGIBLE ASSETS, NET	NOTE 6 – GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The Company conducted its annual impairment assessment at the end of the third quarter of 2021 which has been described in Note 2o, and concluded that the goodwill was not impaired. No triggering events have occurred since the annual impairment assessment that would change the Company’s assessment. The following table presents goodwill balance and adjustments to those balances during the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ December 31, ​ Goodwill ​ Translation ​ ​ December 31, ​ ​ ​ 2020 ​ Acquired ​ Adjustments ​ ​ 2021 Total goodwill $ 22,541 ​ — (1,414) $ 21,127 ​ Intangible assets, net ​ Composition of intangible assets, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Internal use software ​ $ 55,164 ​ $ 40,663 Developed technology ​ 15,259 ​ 16,178 Intangible assets ​ ​ 70,423 ​ ​ 56,841 Accumulated amortization ​ (32,894) ​ (22,426) Intangible assets, net ​ $ 37,529 ​ $ 34,415 ​ Amortization expense for the years ended December 31, 2021, 2020 and 2019 were $10,826, $9,633 and $4,250, respectively. At December 31, 2021, 2020 and 2019, the Company evaluated the internal use software for impairment. The test involved comparing the internal use software's carrying value to its future net undiscounted cash flows that the Company expected would be generated by the internal use software. The Company also recognized an impairment of internal use software in the amount of $114 in 2021 and $615 in 2020, related to the abandonment of one project. There was no impairment of internal use software in 2019. The impairment is presented under Depreciation and amortization expenses.

INVESTMENT IN ASSOCIATED COMPAN

INVESTMENT IN ASSOCIATED COMPANY	12 Months Ended
	Dec. 31, 2021
INVESTMENT IN ASSOCIATED COMPANY
INVESTMENT IN ASSOCIATED COMPANY	NOTE 7 – INVESTMENT IN ASSOCIATED COMPANY In July 2019, the Company through Payoneer Research and Development Ltd. entered into an agreement for the establishment of a joint venture company in the Peoples Republic of China (“PRC”). The objective of the joint venture is to apply for a local payment service provider license in accordance with PRC laws. The Company’s share in the Joint Venture is 46%. Initial funds in the amount of $6,501 were contributed. The investment in the joint venture is presented as investment in associated company in the Company’s consolidated balance sheet as the Company does not have control over the joint venture.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
LEASES	NOTE 8 – LEASES On January 1, 2021, the Company adopted ASC 842 using a modified retrospective basis and applied the optional practical expedients related to the transition. As part of the adoption the Company recognized right of use assets in the amount of $17,077 and $17,007 for lease liabilities associated with operating leases. The Company enters into office facility and employee vehicle lease agreements. Many leases include one or more renewal or termination options. These options are not included in our determination of the lease term at commencement unless it is reasonably certain the Company will exercise the option. When we reach a decision to exercise a lease renewal or termination option, we recognize the associated impact to the ROU asset and lease liability. The Company’s lease expense was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Lease expense ​ $ 10,729 ​ $ 9,331 ​ The operating cash flows associated with operating leases for the year ended December 31, 2021 was $9,525. Additional balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2021 ​ Operating lease right-of-use asset $ 12,943 ​ ​ ​ ​ ​ ​ Operating leases within other payables ​ ​ 9,290 ​ Operating leases within other long-term liabilities ​ ​ 4,061 ​ Total operating leases ​ ​ 13,351 ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for new lease liabilities during the year ended December 31, 2021 ​ ​ 3,188 ​ ​ ​ ​ ​ ​ Weighted average lease term – operating leases ​ ​ 1.62 years Weighted average discount rate – operating leases ​ ​ 1.51 % ​ Operating lease amounts include minimum lease payments under our non-cancelable operating leases primarily for office facilities and employee vehicles. The amounts presented are consistent with contractual terms and are not expected to differ significantly from actual results under our existing leases. NOTE 8 – LEASES (continued) The Company leases its facilities under various operating lease agreements, which expire on various dates. The minimum lease commitments due as of the year ended under non-cancelable operating leases are as follows: ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ 2022 ​ $ 9,406 2023 ​ ​ 3,218 2024 ​ ​ 788 2025 ​ ​ 84 2026 – thereafter ​ ​ — Total ​ ​ 13,496 Less present value discount ​ ​ (145) Lease liability $ 13,351 ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ 2021 ​ $ 10,160 2022 ​ ​ 8,208 2023 ​ ​ 2,678 2024 ​ ​ 858 2025 - thereafter ​ ​ 108 Lease liability ​ $ 22,012 ​

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
DEBT
DEBT	NOTE 9 – DEBT Receivables and Loan Security Agreement On October 28, 2021, Payoneer Early Payments Inc. (“PEPI”), a wholly-owned second tier subsidiary of the Company and its subsidiary (the “Borrower) entered into a Receivables and Loan Security Agreement (the “Warehouse Facility”) with Viola Credit VI, L.P., Viola Credit Alternative Lending FNX SPV, L.P. (the “Lenders”) and Viola Credit Alternative Lending Management 2018 L.P. (collectively, the “Parties”) for the purpose of external financing of Capital Advance activity. The Company notes that the Lenders are related parties through the Company’s Board of Directors’ chairman’s ownership interest in the Lender. Refer to Note 18 for further information regarding related party considerations. In accordance with the Warehouse Facility agreement, the Lender will make available to the Company an initial committed amount of $25,000, which may be increased at the request of the Company, and with the consent of the Lenders, in $25,000 increments up to $100,000. The associated borrowings will be secured by the assets of the Borrower, which consist primarily of merchant cash advances as well as a pledge of the equity of the Borrower. The recourse under the Warehouse Facility agreement is limited to Borrower's assets, and no other Payoneer entity guarantees repayment by the Borrower. The Warehouse Facility agreement stipulates a borrowing base calculated at an advance rate of 80% out of the eligible portfolio outstanding receivables balance and that borrowings under the facility bear interest as follows: greater of 0.25% or LIBOR plus: ● 9.00% per annum if the commitment amount is $25,000; ● 7.75% per annum if the commitment amount is $50,000; ● 7.50% per annum if the commitment amount is $75,000; ● 7.00% per annum if the commitment amount is $100,000. The revolving period of the facility is 36 months from the closing date and the maturity date is 42 months from the date the Warehouse Facility agreement was entered into. NOTE 9 – DEBT (continued) The Company recorded expenses included in transaction cost in the total amount of $220 for the year ended at December 31, 2021. As of December 31, 2021, the outstanding associated balance was $13,665 with $128 of accrued expenses. The Warehouse Facility agreement includes certain affirmative and negative covenants that must be maintained by the Company and include certain financial measures such as minimum tangible equity and minimum unrestricted cash at the Company level. As of December 31, 2021, the Company was in compliance with all applicable covenants. As of December 31, 2021, the fair value of the debt approximates the book value due to the short time span between initiation and balance sheet date with the outstanding balance classified as Level 3 in the fair value leveling hierarchy as the inputs into the valuation are not observable. Loan and Security Agreement On November 9, 2020, the Company entered into, with a third party, the First Loan Modification (the “Revised Agreement”), which amended the original Agreement that was entered into on November 1, 2019 (the “Loan and Security Agreement”). On March 31, 2021, the Company entered into a Second Loan Modification Agreement (the “Second Revised Agreement). This amendment decreased the amount that the Company can request as advanced under a revolving line of credit to an aggregate principal amount to $70,000 from $85,000. The Second Revised Agreement also changed the interest on the principal amount to 3.20% subject to certain equity milestone conditions. If these conditions are not met, the interest on the principal amount would remain 3.70%. The Company is subject to a termination fee equal to 1% of the revolving line if the revolving line is terminated prior to August 31, 2021. The revised terms of the lending agreement became effective April 1, 2021. The Company terminated the Loan and Security Agreement (including the aforementioned amendments) on September 14, 2021, and therefore the outstanding balance related to the Loan and Security Agreement, was repaid during the year ended December 31, 2021. As of December 31, 2020, the outstanding balance was $40,025 out of which $13,500 was maturing in the next 12 months. As of December 31, 2020, the fair value of the debt approximates the book value due to the short time span between initiation and balance sheet date with the outstanding balance classified as Level 3 in the fair value leveling hierarchy as the inputs into the valuation are not observable. ​ The Loan and Security Agreement was subject to certain reporting and financial covenants of which the Company was in compliance with prior to the termination of the Loan and Security Agreement and as of December 31, 2020.

OTHER PAYABLES

OTHER PAYABLES	12 Months Ended
	Dec. 31, 2021
OTHER PAYABLES
OTHER PAYABLES .	NOTE 10 - OTHER PAYABLES Composition of other payables, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Employee related compensation ​ $ 47,007 ​ $ 33,249 Commissions payable ​ 10,712 ​ 8,326 Accrued expenses ​ 10,661 ​ 19,464 Lease liability ​ ​ 9,290 ​ ​ — Other ​ 1,704 ​ 2,416 Total other payables ​ $ 79,374 ​ $ 63,455 ​

SEVERANCE PAY FUND AND ACCRUED

SEVERANCE PAY FUND AND ACCRUED SEVERANCE PAY	12 Months Ended
	Dec. 31, 2021
SEVERANCE PAY FUND AND ACCRUED SEVERANCE PAY
SEVERANCE PAY FUND AND ACCRUED SEVERANCE PAY	NOTE 11 – SEVERANCE PAY FUND AND ACCRUED SEVERANCE PAY Payoneer Research and Development Ltd. (“The Israeli Subsidiary”): 1) Labor laws in Israel and employment agreements require paying severance pay to employees that are dismissed or retire from their employment in certain circumstances, according to a defined benefit plan. The Israeli Subsidiary’s severance pay liability for the Israeli employees is covered mainly by the purchase of insurance policies. The value of these polices is recorded as an asset in the consolidated balance sheets. Under labor agreements these insurance policies are, subject to specified limitation, the property of the employees. The balance of the severance pay fund was $1,723 and $1,624 as of December 31, 2021 and 2020, respectively. 2) Employees (for whom the Company makes regular deposits in pension and severance pay funds according to a defined benefit plan) dismissed before attaining retirement age are entitled to severance pay computed on the basis of their latest pay rate. In respect of these employees, the Company is committed to supplement the difference between severance pay computed as above and the amounts accumulated in the abovementioned funds. Accrued severance pay liability was $2,679 and $2,775 as of December 31, 2021 and 2020, respectively. Commencing 2011, the Israeli Subsidiary added Section 14 of the Severance Pay Law - 1963 to new employees’ agreements that eliminates the need to accrue provisions for retirement expenses for these employees, other than periodic payments made on behalf of the employees that are expensed periodically.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 12 – COMMITMENTS AND CONTINGENCIES The Company’s business is subject to various laws and regulations in the United States and other countries from where the Company operates. Any regulatory action, tax or legal challenge against the Company for noncompliance with any regulatory or legal requirement could result in significant fines, penalties, or other enforcement actions, increased costs of doing business through adverse judgment or settlement, reputational harm, the diversion of significant amounts of management time and operational resources, and could require changes in compliance requirements or limits on the Company’s ability to expand its product offerings, or otherwise harm or have a material adverse effect on the Company’s business. In February 2016, the Company submitted a disclosure to the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) about certain payments to the Crimea region of Ukraine and other OFAC target countries, which has since been under OFAC’s review. OFAC and the Company have reached a final settlement agreement for $1,400, which was paid during 2021. On June 25, 2020, the German holding company of one of the Company’s card issuers in the United Kingdom (“UK Issuer”) and processing bank in Germany (“German Bank”) filed for insolvency protection after accusations of a significant fraud event. The Company had a relationship with the German Bank for several services, as well as with the UK Issuer an e-money institution regulated by the Financial Conduct Authority (FCA) in the United Kingdom which served as issuer of most of the prepaid Mastercard cards utilized by Company’s customers. ​ On July 3, 2020, the Company signed a security agreement with Mastercard, transferred and designated $50,000 as collateral to be utilized by Mastercard if the UK Issuer is in default on its payment obligations to settle with Mastercard. On July 15, 2020, by agreement with Mastercard, the Company reduced the collateral to $35,000. On August 20, 2020, the Company amended the security agreement with Mastercard and signed a portfolio transfer agreement with the UK Issuer. The amendment reduced the collateral to $24,000 and the portfolio transfer agreement set the terms for the termination of the card sponsorship agreement with the UK Issuer when the card portfolio is transferred to the Company’s licensed subsidiary in Ireland. On September 2, 2020, the card portfolio was migrated to the Company’s Irish subsidiary and the $24,000 was allocated as collateral for the migrated activity with the Company’s subsidiary. The $24,000 collateral was returned to the Company on June 25, 2021 and no balance outstanding as of December 31, 2021. NOTE 12 – COMMITMENTS AND CONTINGENCIES (continued) On September 9, 2020, the Company entered into an agreement with the UK Issuer, along with all other program managers of the UK Issuer, to participate in a solvent winddown of the UK Issuer in order to collect all remaining amounts owed from the UK Issuer. The Company no longer has a relationship with the UK Issuer and all applicable funds have been received by the Company. The Company received communications noting the termination of its remaining business with the German Bank and following discussions between Payoneer Europe Limited and the German Bank it was agreed that certain account activities would be terminated in December 2020 and January 2021. Pursuant to a termination agreement entered into by Payoneer Europe Limited and the German Bank it was agreed that the remainder of the virtual collection accounts under Payoneer Europe Limited’s accounts with the German Bank would cease to be active at the end of May 2021. The termination agreement included a waiver of alleged breaches of contractual obligations that had been raised by the German Bank in a communication that preceded the agreement. On September 28, 2021, the National Banking and Securities Commission (CNBV) and the Bank of Mexico revoked the banking license of a banking entity utilized by the Company due to the banking entity not meeting applicable capital requirements. As a result, the Company is unable to withdraw funds from the banking entity. The Company has reserved $2,250 for potential losses related to the inaccessible funds above the recovered amount. The Company applied for and recovered the maximum statutory reimbursement through the deposit insurance provided by Mexican Institute for the Protection of Banking Services (IPAB), totaling $140. The Company will also file a claim in liquidation for the remaining funds once the liquidation process is opened; however, the percentage of the deposit that will be recovered in liquidation is not known at this time. From time to time, the Company is involved in other disputes or regulatory inquiries that arise in the ordinary course of business. These may include suits by its customers alleging, among other things, acting unfairly and/or not in conformity regarding pricing, rules or agreements, improper disclosure of our prices, rules, or policies or that our practices, prices, rules, policies, or customer agreements violate applicable law. In addition to these types of disputes and regulatory inquiries, the operations of the Company are also subject to regulatory and/or legal review and/or challenges that tend to reflect the increasing global regulatory focus to which the industry in which the Company operates is subject and, when taken as a whole with other regulatory and legislative action, such actions could result in the imposition of costly new compliance burdens on the Company and may lead to increased costs and decreased transaction volume and revenue. Any claims or regulatory actions against the Company, whether meritorious or not, could be time consuming, result in costly litigation, settlement payments, damage awards (including statutory damages for certain causes of action in certain jurisdictions), fines, penalties, injunctive relief, or increased costs of doing business through adverse judgment or settlement, require the Company to change our business practices, require significant amounts of management time, result in the diversion of operational resources, or otherwise harm the business. Certain employment agreements require the Company to pay termination payments upon dismissal of certain executives without cause. The liability for employee rights upon termination would be recorded as a provision once the payment is considered probable.

PREFERRED STOCK AND WARRANTS

PREFERRED STOCK AND WARRANTS	12 Months Ended
	Dec. 31, 2021
PREFERRED STOCK AND WARRANTS
PREFERRED STOCK AND WARRANTS	NOTE 13 – PREFERRED STOCK AND WARRANTS The Company is authorized to issue Common Stock and Preferred Stock. Prior to the Reverse Recapitalization, the Company was authorized to issue the following classes of stock: Common Stock, Redeemable Convertible Preferred Stock and Redeemable Preferred Stock. The deemed liquidation preference provisions of the Redeemable Convertible Preferred Stock and the Redeemable Preferred Stock were considered contingent redemption provisions that were not solely within the Company’s control. As such, prior to the Reverse Recapitalization, the associated balances were presented outside of permanent equity in the mezzanine section of the consolidated balance sheets. ​ As part of the Reverse Recapitalization transaction, as described within Note 3, the Redeemable Convertible Preferred Stock was converted 1-for-1 into Common Stock of the Company. ​ Legacy Payoneer redeemed the shares of Redeemable Preferred Stock on July 23, 2021 and paid shareholders of the Redeemable Preferred Stock $39,804. The Company had no outstanding Redeemable Convertible Preferred Stock or Redeemable Preferred Stock as of December 31, 2021. The following tables present the Company’s authorized and outstanding Redeemable Convertible Preferred Stock and Redeemable Preferred Stock as of December 31, 2020: Redeemable Convertible Preferred Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ Shares ​ Shares Issued ​ Value, net of ​ Liquidation ​ Authorized and Paid issuance costs Preference Series A Preferred Stock of $0.01 par value 30,227,287 30,227,287 ​ $ 385 ​ $ 4,633 Series A-1 Preferred Stock of $0.01 par value 8,079,187 8,079,187 ​ 638 ​ 1,476 Series B Preferred Stock of $0.01 par value 28,676,603 28,676,603 ​ 4,497 ​ 9,930 Series B-1 Preferred Stock of $0.01 par value 3,925,214 3,925,214 ​ 492 ​ 1,115 Series C Preferred Stock of $0.01 par value 55,531,064 55,531,064 ​ 25,147 ​ 23,117 Series C-1 Preferred Stock of $0.01 par value 5,640,000 5,640,000 ​ — ​ 1,936 Series C-2 Preferred Stock of $0.01 par value 16,347,292 16,347,292 ​ 5,054 ​ 11,713 Series D Preferred Stock of $0.01 par value 34,979,167 34,979,167 ​ 30,739 ​ 46,245 Series E Preferred Stock of $0.01 par value 20,805,738 20,805,738 ​ 67,858 ​ 88,995 Series E-1 Preferred Stock of $0.01 par value 5,318,246 5,318,246 ​ 19,990 ​ 24,324 Total 209,529,798 209,529,798 ​ $ 154,800 ​ $ 213,484 ​ Redeemable Preferred Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ Shares Issued and Carrying Liquidation ​ ​ Authorized* ​ Paid* ​ Value ​ Preference Series 1 Preferred Stock of $0.01 par value 3,500 3,500 ​ $ 10,735 ​ $ 36,520 ​ *Note that the Series 1 Redeemable Preferred Stock was not subject to the 1-for-1.88 conversion related to the Reverse Recapitalization described within Note 3 as the Series 1 Redeemable Preferred Stock remained with the Legacy Payoneer entity after the Reverse Recapitalization (and prior to the July 23, 2021 redemption described within this Note). NOTE 13 – PREFERRED STOCK AND WARRANTS (continued) Warrants ​ As described within Note 3, the Company has publicly traded warrants that are exercisable for shares of the Company’s common stock. Warrants may only be exercised for a whole number of shares at an exercise price of $11.50. These warrants expire on June 25, 2026. At December 31, 2021, there were 25,158,086 warrants outstanding with a corresponding liability valued at $59,877. The warrants are considered to be a Level 1 fair value measurement due to the observability of the inputs. Note that 723,333 private placement warrants issued by FTAC were forfeited at the close of the Reverse Recapitalization transaction. The Company will not be obligated to deliver any Common Stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Common Stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No warrant will be exercisable, and the Company will not be obligated to issue any Common Stock upon exercise of a warrant unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available. ​ Redemption of warrants when the price per share of Common Stock equals or exceeds $ 18.00 . ​ The Company may redeem the warrants in whole and not in part, at a price of $0.01 per warrant, upon not less than 30 days’ prior written notice of redemption to each warrant holder and if, and only if, the closing price of the Company’s Common Stock equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the notice of redemption is given to the warrant holders. Redemption of warrants for shares of Common Stock when the price per share of Common Stock equals or exceeds $ 10.00 . ​ Commencing ninety days after the warrants become exercisable, the Company may redeem the warrants in whole and not in part, at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares calculated in the manner set forth in the warrant agreement relating to the warrants, based on the redemption date and the “fair market value” of the Common Stock shares if, and only if, the closing price of the Common Stock equals or exceeds $10.00 per Public Share (as adjusted for share sub-divisions, share dividends, reorganizations, reclassifications, recapitalizations and the like) on the trading day before the Company sends the notice of redemption to the warrant holders and if , and only if, there is an effective registration statement covering the issuance of Common Stock issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given. The Warrants were accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities on our balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the consolidated statement of operations. The following table presents the changes in the fair value of warrant liabilities (Level 1): ​ ​ ​ ​ ​ ​ ​ Warrant Liability Initial measurement as of June 25, 2021 ​ $ 71,701 Change in fair value ​ ​ (11,824) Fair value as of December 31, 2021 ​ $ 59,877 ​ ​ ​ In September 2015, the Company issued warrants to purchase shares of Common Stock to a non-employee in association with a commercial services agreement. The exercise price of the warrants is $3.3725 per share. The warrants expire after 10 years from issuance. At December 31, 2021 and 2020, 1,792,944 warrants were outstanding, out of which all were vested as of December 31,2021 and 1,080,707 warrants were vested as of December 31, 2020. The Company did not recognize additional expenses related to the warrants in 2021 and in 2020.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 14 – STOCK-BASED COMPENSATION Options In February 2007, the Company’s Board of Directors approved the Payoneer Inc. 2007 Share Incentive Plan and the Payoneer Inc. 2007 U.S. Share Incentive Plan (hereafter together – the “2007 Plan”), where up to 3,360,000 options were reserved for grants to employees of the Company. There have been several periodic increases in options available to be granted through approval by the Company’s board of directors and stockholders. In May 2017, the Company’s Board of Directors approved the Payoneer Inc. 2017 Stock Incentive Plan (hereafter – the “2017 Plan”), where up to 21,756,714 options may be granted to employees of the Company. According to the 2017 Plan, no options shall be exercisable after the expiration of 10 years after the effective date of grant. As of December 31, 2021, 54,665,196 options are authorized under the Plans. Each option can be exercised to purchase one share of Common Stock par value USD 0.01 each of the Company. The Company’s Board of Directors approved the grant of the following stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Outstanding Options ​ Options Exercisable ​ ​ ​ ​ Weighted Average ​ ​ ​ Weighted Average Exercise ​ Number ​ Remaining ​ Number ​ Remaining Price Outstanding Contractual life Outstanding Contractual life $0.010 6,890,341 8.70 643,753 8.14 $0.080 318,239 5.43 300,549 5.39 $0.140 99,959 0.73 99,959 0.73 $0.350 71,507 1.86 71,507 1.86 $0.540 1,641,129 2.45 1,641,129 2.45 $0.620 3,283,033 3.01 3,283,033 3.01 $1.380 620,637 3.79 620,637 3.79 $1.410 5,362,160 4.06 5,362,160 4.06 $1.810 495,275 3.93 495,275 3.93 $2.740 5,534,285 8.13 2,531,209 8.01 $2.800 5,334,695 5.94 5,123,696 5.94 $2.850 1,360,598 6.73 1,235,549 6.71 $2.850 47,000 9.69 11,750 9.69 $2.900 7,359,646 7.02 5,171,048 6.97 $3.020 ​ 3,436,058 ​ 5.08 ​ 3,436,058 ​ 5.08 $3.070 ​ 879,566 ​ 7.46 ​ 551,738 ​ 7.40 $3.900 1,184,889 8.84 352,049 8.56 $7.870 983,552 9.10 — — $9.990 37,600 9.69 — — ​ 44,940,169 6.31 30,931,099 5.39 ​ NOTE 14 – STOCK-BASED COMPENSATION (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Outstanding Options ​ Options Exercisable ​ ​ ​ ​ Weighted Average ​ ​ ​ Weighted Average Exercise ​ Number ​ Remaining Contractual ​ Number ​ Remaining Contractual Price Outstanding life Outstanding life $0.01 2,825,937 9.21 — — $0.02 513,826 0.32 513,826 0.32 $0.08 460,701 4.78 372,251 4.22 $0.14 389,035 1.97 389,035 1.97 $0.35 148,050 2.86 148,050 2.86 $0.54 2,843,996 3.34 2,843,996 3.34 $0.62 3,799,325 4.05 3,799,325 4.05 $1.38 979,480 4.95 979,480 4.95 $1.41 5,880,952 4.95 5,880,952 4.95 $1.81 706,880 5.46 706,880 5.46 $2.74 6,291,514 9.23 3,883,167 5.78 $2.80 6,052,744 6.85 4,247,210 6.74 $2.85 1,743,275 7.67 971,053 7.61 $2.90 8,120,490 8.03 3,602,295 7.92 $3.02 4,189,177 5.82 365,953 8.47 $3.07 1,095,617 8.53 193,875 9.21 $3.90 1,413,760 9.95 — — ​ 47,454,759 6.70 28,897,348 5.45 ​ The vesting period of the outstanding options is generally 4 years from the date of grant. The following table presents the weighted-average assumptions used to estimate the fair value of the stock options granted by the Company with a service condition only: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Expected term (in years) ​ 5.19-6.11 5.86-6.5 ​ Risk-free interest rate ​ 0.61%-1.08 % 0.45% -0.93 % Dividend yield ​ None ​ None ​ Volatility rate ​ 50 % 45 % Weighted average fair value of options at grant date $ 7.131 $ 3.158 ​ ​ The Company selected the Black-Scholes Merton option pricing model as the most appropriate fair value method for its stock-options awards based on the market value of the underlying shares at the date of grant. Historical information for a selection of similar publicly traded companies was the basis for the expected volatility. Historical information and management expectations were the basis for the expected dividend yield. The expected lives of the options are based upon the simplified method per ASC 718. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued. Option vesting generally occurs in tranches up to four years. As of December 31, 2021, there was approximately $108,664 of unrecognized compensation costs related to unamortized stock option compensation which is expected to be recognized over a weighted-average period of 2.04 years. Total unrecognized compensation cost will be recognized as incurred. In addition, as future grants are made, additional compensation costs will be incurred. NOTE 14 – STOCK-BASED COMPENSATION (continued) The following table presents a summary of stock option activity for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ Aggregate ​ ​ ​ ​ Price per ​ Contractual ​ Intrinsic ​ Shares Share Term Value Outstanding December 31, 2020 47,454,726 ​ $ 3.92 ​ $ 6.70 ​ $ 83,639 Granted 5,685,264 ​ $ 1.46 ​ ​ — ​ — Exercised (2,976,620) ​ $ 1.86 ​ — ​ — Settled in cash ​ (3,395,817) ​ $ 1.32 ​ ​ — ​ ​ — Expired — ​ ​ — ​ — ​ — Forfeited (1,827,384) ​ $ 2.14 ​ — ​ — Outstanding December 31, 2021 44,940,169 ​ $ 4.01 ​ $ 6.31 ​ $ 232,538 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable December 31, 2021 30,931,098 ​ $ 2.12 ​ $ 5.39 ​ $ 161,762 ​ The aggregate intrinsic value of options exercised was $17,102, $15,068 and $9,671 for the years ended December 31, 2021, 2020 and 2019, respectively. In 2021, 2020 and 2019, the Company has received a tax benefit of $1,401, $13 and $2,652, respectively, in excess of the tax benefit based on the intrinsic value on date of issuance of the share-based compensation, respectively. Restricted Stock Units In June 2021, the Company's Board of Directors adopted the Company's 2021 Omnibus Incentive Plan (the "2021 Plan"), pursuant to the approval of the 2021 Plan by the shareholders of the Company. Under the 2017 Plan and the 2021 Plan, restricted stock units (“RSUs”) may be granted to eligible grantees. RSUs generally vest over a period of four years and are subject to continued service. Note that the 2017 Plan RSUs are also subject to liquidity-based conditions. The liquidity-based conditions include an initial public offering, merger, sale or partial liquidation event as defined in the Company’s incentive plan and RSU agreement. The cost of RSUs granted is determined using the fair market value of the Company’s common stock on the date of grant. Prior to the Reverse Recapitalization, the fair market value of the Company’s common stock utilizing a combination of discounted cash flow and option pricing method methodologies . Key inputs and assumptions used (which are Level 3 inputs and assumptions) were forecasted future financial performance, discount rate, cost of equity and terminal growth rate. Prior to the Reverse Recapitalization, the implied common stock price was estimated based on the difference in the rights and preference between the preferred and common stock. The following table summarizes the RSUs activity under the 2017 Plan and the 2021 Plan as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ Units Fair Value Outstanding December 31, 2020 1,721,572 ​ $ 5.17 Awarded 9,105,563 ​ $ 9.00 Settled in Cash ​ (440) ​ $ 2.74 Vested (775,111) ​ $ 3.49 Forfeited (326,557) ​ $ 8.59 Outstanding December 31, 2021 9,725,027 ​ $ 8.76 ​ ​ NOTE 14 – STOCK-BASED COMPENSATION (continued) In the year ended December 31, 2021, the Company granted options and RSUs that vest over a three ​ As indicated in Note 3, the Company approved and adopted the Transaction Bonus Pool associated with the Reverse Recapitalization. The RSUs associated with the Transaction Bonus Pool are subject to certain market-based and service conditions. Fifty percent of the RSUs shall vest if at any time during the 30 months following the Closing Date, the closing share price of Company Shares is greater than or equal to $15.00 over any 20 days trading within any 30 trading days period; and 50% of the RSUs shall vest if at any time during the 60 months following the Closing Date, the closing share price of Company Shares is greater than or equal to $17.00 over any 20 trading days within any 30 trading days period, subject to the grantee's continued status as an employee until and including the time the RSUs vest. In the year ended December 31, 2021, 940,000 RSUs were granted. The Company evaluated the fair value of this grant using a Monte Carlo simulation in the amount of $6,315. ​ The Company also issues RSU that are subject to only a service condition. During the year ended December 31, 2021, 6,850,602 of such RSUs were granted. ​ Options and RSUs ​ The Company records stock-based compensation expense for its equity incentive plans in accordance with the provisions of the authoritative accounting guidance, which requires the measurement and recognition of compensation expense based on estimated fair values. ​ The impact on our results of operations of recording stock-based compensation expense under the Company’s equity incentive plans were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Other operating expenses ​ $ 8,194 $ 3,033 $ 2,596 Research and development expenses ​ ​ 6,012 ​ 1,536 ​ 1,717 Sales and marketing expenses ​ ​ 10,916 ​ 1,995 ​ 1,715 General and administrative expenses ​ ​ 11,890 ​ 4,329 ​ 3,507 Total stock-based compensation ​ $ 37,012 $ 10,893 $ 9,535 ​

TRANSACTION COSTS

TRANSACTION COSTS	12 Months Ended
	Dec. 31, 2021
TRANSACTION COST.
TRANSACTION COSTS.	NOTE 15 - TRANSACTION COSTS ​ Composition of transaction costs, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 Bank and processor fees ​ $ 76,868 ​ $ 68,544 ​ $ 68,029 Network fees ​ 9,162 ​ 16,744 ​ 18,981 Capital advance costs ​ 6,363 ​ 1,984 ​ 902 Chargebacks and operational losses ​ 3,917 ​ 5,637 ​ 2,638 Card costs ​ 2,323 ​ 2,563 ​ 3,129 Other ​ 2,843 ​ 1,568 ​ 986 Total transaction costs ​ $ 101,476 ​ $ 97,040 ​ $ 94,665 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 16 - INCOME TAXES US Taxation On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes significant changes to the U.S. corporate income tax system including: a federal corporate rate reduction from 35% to 21%; limitations on the deductibility of interest expense and executive compensation; creation of the base erosion anti-abuse tax (“BEAT”) and Global Intangible Low Taxed Income (“GILTI”) tax, a new minimum tax; and the transition of U.S. international taxation from a worldwide tax system to a modified territorial tax system. The Company elected to account for Global Intangible Low-Taxed Income (“GILTI”) as a current-period expense when incurred. The Company’s GILTI for the year ended December 31, 2020 and 2019 was $2,024 and $3,982, respectively. The Company did not record any expenses in relation to GILTI due to its net operating losses carry forwards and to the fact that its deferred taxes as of December 31, 2021, 2020 and 2019 were reduced by a valuation allowance. ​ Israeli Taxation - ​ a. Tax rates – the income of the Israeli subsidiary, other than from Approved Enterprises is taxed in Israel at the regular corporate tax rates. The corporate was 23% for 2018 and thereafter. Capital gain on a sale of assets is subject to capital gain tax according to the corporate tax rate in effect in the year during which the assets are sold. ​ b. Law for Encouragement of Capital Investments, 1959 - In recent years, several amendments have been made to the Encouragement of Capital Investments Law which enabled new alternative benefit tracks, subject to certain conditions. The Encouragement of Capital Investments Law was amended as part of the Economic Policy Law for the years 2011-2012 (amendment 68 to the Encouragement of Capital Investments Law), which was passed by the Israeli Knesset on December 29, 2010. The amendment sets alternative benefit tracks to those in effect under the provisions of the Encouragement of Capital Investments Law. The Company’s benefits include a reduced tax rate of 16% on revenues associated with the research and development activity. ​ The components of net loss before income taxes for each of the years ended December 31, 2021, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Net gain (loss) before income taxes: ​ ​ ​ U.S. Domestic ​ $ (27,181) ​ $ (37,758) ​ $ (8,013) Foreign ​ ​ 1,942 ​ 22,475 ​ 12,178 ​ ​ $ (25,239) ​ $ (15,283) ​ $ 4,165 ​ NOTE 16 - INCOME TAXES (continued) The components of provision for income taxes for each of the years ended December 31, 2021, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Current tax provision: ​ ​ ​ Federal ​ $ — ​ $ — ​ $ — State ​ ​ 464 ​ 367 ​ 147 Foreign ​ ​ 9,463 ​ 8,660 ​ 5,065 Deferred tax provision: ​ ​ ​ ​ Federal ​ ​ — ​ — ​ — State ​ ​ — ​ — ​ — Foreign ​ ​ (1,216) ​ (707) ​ (503) ​ ​ $ 8,711 ​ $ 8,320 ​ $ 4,709 ​ The Company had an effective tax rate of 34% for the year ended December 31, 2021 compared to effective tax rate of (54%) for the year ended December 31, 2020 and 113% for the year ended December 31, 2019. ​ A reconciliation of the statutory U.S. federal income tax rate of 21% in 2021, 2020 and 2019, respectively, to the actual tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Tax computed at the statutory U.S. federal income tax rate $ (5,308) $ (3,209) $ 874 State and local taxes ​ 1,023 ​ 1,073 ​ 487 Valuation allowances ​ 1,861 ​ 8,564 ​ (324) Share-based compensation ​ 7,957 ​ 2,287 ​ 2,002 Differences in foreign tax rate ​ (1,213) ​ (822) ​ (45) Uncertain tax positions ​ 4,384 ​ 684 ​ 1,494 Other ​ 7 ​ (257) ​ 221 ​ ​ $ 8,711 ​ $ 8,320 ​ $ 4,709 ​ NOTE 16 - INCOME TAXES (continued) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of long-term assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the Company’s long-term deferred tax assets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Deferred tax assets: ​ ​ Net operating loss carryforwards ​ $ 24,972 ​ $ 24,543 Transaction loss provision ​ ​ 679 ​ 272 Property, equipment & software ​ ​ 152 ​ 31 Stock options ​ ​ 3,528 ​ ​ — Accrued expenses ​ ​ 2,092 ​ ​ — Employee benefits ​ ​ 4,972 ​ 3,653 Gross deferred tax assets ​ ​ 36,395 ​ 28,499 Valuation allowance ​ ​ (22,394) ​ (14,442) Total deferred tax assets ​ ​ 14,001 ​ 14,057 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ Contract assets ​ ​ 431 ​ ​ — Internal use software ​ ​ 8,670 ​ 10,373 Total deferred tax liabilities ​ ​ 9,101 ​ 10,373 ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets ​ $ 4,900 ​ $ 3,684 ​ The Company has classified the net deferred tax assets as long-term. Deferred taxes as of December 31, 2021 were reduced by a valuation allowance relating to net operating losses and share-based compensation. In assessing the likelihood of realizing deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based on the taxable loss in the United States, management believes it was more likely than not that the deferred tax assets will not be realized in the United States. Management believes it was more likely than not that deferred tax assets will be realized for the Israel subsidiary. Deferred taxes are determined utilizing the asset and liability method based on the estimated future tax effects of differences between the financial accounting and tax bases of assets and liabilities under the applicable tax laws. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the determination of the appropriate valuation allowances, the Company has considered the most recent projections of future business results and taxable income by jurisdiction. Actual results may vary in comparison to current projections. As of December 31, 2021, 2020 and 2019, the Company had net operating loss carry forwards for federal and state income tax purposes of approximately $47,528, $40,200 and $24,500, respectively. These net operating losses can be utilized to reduce future taxable income, if any. The excess tax benefits from share-based compensation is $15,992. Utilization of the net operating loss carryforwards may be subject to substantial annual limitations due to ownership change provisions of the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation may result in the expiration of net operating loss carryforwards before utilization. The expiration date of the federal and state loss carryovers is from 2031 through 2040. NOTE 16 - INCOME TAXES (continued) Provisions of ASC 740-10 clarify whether to recognize assets or liabilities for tax positions taken that may be challenged by a tax authority. A reconciliation of the beginning and ending amount of unrecognized tax benefits, which is included in other long-term obligations on the Company’s consolidated balance sheets, is as follows: ​ ​ ​ ​ ​ Balance at December 31, 2020 $ 5,076 Decreases for tax positions in prior years ​ — Increases for tax positions related to current year ​ 4,464 Balance at December 31, 2021 ​ $ 9,540 ​ ​ ​ ​ ​ Balance at December 31, 2019 $ 4,391 Decreases for tax positions in prior years ​ (1,000) Increases for tax positions related to current year ​ 1,685 Balance at December 31, 2020 ​ $ 5,076 ​ The following table presents the change in the Company’s valuation allowance during the periods presented: ​ ​ ​ ​ ​ Balance at December 31, 2020 $ 14,442 Additions to valuation allowance ​ 7,952 Deductions to valuation allowance ​ — Balance at December 31, 2021 ​ $ 22,394 ​ ​ ​ ​ ​ Balance at December 31, 2019 $ 2,766 Additions to valuation allowance ​ 11,676 Deductions to valuation allowance ​ — Balance at December 31, 2020 ​ $ 14,442 ​ ​ ​ ​ ​ Balance at December 31, 2018 $ 2,384 Additions to valuation allowance ​ 382 Deductions to valuation allowance ​ — Balance at December 31, 2019 ​ $ 2,766 ​ All of the Company’s unrecognized tax benefits, if recognized in future periods, would impact the Company’s effective tax rate in such future periods. The Company recognizes both interest and penalties as part of the income tax provision. During the years ended December 31, 2021, 2020 and 2019, the Company did not incur any interest and penalties related to income taxes. ​ NOTE 16 - INCOME TAXES (continued) Tax years from 2018 and forward remain open to examinations by US federal and state authorities due to net operating loss carry forwards. The Company is currently not under examinations by the Internal Revenue Service. The Israeli and German subsidiaries are both under tax examination for the years 2016 through 2018. The Company will comply with the requests to the extent required by law. The Israeli subsidiary has a tax rate of 23% in 2021, 2020 and 2019, respectively.

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2021
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 17 – NET LOSS PER SHARE The Company computes net loss per share using the two-class method required for participating securities. The two-class method requires income available to ordinary shareholders for the period to be allocated between shares of Common Stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considers any issued and outstanding convertible preferred shares to be participating securities as the holders of the convertible preferred shares, as the case may be, would be entitled to dividends that would be distributed to the holders of ordinary shares, on a pro-rata basis assuming conversion of all convertible preferred shares into ordinary shares. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net loss for the periods presented was not allocated to the Company’s participating securities. The Company’s basic net loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted-average number of shares of ordinary shares outstanding for the period, without consideration of potentially dilutive securities. The diluted net loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares of ordinary shares are anti-dilutive. Basic and diluted net loss per share attributable to common stockholders was calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands, except share and per share data) Numerator: ​ ​ ​ Net loss ​ $ (33,987) ​ $ (23,746) ​ $ (625) Less dividends and revaluation attributable to redeemable preferred stock and redeemable convertible preferred stock ​ 33,632 ​ 13,636 ​ 11,398 Net loss attributable to common stockholders ​ $ (67,619) ​ $ (37,382) ​ $ (12,023) Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding — basic and diluted ​ 202,881,911 ​ 47,007,695 ​ 36,114,832 Net loss per share attributable to common stockholders — basic and diluted ​ $ (0.33) ​ $ (0.80) ​ $ (0.33) ​ ​ NOTE 17 – NET LOSS PER SHARE (continued) The Company’s potentially dilutive securities, which include stock options, unvested RSUs, redeemable preferred stock, redeemable convertible preferred stock and warrants have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Options to purchase common stock and unvested RSUs 34,145,397 8,232,204 9,773,702 Redeemable preferred stock and redeemable convertible preferred stock (as converted to common stock) 53,435,900 111,452,020 111,452,020 Warrants 840,981 222,414 237,978 ​ 88,422,278 119,906,638 121,463,700 ​ ​ Basic and diluted net loss per share attributable to common stockholders was calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ Three months ended December 31, ​ 2021 2020 ​ (In thousands, except share and per share data) Numerator: ​ ​ Net loss ​ $ (18,902) ​ $ (11,215) Less dividends attributable to redeemable preferred stock and redeemable convertible preferred stock ​ — ​ 3,727 Net loss attributable to common stockholders ​ $ (18,902) ​ $ (14,942) Denominator: ​ ​ ​ ​ Weighted average common shares outstanding — basic and diluted ​ 340,580,941 ​ 52,076,541 Net loss per share attributable to common stockholders — basic and diluted ​ $ (0.06) ​ $ (0.29) ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 18 – RELATED PARTY TRANSACTIONS As indicated in Note 9, the Company entered into a Warehouse Facility agreement with Lenders where a member of the Board of Directors has an interest. The Company has evaluated the relationship and determined that the Warehouse Facility agreement represents a related party transaction that has been entered into in the ordinary course of business. As such, the Warehouse Facility agreement was reviewed and approved as a related party transaction in accordance with the related party transaction approval process implemented by the Company. ​ The Company analyzed the terms of Warehouse Facility agreement and concluded that the terms represent a transaction conducted at arm’s length. ​ In 2015 and 2016, the Company issued loans and executed lines of credit to two Company executives in connection with shareholders’ equity issuances and related tax consequences. The Company notes that the outstanding loan and line of credit balances were repaid in February 2021. ​ (a) Only one executive had an outstanding loan as of December 31, 2020. The balance of the loan at December 31, 2020 was $353 . The loan was due in 2024. The principal amounts accrue interest at 1.53% , compounded annually. The balance was netted with the respective equity issuances in shareholders’ equity. ​ ​ NOTE 18 – RELATED PARTY TRANSACTIONS (continued) (b) The executives can draw on the lines of credit up to $940 . Interest was due upon loan termination and was accrued based on the federal midterm rate during the month the Company provides advances on the line of credit. The amount outstanding at December 31, 2020 was $809 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 19 – SUBSEQUENT EVENTS During early 2022, a geopolitical and armed conflict between Ukraine and Russia culminated in several countries, including the US, imposing economic sanctions on Russia and certain territories in Ukraine and on certain Russian and Belarussian banks and entities. Payoneer provides services to customers in Ukraine and in jurisdictions that are or may be impacted by these economic sanctions. At this time, it is difficult to assess the impact the conflict in Ukraine and the related economic sanctions may have on our results of operations. For the year ended December 31, 2021, Russia and Belarus, combined, accounted for less than 3% of our revenue, while together with Ukraine, all 3 countries accounted for slightly less than 10% of our revenue. Continuation or escalation of the conflict may have a material effect on our results of operations. ​

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation and basis of presentation:	a. Principles of consolidation and basis of presentation: The accompanying consolidated financial statements include the accounts of Payoneer Global Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Investments in an entity where we have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting. For such investments, our share of the investee’s results of operations is shown within Share in losses of associated company on our consolidated statements of loss and our investment balance as an investment in associated company on our consolidated balance sheets.
Accounting principles:	b. Accounting principles: The consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (hereafter - U.S. GAAP).
Use of estimates in the preparation of financial statements:	c. Use of estimates in the preparation of financial statements: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, share-based compensation, revenue recognition for items such as customer life, valuation allowance on deferred taxes, contingencies, and allowance for doubtful accounts on capital advances.
Functional currency and translation:	d. Functional currency and translation: The functional currency of the Company is the U.S. dollar (“dollar” or “$”). Where the Company’s foreign subsidiaries derive their revenue primarily from services provided to the parent company as well as obtains its financing from the parent company in dollars, the Company has determined the functional currencies to be the dollar as well. Accordingly, monetary accounts maintained in currencies other than the dollar are re-measured into dollars in accordance with the principles set forth in ASC 830 of the Financial Accounting Standards Board ("FASB") "Foreign Currency Translation", in the following manner: Transactions and balances originally denominated in dollars are presented at their original amounts. Balances in non-dollar currencies are translated into dollars using historical and current exchange rates for non-monetary and monetary balances, respectively. For non-dollar transactions reflected in the statement of loss, the transaction date exchange rates are used. The resulting transaction gains or losses are recorded as net financial income or expenses. Depreciation, amortization and other changes deriving from non-monetary items are based on historical exchange rates. The Company is also affected by fluctuations in exchange rates on its investments in an associated company. The assets and liabilities of the associated company whose functional currency is a foreign currency are translated at the period-end rate of exchange. The resulting translation adjustment is recorded as a component of other comprehensive income and is included in shareholders' equity. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): The Company also has a foreign subsidiary that uses the local currency of the respective country as its functional currency. Assets and liabilities of the non-U.S. dollar functional currency subsidiary is translated into U.S. dollars at exchange rates prevailing at the balance sheet dates. Revenues, costs, and expenses of the non U.S. dollar functional currency subsidiary is translated into U.S. dollars using daily exchange rates. Gains and losses resulting from these translations are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as other income (expense), net in our consolidated statements of income.
Fair value measurement:	e. Fair value measurement: The Company applies the provisions of ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), regarding fair value measurements for assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. The provisions apply whenever other accounting pronouncements require or permit fair value measurements. Fair value measurements used in the consolidated financial statements are based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1— Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the inputs that market participants would use in pricing. As of December 31, 2021, and 2020, the fair values of the Company's cash, cash equivalents, customer funds, short-term and long-term deposits, accounts receivable, CA receivables, accounts payable and outstanding operating balances approximated the carrying values of these instruments presented in the Company's consolidated balance sheets because of their nature. The fair value of the warrants described within Note 3 is determined by utilizing the publicly available price of the Company’s stock (Level 1). The fair values of the derivative assets and liabilities are determined using quantitative models that use as their basis readily observable market parameters that are actively quoted and can be validated through external sources, including third-party pricing services, brokers and market transactions (Level 2). The fair value of long-term debt, the Company’s common stock and contingent consideration related to the acquisition (as described within note 3) are determined using Level 3 unobservable inputs and assumptions by the Company.
Cash and cash equivalents:	f. Cash and cash equivalents: The Company considers cash invested in short-term bank deposits (up to three months from date of deposit) that are not restricted to withdrawal or use and money market instruments, to be cash equivalents. The Company maintains cash and cash equivalent balances with various financial institutions. The Company regularly reviews investment concentrations of these institutions and has relationships with a globally diversified group of banks and financial institutions.
Restricted cash:	g. Restricted cash: The Company maintains restricted cash held as collateral for the purpose of maintaining compliance with certain agreements as well as deposits held with payment processors and issuing banks that assist the Company in executing payment transactions, deposits in connection with regulatory requirements and deposits for property rental in different locations around the globe. The classification of restricted cash between current and non-current assets depends on the expected duration of the underlying activity.
Customer funds:	h. Customer funds: The Company holds customer funds as the Company’s liability. These funds are reflected on the consolidated balance sheets as an outstanding operating balances liability. To meet regulatory requirements in the jurisdictions in which the Company operates, the Company is obligated to hold the underlying funds and separately classify the assets as customer funds in the consolidated balance sheet. The Company classifies the assets underlying the customer funds as current based on their purpose and availability to fulfill the direct obligation of the Company under amounts due to customers. The Company does not commingle these customer funds within its corporate funds. Customer funds are maintained within both interest and non-interest bearing bank accounts. The Company has restricted access to some bank accounts depending on the license and regulatory body governing the services and nature of the services underlying each obligation. Customer funds include funds in transit that have not yet settled with the designated payee bank account or have yet to be loaded to a customer card or account. These funds are classified on the consolidated statements of cash flows as investing activities.
Accounts receivable, net:	i. Accounts receivable, net: Accounts receivable includes receivables from program management services and other payment service programs whereby the Company periodically assesses and evaluates the collectability of outstanding receivables. The Company maintains a reserve for doubtful accounts. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Bank income receivable ​ $ 64 ​ $ 13,097 Program management receivable ​ 13,899 ​ 4,868 Reserve for doubtful accounts ​ (119) ​ (122) Total accounts receivable ​ $ 13,844 ​ $ 17,843
Capital Advance (CA) receivable, net:	j. Capital Advance (CA) receivable, net: The Company enters into transactions with pre-qualified sellers in which the Company purchases a designated amount of future receivables for an upfront cash purchase price. The delivery of the future receivables purchased in exchange for the advance cash purchase price is facilitated through the seller’s payment processing activities with the Company. There is no economic recourse to the seller in the event that the future receivables are not generated. There is also no fixed period of time in which the seller must deliver the purchased future receivables to the Company, as delivery of the purchased future receivables is contingent on the sellers’ generation of such receivables. The Company does have limited contractual remedies in the event that a seller breaches its agreement with the Company. Although there is no economic recourse to the seller in the event that the future receivables are not generated, the degree of uncertainty related to this economic benefit is mitigated by the due diligence performed by the Company prior to purchasing the seller’s future receivables and is further mitigated by limited contractual remedies. The Company’s due diligence includes but is not limited to detailed analyses of the seller’s historical processing volumes, transaction count, chargeback history, growth of the seller, and account longevity with the Company. The Company recognizes revenues associated with these fees over the CA period, adjusting the amount to reflect an effective interest rate. The fees earned on these receivables are included in total revenue on the consolidated statements of loss and the total fees were not significant the Company’s operations for the years ended December 31, 2021, 2020 and 2019. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): During the years ended December 31, 2021 and 2020, the Company has purchased and collected the following principal amounts associated with CAs: ​ ​ ​ ​ CA receivable, gross, December 31, 2020 $ 67,682 CA extended to customers ​ 334,775 Increase in revenue receivables ​ 444 CA collected from customers ​ (342,930) Charge-offs, net of recoveries ​ (3,870) CA receivable, gross, December 31, 2021 ​ $ 56,101 Allowance for CA losses, December 31, 2021 ​ (2,426) CA receivable, net, December 31, 2021 ​ $ 53,675 ​ ​ ​ ​ ​ CA receivable, gross, December 31, 2019 $ 60,636 CA extended to customers ​ 266,562 Increase in revenue receivables ​ 126 CA collected from customers ​ (259,134) Charge-offs, net of recoveries ​ (508) CA receivable, gross, December 31, 2020 ​ $ 67,682 Allowance for CA losses, December 31, 2020 ​ (1,587) CA receivable, net, December 31, 2020 ​ $ 66,095 ​ The outstanding gross balance at December 31, 2021, consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current 1-30 days overdue 30-60 overdue 60-90 overdue Above 90 overdue 56,101 53,150 964 704 163 1,120 ​ The outstanding gross balance at December 31, 2020, consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current 1-30 days overdue 30-60 overdue 60-90 overdue Above 90 overdue 67,682 66,018 263 129 218 1,054 ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less than ​ ​ ​ ​ ​ Due in more than Total Overdue 30 days Due in 30-60 days Due in 60-90 days 90 days 56,101 2,951 9,511 12,457 23,008 8,174 ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less than ​ ​ Due in more than Total Overdue 30 days Due in 30-60 days Due in 60-90 days 90 days 67,682 1,664 10,143 19,726 34,979 1,170 ​ ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): CA advance receivable, net represents the aggregate amount of CA-related receivables owed by sellers as of the consolidated balance sheet date, net of an allowance for potential uncollectible amounts in the event of merchant fraud, diversion or default. For the purchased receivables, the Company is generally exposed to advance losses related to uncollectibility, and similar to the allowance for transaction losses, the Company establishes allowance for CA losses (ALCAL). The Company estimates the ALCAL based on an assessment of various factors, including historical experience, sellers’ current processing volume, and other factors that may affect the sellers’ ability to make future payments on the receivables. Changes to the ALCAL are reflected as transaction costs on the statement of income (loss), according to company’s charge-off methodology. The Company has developed a risk-based methodology that is used to estimate future losses based on historical loss experience as well as the qualitative judgment when historical loss data is not available. For product offerings with sufficient historical loss experience, the Company develops loss estimates based on receivable balance attributes such as account payment status, percentage of collections per day, and length of time from advance to collection. Based on these attributes, a historical loss rate is applied to calculate the allowance for CA losses. For product offerings that do not have significant historical loss data to develop a historical loss percentage, the Company estimates losses by evaluating portfolio factors such as average balance outstanding by customer as well as creating specific identification provisions for known collection risks. As of December 31, 2021, the Company has applied a range of loss rates to the portfolio of 3.13% to 3.35% for the allowance for CA losses with the weighted average loss rate applied being 3.22%. The Company applied a range of loss rates to the portfolio of 0.75% to 5.1% for the allowance for CA losses with the weighted average loss rate applied being 2.15% as of December 31, 2020. Below is a rollforward for the ALCAL for the years ending December 31, 2021 and 2020: ​ ​ ​ ​ ​ ALCAL balance, December 31, 2020 $ 1,587 Provision for ALCAL ​ 11,934 Recoveries for ALCAL ​ (7,225) CA receivables charged off ​ (3,870) ALCAL balance, December 31, 2021 ​ $ 2,426 ​ ​ ​ ​ ​ ALCAL balance, December 31, 2019 $ 900 Provision for ALCAL ​ 5,723 Recoveries for ALCAL ​ (4,247) CA receivables charged off ​ (789) ALCAL balance, December 31, 2020 ​ $ 1,587
Property, equipment and software, net:	k. Property, equipment and software, net: 1) The assets are stated at cost. 2) The assets are depreciated and amortized by the straight-line method, on basis of their estimated useful lives. 3) Additions, renewals, and betterments are capitalized. Maintenance and repairs that do not extend the useful life of the asset are expensed as incurred. The estimated useful lives are as follows: ​ ​ ​ ​ ​ Years Computers, software and peripheral equipment 3-5 Furniture and office equipment 6-16 Leasehold improvements Lesser of economic life or lease term
Internal use software:	l. Internal use software: The Company accounts for costs incurred to develop software and other applications for internal use to enhance its capabilities as a payment solution provider, in accordance with ASC 350-40 “Internal-Use Software” and are included within Intangible assets, net on the Company’s balance sheet. The Company capitalizes the costs incurred during the application development stage, which include costs to design the software, application configuration, interfaces, coding, installation, and testing. Costs incurred during the preliminary project along with post-implementation stages of internal use computer software are expensed as incurred. Capitalized development costs are amortized over the period of estimated benefit, which is three years, using the straight-line method, and presented under depreciation and amortization. Costs incurred to maintain existing product offerings are expensed as incurred. The capitalization and ongoing assessment of recoverability of development cost requires considerable judgement by management.
Business combinations	m. Business combinations The Company accounts for business combinations using the acquisition method when control is transferred to the Company. The consideration transferred in the acquisition is measured at fair value, as are the identifiable net tangible and intangible assets acquired. The fair value of the assests are considered to be significant estimates made by the Company. The methodologies used by the company are discussed further within Note 3. Any residual purchase price is allocated as goodwill. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Any contingent consideration connected to the business combination is measured at fair value at the date of acquisition and each reporting period thereafter. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed in the business combination, with the corresponding offset recorded to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of income (loss).
Deferred transaction costs	n. Deferred transaction costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financing activities, including the Reverse Recapitalization and the PIPE offering described within Note 3, as deferred costs until such financings are consummated. Upon consummation of the equity financing activity, these fees are recorded in the stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the activity.
Goodwill and intangible assets	o. Goodwill and intangible assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination and is allocated to the reporting unit expected to benefit from the business combination. Goodwill is tested for impairment at a minimum on an annual basis at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. The fair value of the reporting unit is estimated using a discounted cash flow method. The discounted cash flow method, a form of the income approach, uses expected future operating results and a market participant discount rate. Failure to achieve these expected results, changes in the discount rate or market pricing metrics, may cause a future impairment of goodwill at the reporting unit level. The Company conducted the annual impairment test of goodwill as of September 30, 2021. The Company elected to directly perform a quantitative analysis of fair value of the reporting unit compared to the carrying value of the reporting unit. Based on the results of this analysis, the Company determined that the goodwill was not impaired. Intangible assets consist of acquired developed technology, internal use software (refer to note 2l) and other intangible assets. Intangible assets are amortized over the period of estimated useful life using the straight-line method and have estimated useful lives ranging from three The Company evaluates intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net cash flow the asset is expected to generate.
Impairment of long-lived assets:	p. Impairment of long-lived assets: The Company reviews long-lived assets for their impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future cash flows (undiscounted and without interest charges) from the use of the asset are less than the carrying value, a write-down would be recorded to reduce the related asset to its estimated fair value.
Leases:	q. Leases: The Company determines whether an arrangement is a lease for accounting purposes at contract inception. Operating leases are recorded as right-of-use (“ROU”) assets, which are included in right-of-use assets, and lease liabilities, which are included in other payable and other long-term liabilities on the consolidated balance sheets, respectively. As of December 31, 2021, the Company did not have any finance leases. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit rate; we use an incremental borrowing rate for specific terms on a collateralized basis based on the information available on either the ASC 842 transition date or commencement date as applicable in determining the present value of lease payments. The ROU asset calculation includes lease payments to be made and excludes lease incentives. The ROU asset and lease liability may include amounts attributed to options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. In certain instances the Company may have lease agreements with lease and non-lease components. In these instances the Company has elected to apply the practical expedient and account for the lease and non-lease components as a single lease component for all leases. In addition, the Company has elected the practical expedients related to lease classification and hindsight. The Company applies a single portfolio approach within certain lease classes to account for the ROU assets and lease liabilities.
Outstanding operating balances:	r. Outstanding operating balances: The outstanding operating balances include customers’ balances held with the Company as well as customers’ funds in transit that have not yet settled with the designated payee bank account or have yet to be loaded to a customer card or account. The Company recognizes the outstanding operating balances as a liability on the accompanying consolidated balance sheets and releases the liability once the funds reached the customer or loaded to the card.
Warrant Liability	s. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own shares of Common Stock and whether the warrant holders could potentially require different settlement value of consideration in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a derivative liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as gain or loss on the statements of operations. In accordance with ASC 825-10 “Financial Instruments”, offering costs attributable to the issuance of the derivative warrant liabilities are recognized in the statement of operations as incurred.
Revenue recognition:	t. Revenue recognition: On January 1, 2019, the Company adopted Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2019. The Company recorded a net increase to retained earnings of $285 as of January 1, 2019, due to the cumulative impact of adopting ASC 606, primarily related to the effect of incremental contract acquisition costs on contracts that were not completed by the transition date. A corresponding increase of $285 was recorded in other assets on the consolidated balance sheet. Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The majority of the Company’s revenue is recognized and collected upon the completion of the underlying transaction. Card and Customer Account revenue: 1) Transaction fee revenues - the Company’s transaction fee revenue principally consists of usage fees. Revenue may vary based on the size of the transaction, the funding method used, the currency to be ultimately disbursed and the countries to which the funds are transferred. Transaction fee revenues are recognized at a point in time which is the period when the underlying transactions occur, and at this time the amounts are known. 2) Collection and loading fees - fees are charged to customers upon withdrawal of funds into a customer’s bank account or utilization of funds loaded or allocated to cards. Fees are recognized at a point in time which is the period that the underlying withdrawal or load to a customer occurs. 3) Service and maintenance fees – maintenance and service fees are charged either monthly or annually to customers. Fees charged in advance to customers covering a single reporting period or multiple reporting periods are recognized when the fee is charged as there is no binding contract term and the fee does not represent a material right to the customer. 4) Cancellations and refunds of fees - the Company records revenue net of transaction cancellation and refunds of fees. Cancellations and refunds of fees are estimated at the time that the underlying transaction occurs and are provided for in advance of the cancellation or refund. Capital Advance fees The Company offers customers a cash advance in exchange for a fixed amount of their future receivables. Such customers use Payoneer’s payment services to receive payments from third party online marketplaces for goods and services sold on the marketplaces. For the cash advances in which the Company retains the right to future receivables, the fee is recognized over the advance period. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): Global Bank Transfer Revenue: Revenues generated from bank transfers are recorded at the time the related funds transfer is executed and delivered to the beneficiary. Revenue is deferred until it reaches the beneficiary even if it has been collected by the Company at any point during the bank transfer process. The timing of recognition is dependent on geographic region, and overall reliance on third party processors and financial institutions. The Company uses third-party processors and financial institutions in executing foreign exchange transactions with third-parties. The Company acts as the principal in these transactions and recognizes revenue as it relates to these transactions on a gross basis as the Company controls the service to the end customer and directs third party processors and other financial institutions to perform the specified services on the Company’s behalf. To the extent revenues are recorded on a gross basis, any commissions or other payments to third-parties are recorded as transaction costs so that the net amount (gross revenue less transaction costs) is reflected in operating income. The company charges both fixed and variable fees related to global bank transfers. Fixed fees are generally on a per transaction basis while variable are generally based on volume of a transaction where a transactions involve funds transferred to the Company in one currency and are transferred to a beneficiary in another currency. Disaggregation of Revenue We determine operating segments based on how our Chief Operating Decision Maker (“CODM”) manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. Our CODM is our Chief Executive Officer, who reviews our operating results on a consolidated basis. We operate in one segment and have one reportable segment. Based on the information provided to and reviewed by our CODM, we believe that the nature, amount, timing, and uncertainty of our revenue and cash flows and how they are affected by economic factors are most appropriately depicted through our primary geographical markets. The following table presents our revenue disaggregated by primary geographic market where revenues are attributable to the country in which the billing address of the customer is located with the exception of global bank transfer revenues where revenues are disaggregated based on the billing address of the transaction funds source. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Primary geographical markets ​ ​ ​ Greater China (1) ​ ​ 160,583 ​ $ 127,307 ​ $ 103,531 United States ​ ​ 55,941 ​ 38,729 ​ 69,016 All other countries (2) ​ ​ 256,879 ​ 179,556 ​ 145,203 Total revenues ​ ​ 473,403 ​ $ 345,592 ​ $ 317,750 (1) Greater China is inclusive of mainland China, Hong Kong and Taiwan (2) No single country included in the other countries category generated more than 10% of total revenue The Company had one customer that contributed 3%, 5% and 15% of total revenue for the years ended December 31, 2021, 2020 and 2019, respectively. The following table presents revenue recognized from contracts with customers as well as revenue from other sources, consisting of interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized at a point in time ​ $ 441,208 ​ $ 332,939 ​ $ 297,077 Revenue recognized over time ​ ​ 29,493 ​ 6,652 ​ 3,456 Revenue from contracts with customers ​ $ 470,701 ​ $ 339,591 ​ $ 300,533 Revenue from other sources ​ ​ 2,702 ​ 6,001 ​ 17,217 Total revenues ​ $ 473,403 ​ $ 345,592 ​ $ 317,750 ​ ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): Customer acquisition costs The Company capitalizes certain costs associated with customer acquisition rewards and sales commissions that are incremental to the acquisition of customer contracts. These costs are recorded as other assets on the consolidated balance sheets. The Company determines whether costs should be deferred based on the incremental nature of the underlying cost and if the cost would not have occurred absent the customer acquisition. Customer acquisition rewards primarily refers to incentive payments made to existing customers, third parties and new customers when a new customer is referred and utilizes the Company’s services, subject to certain conditions. Certain capitalized sales commissions include payments made to employees that are directly related to new customers’ acquisitions or increased revenue or volume for existing customers. Amortization of customer acquisition rewards and sales commissions are consistent with the pattern of revenue recognition of each performance obligation. Incentives earned by customers and third parties for referring new customers are paid in exchange of a distinct service and accounted for sales and marketing expenses on the consolidated statements. Any amounts paid in excess of the fair value of the referral service received are recorded as a reduction of revenue. Fair value of the service is established using amounts paid to vendors for similar services. The Company has applied the practical expedient in ASC 606 to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company recognizes an asset for incremental costs to obtain a contract such as sales commissions and other customer incentives. The asset is amortized on a systematic basis over the expected customer relationship period, which is estimated as of December 31, 2021 to be 1.80 years. The Company offers various programs to acquire customers. In certain customer acquisition arrangements with existing customers, the payments to the customer, driven by such an arrangement, are recorded as a reduction of revenue. The Company periodically reviews these deferred customer acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. There were no impairment losses recorded during the periods presented. The following table represents a rollforward of deferred customer acquisition costs: ​ ​ ​ ​ ​ Opening balance as of December 31, 2020 $ 8,976 Additions to deferred customer acquisition costs ​ 11,111 Amortization of deferred customer acquisition costs ​ (8,721) Ending balance as of December 31, 2021 ​ $ 11,366 ​ ​ ​ ​ Opening balance as of December 31, 2019 ​ $ 5,057 Additions to deferred customer acquisition costs ​ 10,119 Amortization of deferred customer acquisition costs ​ (6,200) Ending balance as of December 31, 2020 ​ $ 8,976
Transaction costs:	u. Transaction costs: Transaction costs consist of fees paid to the banks, processors and card networks, costs to acquire currencies, card supply costs and other losses related to the Company’s services. These costs are net of any rebate programs with banks, processors and networks, such as currency conversion assessment rebates and volume rebates. These costs are primarily driven by transaction volumes and the number of active cards. The Company is exposed to potential transaction losses due to credit or debit card collections, Electronic Funds Transfer returns, prepaid card negative balances and related chargebacks, including charge-offs related to CA. These costs are included in transaction costs. The Company established an allowance for estimated losses arising from processing customer transactions described above. This provision represents an accumulation of the estimated amounts necessary to provide for transaction losses incurred as of the reporting date, including those for which the Company has not yet identified. The allowance is monitored quarterly and is updated based on actual claims data. The allowance is based on known facts and circumstances as well as internal factors. As of December 31, 2021, 2020 and 2019, the provision for transaction losses, including the allowance for CA totaled $4,072, $2,334 and $1,532, respectively, and was included in other payables, with the exception of the allowance for CA which is within CA receivables, net on the balance sheet. Transaction costs also include expenses related to the outstanding balance associated with the Receivables and Loan Security Agreement and are considered to be related party balances as further described within Notes 9 and 18.
Other operating expenses:	v. Other operating expenses: Other operating expenses include compensation for the Company’s employees who support customer service calls, card and account approval, banking infrastructure implementations, transactions monitoring and liquidity management as well as indirect costs incurred for fraud detection, compliance operations, provision for transaction loss and maintenance costs related to the Company’s customer call center infrastructure.
Sales and marketing expenses:	w. Sales and marketing expenses: Sales and marketing include business development and product launch costs, marketing and advertising costs, retention costs and certain customer acquisition costs. This also includes employee compensation and related costs to support the sales and marketing process. Advertising and certain marketing costs are expensed as incurred and amounted to $9,330, $7,740 and $5,760 for the years ended December 31, 2021, 2020 and 2019, respectively.
Research and development expenses:	x. Research and development expenses: Research and development expenses charged to the statement of loss as incurred and consist primarily of employee compensation and related costs, professional services and consulting expenses, and non-capitalized costs associated with the development of new technologies.
Share-based compensation	y. Stock-based compensation 1. Equity awards granted to employees and non-employees are accounted for using the grant date fair value method. The grant date fair value is determined as follows: for stock options and restricted stock units (“RSUs”) with an exercise price using the Black Scholes pricing model, for stock options or RSUs with market conditions using a Monte Carlo model and for RSUs and stock options with no exercise price with service conditions based on the grant date share price. The fair value of share-based payment transactions is recognized as expense over the requisite service period. Forfeitures are accounted as they occur. 2. The Company measures the compensation cost related to the options awarded on the grant date and recognizes the cost on a straight-line vesting method over the requisite service period of the awards, including awards with graded vesting and those awards having additional market-based conditions for vesting. For awards with only market conditions, compensation expense is not reversed if the market conditions are not satisfied. 3. The Company measures the additional compensation cost of modified awards on the date of modification and recognizes the cost (1) on the modification date for past service periods and (2) on a straight-line method over the future related service period. 4. Fair value of the equity instrument issued to a non-employee should be measured as of the grant date. The fair value of the awards is recognized over the vesting period, which coincides with the period that the counter-party is providing services to the Company. 5. The Company recognizes a tax benefit of share-based compensation in the consolidated statements of loss if the tax benefit is realized.
Concentration of risk:	z. Concentration of risk: Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, customer funds, restricted cash, CA and account receivables. The Company’s assets are placed with financial institutions throughout the world. The Company regularly reviews its funds concentrations and has relationships with a globally diversified group of banks and financial institutions. A significant portion of the Company’s cash is deposited at large depository institutions. The majority of those cash funds exceed FDIC coverage insurance limit of $250. Additionally, a portion of the Company’s cash is deposited in non - US accounts. Significant balances are held in ring-fenced accounts; however there are funds held with financial institutions that do not offer deposit insurance and bear specific country and regional risks. The Company is also exposed to transaction losses due to funds blocked with its Global Bank Transfers processors, See also Note 12. 58% and 47% of the Company’s cash and cash equivalents, customer funds are concentrated with domestic financial institutions as of December 31, 2021 and 2020, respectively. Cash and cash equivalents and customer funds balances denominated in U.S. dollars represent 74% and 70% of the balance of the cash, cash equivalents and customer funds at December 31, 2021, and 2020, respectively. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): The Company is conducting transactions worldwide and settles accounts with its financial intermediaries in various currencies. There is a currency exchange rate risk related to the time difference between the money transfer transaction and the payment execution. The strengthening or weakening of the U.S. dollar versus the foreign currencies in which the Company operates, impacts the translation of the Company’s net revenues and expenses generated in these foreign currencies into the U.S. dollar and the Company’s financial expense derive from the revaluation of these balances. To mitigate that risk, the Company actively manages this exposure and limits the time of open positions. The Company utilizes a third-party issuing bank for its physical and virtual card management business as well as issues cards directly under its Mastercard license. If the issuing bank ceases to transact with current cardholders, incurs a significant disruption that affects current cardholder transactions, or terminates as an issuing bank due to circumstances out of the Company’s control or if Mastercard revokes the Company’s license to issue cards, the result would have a significant negative impact on the Company. Information security risks for financial and technology companies have significantly increased in recent years. There can be no assurance that the Company will not suffer related losses in the future. The Company operates globally and in a rapidly evolving regulatory environment. The Company’s business is subject to laws, rules, regulations, policies and legal interpretations in the markets in which the Company operates, including but not limited to those governing banking, cross-border and domestic money transmission, foreign exchange, privacy, data protection, payment processing and settlement services, consumer protection, anti-money laundering, and counter-terrorist financing. The legal and regulatory requirements applicable to the Company are extensive, complex, frequently changing, and increasing in number, and may impose overlapping and/or conflicting requirements or obligations. Non-compliance with laws and regulations may result in penalties and enforcement actions related to non-compliance. Changes in laws and regulations or their interpretation, and the enactment of new laws and regulations applicable to the Company could have a material adverse impact on its business, results of operations and financial condition. Therefore, the Company monitors these areas closely to ensure that its solutions are compliant with such laws and regulations. In 2021, 2020 and 2019, revenues from customers associated with a single marketplace constituted 24%, 29%, and 27%, respectively, of total annual revenue. In 2021, 2020 and 2019, revenues generated from customers who reside in Greater China constituted 34%, 37% and 33%, respectively, of total revenues. This geographic concentration, creates exposure to local economies and politics, and economic downturns in the markets they service. Any unforeseen events or changes in regulation or legal requirements in Greater China that restrict the services we can provide to customers who reside in Greater China could have a significant impact on the Company’s financial statements. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): The United Kingdom (“U.K.”) held a referendum in June 2016 in which a majority of voters approved an exit from the European Union (“EU”) (“Brexit”). In March 2017, the U.K. government gave formal notice of its intention to leave the EU and in January 2020, the U.K. exited the EU, and a withdrawal agreement entered into force; the U.K. and the EU entered into a Trade and Cooperation Agreement effective January 2021 remains certain aspects of
Income taxes:	aa. Income taxes: Income taxes are accounted for using an asset and liability approach as required under U.S. GAAP. The asset and liability approach require the recognition of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The measurement of current and deferred tax liabilities and assets is based on provisions of the relevant tax law; the effects of future changes in tax laws or rates are not anticipated. Deferred taxes have not been provided on the amount of unremitted earnings from foreign subsidiaries retained for reinvestment in the Company. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. Valuation allowances are established for deferred tax assets when the likelihood of the deferred tax assets not being realized exceeds the more likely than not criterion. Deferred tax assets and liabilities, along with any related valuation allowance, are classified as non-current assets or non-current liabilities on the balance sheets. The Company follows the guidance on accounting for uncertainty in income taxes in accordance with U.S. GAAP. The guidance provides a comprehensive model for the recognition, measurement and disclosure in financial statements of uncertain income tax positions that a company has taken or expects to take on a tax return. Under this guidance, a company can recognize the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position; otherwise no benefit can be recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Additionally, the Company accrues interest and related penalties, if applicable, on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. Interest and penalties are classified as taxes on income in the consolidated financial statements. Income tax expense includes U.S. (federal and state) and foreign income taxes. Tax legislation commonly known as the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries, and as a result, all previously unremitted earnings for which no U.S. deferred tax liability had been accrued were subject to U.S. tax. Notwithstanding the U.S. taxation of these amounts, the Company intends to continue to invest most or all of these earnings, as well as its capital in these subsidiaries, indefinitely outside of the U.S. and do not expect to incur any significant, additional taxes related to such amounts.
Derivative instruments and hedging activities:	bb. Derivative instruments and hedging activities: The Company is exposed to market risk due to significant operating expenses denominated in New Israeli Shekels. To reduce that risk, the Company enters into foreign currency forward contracts to hedge currency risk related to its foreign operations. The duration of these derivative contracts at inception is generally less than one year. The Company recognizes all derivative instruments as either assets or liabilities on the consolidated balance sheet at fair value (Level 2 valuation within the fair value measurements hierarchy). The accounting for changes in the fair value (i.e. gains and losses) of a derivative instrument depends on whether it has been designated and qualifies as a hedging relationship, and on the type of hedging relationship. Derivatives that are not designated hedges must be adjusted to fair value into earnings through financial income or expense. Changes in the fair value of the derivatives are recognized in other comprehensive income until the hedged item is recognized in earnings. The cash flow from derivative instruments and hedging activities was reflected in cash flow from operations.
Contingencies:	cc. Contingencies: Loss contingencies are recognized in the consolidated financial statements as incurred when the loss is probable and can be reasonably estimated. Gain contingencies are recognized when realized.
Recently issued accounting pronouncements:	dd. Recently issued accounting pronouncements: As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time the Company no longer meets the definition of EGC. The adoption dates referenced below reflect this election. The Company may become a large accelerated filer on the last day of its fiscal year 2022 and, should it happen, the company will no longer qualify as an EGC. The anticipated adoption dates of standards issued, but not yet adopted will be revised to reflect this change in status. Financial Accounting Standards Board (“FASB”) standards adopted during 2021 In 2016, the FASB issued new accounting guidance related to accounting for leases, which will require lessees to recognize lease assets and lease liabilities on the balance sheet for the rights and obligations created by all leases with terms greater than 12 months. As we are not a lessor, other changes in the guidance applicable to lessors do not apply. Additionally, in 2018, the FASB issued codification and targeted improvements to this guidance effective for fiscal years and interim periods within those years beginning after December 15, 2021, with early adoption permitted. The Company has early adopted the new guidance on January 1, 2021, using a modified retrospective basis and applied the optional practical expedients related to the transition. The adoption resulted in an increase of approximately $19,280 for the right of use lease assets and $19,566 for lease liabilities associated with our operating leases upon adoption of which $8,636 was classified as short-term within Other payables and $10,930 was classified as long-term within Other long-term liabilities. In addition, the Company elected to apply the practical expedients related to reassessment of existing leases, utilization of hindsight in the determination of lease term and impairment of right-of-use assets, and did not to recognize right-of-use assets and lease liabilities arising from short-term leases. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): In 2017, the FASB issued new guidance intended to better align the results of hedge accounting with an entity’s risk management activities. This guidance updates the designation and measurement guidance for qualifying hedging relationships by expanding hedge accounting for both nonfinancial and financial risk components and by refining the measurement of hedge results to better reflect an entity’s hedging strategies. The amendments will also align the recognition and presentation of the effects of the hedge results in the financial statements to increase the understandability of the results of an entity’s intended hedging strategies. Additionally, the guidance includes certain targeted improvements to ease the operational burden of applying hedge accounting. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company adopted the new guidance on January 1, 2021 and determined that the adoption of the new guidance did not have a material impact on its consolidated financial statements. In 2018, the FASB issued new accounting guidance intended to align the requirements for capitalization of implementation costs incurred in a cloud computing arrangement that is a service contract with the existing guidance for internal-use software. Capitalized implementation costs should be amortized over the term of the hosting arrangement and recorded in the same financial statement line items as amounts for the hosting arrangement. The new guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021, with early adoption permitted. The guidance provides flexibility in adoption, allowing for either retrospective adjustment or prospective adjustment for all implementation costs incurred after the date of adoption. The Company adopted the new guidance on January 1, 2021 under the prospective adjustment for implementation costs and determined that the adoption of the new guidance did not have a material impact on its consolidated financial statements. FASB Standards issued, but not adopted as of December 31, 2021 In 2016, the FASB issued new guidance on the measurement of credit losses on financial instruments. Credit losses on loans, trade and other receivables, held-to-maturity debt securities and other instruments will reflect the Company’s current estimate of the expected credit losses (“CECL”). CECL requires loss estimates for the remaining estimated life of the financial instrument using historical experience, current conditions, and reasonable and supportable forecasts. Generally, the Company expects that CECL will result in the earlier recognition of allowances for losses compared to the current approach of estimating probable incurred losses. The guidance is effective for the Company at the beginning of 2023 with early adoption permitted. The Company adopted the new guidance effective January 1, 2022. The Company is required to apply the provisions of this guidance as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company finalized its models and designed business processes and controls. Based on the models developed, which incorporates forecasts of macroeconomic conditions, the overall impact of the adoption of the Current Expected Credit Loss framework had an immaterial impact on the consolidated financial statements when compared to the incurred loss framework. The extent of the actual impact of the adoption of this guidance at the effective date depends on the amount and asset quality of our financial instruments, current and forecasted economic conditions at the time of adoption, and any further refinements made to our models. In 2020, the FASB issued amended guidance that provides transition relief for the accounting impact of reference rate reform. For a limited duration, this guidance provides optional expedients and exceptions for applying GAAP to certain contract modifications, hedging relationships, and other transactions that will be impacted by a reference rate expected to be discontinued due to reference rate reform. The amended guidance is effective through December 31, 2022. The Company does not expect reference rate reform to have a material impact on the Company’s financial statements. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): ​ In 2020, the FASB issued guidance simplifying the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. In addition to other changes, this standard amends ASC 470-20, “Debt with Conversion and Other Options,” by removing the accounting models for instruments with beneficial conversion features and cash conversion features. The standard also amends ASC 260, “Earnings Per Share” addressing the impacts of these instruments. The guidance is effective for the fiscal year beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company early adopted this guidance effective January 1, 2022 and the impact of the adoption on the Consolidated financial statements was immaterial.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Schedule of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Bank income receivable ​ $ 64 ​ $ 13,097 Program management receivable ​ 13,899 ​ 4,868 Reserve for doubtful accounts ​ (119) ​ (122) Total accounts receivable ​ $ 13,844 ​ $ 17,843
Schedule of purchased and collected principal amounts associated with Capital Advance (CA) receivables	During the years ended December 31, 2021 and 2020, the Company has purchased and collected the following principal amounts associated with CAs: ​ ​ ​ ​ CA receivable, gross, December 31, 2020 $ 67,682 CA extended to customers ​ 334,775 Increase in revenue receivables ​ 444 CA collected from customers ​ (342,930) Charge-offs, net of recoveries ​ (3,870) CA receivable, gross, December 31, 2021 ​ $ 56,101 Allowance for CA losses, December 31, 2021 ​ (2,426) CA receivable, net, December 31, 2021 ​ $ 53,675 ​ ​ ​ ​ ​ CA receivable, gross, December 31, 2019 $ 60,636 CA extended to customers ​ 266,562 Increase in revenue receivables ​ 126 CA collected from customers ​ (259,134) Charge-offs, net of recoveries ​ (508) CA receivable, gross, December 31, 2020 ​ $ 67,682 Allowance for CA losses, December 31, 2020 ​ (1,587) CA receivable, net, December 31, 2020 ​ $ 66,095
Schedule of current and overdue amounts of CAs	The outstanding gross balance at December 31, 2021, consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current 1-30 days overdue 30-60 overdue 60-90 overdue Above 90 overdue 56,101 53,150 964 704 163 1,120 ​ The outstanding gross balance at December 31, 2020, consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current 1-30 days overdue 30-60 overdue 60-90 overdue Above 90 overdue 67,682 66,018 263 129 218 1,054
Schedule of current and overdue balances CAs that are segregated into the timing of expected collections	The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less than ​ ​ ​ ​ ​ Due in more than Total Overdue 30 days Due in 30-60 days Due in 60-90 days 90 days 56,101 2,951 9,511 12,457 23,008 8,174 ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less than ​ ​ Due in more than Total Overdue 30 days Due in 30-60 days Due in 60-90 days 90 days 67,682 1,664 10,143 19,726 34,979 1,170
Schedule of rollforward for the allowance for CA losses ("ALCAL")	Below is a rollforward for the ALCAL for the years ending December 31, 2021 and 2020: ​ ​ ​ ​ ​ ALCAL balance, December 31, 2020 $ 1,587 Provision for ALCAL ​ 11,934 Recoveries for ALCAL ​ (7,225) CA receivables charged off ​ (3,870) ALCAL balance, December 31, 2021 ​ $ 2,426 ​ ​ ​ ​ ​ ALCAL balance, December 31, 2019 $ 900 Provision for ALCAL ​ 5,723 Recoveries for ALCAL ​ (4,247) CA receivables charged off ​ (789) ALCAL balance, December 31, 2020 ​ $ 1,587
Schedule of estimated useful lives	​ ​ ​ ​ ​ Years Computers, software and peripheral equipment 3-5 Furniture and office equipment 6-16 Leasehold improvements Lesser of economic life or lease term
Schedule of revenue disaggregated by primary geographical market	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Primary geographical markets ​ ​ ​ Greater China (1) ​ ​ 160,583 ​ $ 127,307 ​ $ 103,531 United States ​ ​ 55,941 ​ 38,729 ​ 69,016 All other countries (2) ​ ​ 256,879 ​ 179,556 ​ 145,203 Total revenues ​ ​ 473,403 ​ $ 345,592 ​ $ 317,750 (1) Greater China is inclusive of mainland China, Hong Kong and Taiwan (2) No single country included in the other countries category generated more than 10% of total revenue
Schedule of revenue recognized from contracts with customers as well as revenue from other sources	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized at a point in time ​ $ 441,208 ​ $ 332,939 ​ $ 297,077 Revenue recognized over time ​ ​ 29,493 ​ 6,652 ​ 3,456 Revenue from contracts with customers ​ $ 470,701 ​ $ 339,591 ​ $ 300,533 Revenue from other sources ​ ​ 2,702 ​ 6,001 ​ 17,217 Total revenues ​ $ 473,403 ​ $ 345,592 ​ $ 317,750
Schedule of deferred customer acquisition costs	​ ​ ​ ​ ​ Opening balance as of December 31, 2020 $ 8,976 Additions to deferred customer acquisition costs ​ 11,111 Amortization of deferred customer acquisition costs ​ (8,721) Ending balance as of December 31, 2021 ​ $ 11,366 ​ ​ ​ ​ Opening balance as of December 31, 2019 ​ $ 5,057 Additions to deferred customer acquisition costs ​ 10,119 Amortization of deferred customer acquisition costs ​ (6,200) Ending balance as of December 31, 2020 ​ $ 8,976

REVERSE RECAPITALIZATION AND _2

REVERSE RECAPITALIZATION AND BUSINESS COMBINATION (Tables)	12 Months Ended
	Dec. 31, 2021
REVERSE RECAPITALIZATION AND BUSINESS COMBINATION
Schedule of Reverse Recapitalization	The number of shares of Common Stock issued immediately following the consummation of the Reverse Recapitalization were as follows: ​ ​ ​ ​ ​ Number of ​ ​ shares Common Stock outstanding at April 1, 2021 49,697,982 Common stock issued through options and warrants exercises between April 1, 2021 and June 25, 2021 8,854,131 Common Stock outstanding prior to the Reverse Recapitalization (1) 58,552,113 Conversion of Redeemable Convertible Preferred Stock (1) 209,529,798 Less: Legacy Payoneer Stock subject to cash out (1) (36,818,547) Common Stock attributable to FTOC conversion (2) 77,081,295 Shares attributable to Reverse Recapitalization 308,344,659 Common Stock attributable to PIPE 30,000,000 Total shares of Common Stock as of close of Reverse Recapitalization and PIPE transaction 338,344,659 (1) (2) (3) FTAC Olympus Acquisition Corp: based on outstanding shares, as of the Closing Date, of 59,611,310 FTOC Class A ordinary shares (following the redemption of 18,033,066 shares); 5,823,328 FTOC Class B ordinary shares which are not subject to restrictions; and 11,646,656 FTOC Class B ordinary share (the "Founder Shares") which are subject to restriction per section 1.2 of the Sponsor Share Surrender and Share Restriction Agreement. According to such restriction, holders of Founder Shares shall not Transfer, or permit the Transfer of, (a) a number equal to 50% of the Founder Shares, until such time that New Payoneer common stock closing trading price equals or is greater than $15.00 per share for any 20 trading days within any 30 trading days period; and (b) a number equal to 50% of the Founder Shares, until such time that the New Payoneer common stock closing trading price equals or is greater than $17.00 per share for any 20 trading days within any 30 trading days period, subject to certain exemptions.

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER CURRENT ASSETS
Schedule of composition of other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Income receivable ​ $ 9,825 ​ $ 97 Prepaid expenses ​ ​ 9,598 ​ ​ 5,980 Prepaid income taxes ​ 2,789 ​ 2,094 Other ​ 2,812 ​ 2,246 Total other current assets ​ $ 25,024 ​ $ 10,417

PROPERTY, EQUIPMENT AND SOFTW_2

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Tables)	12 Months Ended
	Dec. 31, 2021
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Schedule of composition of property, equipment and software, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Computers, software and peripheral equipment ​ $ 32,379 ​ $ 27,322 Leasehold improvements ​ ​ 8,920 ​ ​ 8,157 Furniture and office equipment ​ ​ 4,074 ​ ​ 3,579 Property, equipment and software ​ 45,373 ​ 39,058 Accumulated depreciation ​ (33,233) ​ (26,364) Property, equipment and software, net ​ $ 12,140 ​ $ 12,694
Schedule of property and equipment, net of depreciation and amortization, by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Israel ​ $ 7,798 ​ $ 8,224 United States ​ 1,370 ​ 2,450 All other countries ​ 2,972 ​ 2,020 ​ ​ $ 12,140 ​ $ 12,694

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill balances and adjustments to those balances	The following table presents goodwill balance and adjustments to those balances during the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ December 31, ​ Goodwill ​ Translation ​ ​ December 31, ​ ​ ​ 2020 ​ Acquired ​ Adjustments ​ ​ 2021 Total goodwill $ 22,541 ​ — (1,414) $ 21,127
Schedule of composition of intangible assets, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Internal use software ​ $ 55,164 ​ $ 40,663 Developed technology ​ 15,259 ​ 16,178 Intangible assets ​ ​ 70,423 ​ ​ 56,841 Accumulated amortization ​ (32,894) ​ (22,426) Intangible assets, net ​ $ 37,529 ​ $ 34,415

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Schedule of operating lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Lease expense ​ $ 10,729 ​ $ 9,331
Schedule of additional balance sheet information related to leases	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2021 ​ Operating lease right-of-use asset $ 12,943 ​ ​ ​ ​ ​ ​ Operating leases within other payables ​ ​ 9,290 ​ Operating leases within other long-term liabilities ​ ​ 4,061 ​ Total operating leases ​ ​ 13,351 ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for new lease liabilities during the year ended December 31, 2021 ​ ​ 3,188 ​ ​ ​ ​ ​ ​ Weighted average lease term – operating leases ​ ​ 1.62 years Weighted average discount rate – operating leases ​ ​ 1.51 %
Schedule of minimum lease commitments due as of the year ended under non-cancelable operating leases	​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ 2022 ​ $ 9,406 2023 ​ ​ 3,218 2024 ​ ​ 788 2025 ​ ​ 84 2026 – thereafter ​ ​ — Total ​ ​ 13,496 Less present value discount ​ ​ (145) Lease liability $ 13,351 ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ 2021 ​ $ 10,160 2022 ​ ​ 8,208 2023 ​ ​ 2,678 2024 ​ ​ 858 2025 - thereafter ​ ​ 108 Lease liability ​ $ 22,012

OTHER PAYABLES (Tables)

OTHER PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER PAYABLES
Schedule of composition of other payables, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Employee related compensation ​ $ 47,007 ​ $ 33,249 Commissions payable ​ 10,712 ​ 8,326 Accrued expenses ​ 10,661 ​ 19,464 Lease liability ​ ​ 9,290 ​ ​ — Other ​ 1,704 ​ 2,416 Total other payables ​ $ 79,374 ​ $ 63,455

PREFERRED STOCK AND WARRANTS (T

PREFERRED STOCK AND WARRANTS (Tables)	12 Months Ended
	Dec. 31, 2021
PREFERRED STOCK AND WARRANTS
Schedule of authorized and outstanding Redeemable Convertible Redeemable Convertible Preferred Stock and Redeemable Redeemable Convertible Preferred Stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ Shares ​ Shares Issued ​ Value, net of ​ Liquidation ​ Authorized and Paid issuance costs Preference Series A Preferred Stock of $0.01 par value 30,227,287 30,227,287 ​ $ 385 ​ $ 4,633 Series A-1 Preferred Stock of $0.01 par value 8,079,187 8,079,187 ​ 638 ​ 1,476 Series B Preferred Stock of $0.01 par value 28,676,603 28,676,603 ​ 4,497 ​ 9,930 Series B-1 Preferred Stock of $0.01 par value 3,925,214 3,925,214 ​ 492 ​ 1,115 Series C Preferred Stock of $0.01 par value 55,531,064 55,531,064 ​ 25,147 ​ 23,117 Series C-1 Preferred Stock of $0.01 par value 5,640,000 5,640,000 ​ — ​ 1,936 Series C-2 Preferred Stock of $0.01 par value 16,347,292 16,347,292 ​ 5,054 ​ 11,713 Series D Preferred Stock of $0.01 par value 34,979,167 34,979,167 ​ 30,739 ​ 46,245 Series E Preferred Stock of $0.01 par value 20,805,738 20,805,738 ​ 67,858 ​ 88,995 Series E-1 Preferred Stock of $0.01 par value 5,318,246 5,318,246 ​ 19,990 ​ 24,324 Total 209,529,798 209,529,798 ​ $ 154,800 ​ $ 213,484 ​ Redeemable Preferred Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ Shares ​ ​ ​ ​ ​ Shares Issued and Carrying Liquidation ​ ​ Authorized* ​ Paid* ​ Value ​ Preference Series 1 Preferred Stock of $0.01 par value 3,500 3,500 ​ $ 10,735 ​ $ 36,520 ​ *Note that the Series 1 Redeemable Preferred Stock was not subject to the 1-for-1.88 conversion related to the Reverse Recapitalization described within Note 3 as the Series 1 Redeemable Preferred Stock remained with the Legacy Payoneer entity after the Reverse Recapitalization (and prior to the July 23, 2021 redemption described within this Note).
Schedule of changes in fair value of warrant liabilities	​ ​ ​ ​ ​ ​ ​ Warrant Liability Initial measurement as of June 25, 2021 ​ $ 71,701 Change in fair value ​ ​ (11,824) Fair value as of December 31, 2021 ​ $ 59,877

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
STOCK-BASED COMPENSATION
Schedule of grant of stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Outstanding Options ​ Options Exercisable ​ ​ ​ ​ Weighted Average ​ ​ ​ Weighted Average Exercise ​ Number ​ Remaining ​ Number ​ Remaining Price Outstanding Contractual life Outstanding Contractual life $0.010 6,890,341 8.70 643,753 8.14 $0.080 318,239 5.43 300,549 5.39 $0.140 99,959 0.73 99,959 0.73 $0.350 71,507 1.86 71,507 1.86 $0.540 1,641,129 2.45 1,641,129 2.45 $0.620 3,283,033 3.01 3,283,033 3.01 $1.380 620,637 3.79 620,637 3.79 $1.410 5,362,160 4.06 5,362,160 4.06 $1.810 495,275 3.93 495,275 3.93 $2.740 5,534,285 8.13 2,531,209 8.01 $2.800 5,334,695 5.94 5,123,696 5.94 $2.850 1,360,598 6.73 1,235,549 6.71 $2.850 47,000 9.69 11,750 9.69 $2.900 7,359,646 7.02 5,171,048 6.97 $3.020 ​ 3,436,058 ​ 5.08 ​ 3,436,058 ​ 5.08 $3.070 ​ 879,566 ​ 7.46 ​ 551,738 ​ 7.40 $3.900 1,184,889 8.84 352,049 8.56 $7.870 983,552 9.10 — — $9.990 37,600 9.69 — — ​ 44,940,169 6.31 30,931,099 5.39 ​ NOTE 14 – STOCK-BASED COMPENSATION (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Outstanding Options ​ Options Exercisable ​ ​ ​ ​ Weighted Average ​ ​ ​ Weighted Average Exercise ​ Number ​ Remaining Contractual ​ Number ​ Remaining Contractual Price Outstanding life Outstanding life $0.01 2,825,937 9.21 — — $0.02 513,826 0.32 513,826 0.32 $0.08 460,701 4.78 372,251 4.22 $0.14 389,035 1.97 389,035 1.97 $0.35 148,050 2.86 148,050 2.86 $0.54 2,843,996 3.34 2,843,996 3.34 $0.62 3,799,325 4.05 3,799,325 4.05 $1.38 979,480 4.95 979,480 4.95 $1.41 5,880,952 4.95 5,880,952 4.95 $1.81 706,880 5.46 706,880 5.46 $2.74 6,291,514 9.23 3,883,167 5.78 $2.80 6,052,744 6.85 4,247,210 6.74 $2.85 1,743,275 7.67 971,053 7.61 $2.90 8,120,490 8.03 3,602,295 7.92 $3.02 4,189,177 5.82 365,953 8.47 $3.07 1,095,617 8.53 193,875 9.21 $3.90 1,413,760 9.95 — — ​ 47,454,759 6.70 28,897,348 5.45
Schedule of the weighted-average assumptions used to estimate the fair value of the stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Expected term (in years) ​ 5.19-6.11 5.86-6.5 ​ Risk-free interest rate ​ 0.61%-1.08 % 0.45% -0.93 % Dividend yield ​ None ​ None ​ Volatility rate ​ 50 % 45 % Weighted average fair value of options at grant date $ 7.131 $ 3.158 ​
Schedule of options to purchase shares of common stock activity under our equity incentive plans	The following table presents a summary of stock option activity for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ Aggregate ​ ​ ​ ​ Price per ​ Contractual ​ Intrinsic ​ Shares Share Term Value Outstanding December 31, 2020 47,454,726 ​ $ 3.92 ​ $ 6.70 ​ $ 83,639 Granted 5,685,264 ​ $ 1.46 ​ ​ — ​ — Exercised (2,976,620) ​ $ 1.86 ​ — ​ — Settled in cash ​ (3,395,817) ​ $ 1.32 ​ ​ — ​ ​ — Expired — ​ ​ — ​ — ​ — Forfeited (1,827,384) ​ $ 2.14 ​ — ​ — Outstanding December 31, 2021 44,940,169 ​ $ 4.01 ​ $ 6.31 ​ $ 232,538 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable December 31, 2021 30,931,098 ​ $ 2.12 ​ $ 5.39 ​ $ 161,762
Schedule of RSUs activity	The following table summarizes the RSUs activity under the 2017 Plan and the 2021 Plan as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ Units Fair Value Outstanding December 31, 2020 1,721,572 ​ $ 5.17 Awarded 9,105,563 ​ $ 9.00 Settled in Cash ​ (440) ​ $ 2.74 Vested (775,111) ​ $ 3.49 Forfeited (326,557) ​ $ 8.59 Outstanding December 31, 2021 9,725,027 ​ $ 8.76
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Other operating expenses ​ $ 8,194 $ 3,033 $ 2,596 Research and development expenses ​ ​ 6,012 ​ 1,536 ​ 1,717 Sales and marketing expenses ​ ​ 10,916 ​ 1,995 ​ 1,715 General and administrative expenses ​ ​ 11,890 ​ 4,329 ​ 3,507 Total stock-based compensation ​ $ 37,012 $ 10,893 $ 9,535

TRANSACTION COSTS (Tables)

TRANSACTION COSTS (Tables)	12 Months Ended
	Dec. 31, 2021
TRANSACTION COSTS.
Schedule of composition of transaction costs, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 Bank and processor fees ​ $ 76,868 ​ $ 68,544 ​ $ 68,029 Network fees ​ 9,162 ​ 16,744 ​ 18,981 Capital advance costs ​ 6,363 ​ 1,984 ​ 902 Chargebacks and operational losses ​ 3,917 ​ 5,637 ​ 2,638 Card costs ​ 2,323 ​ 2,563 ​ 3,129 Other ​ 2,843 ​ 1,568 ​ 986 Total transaction costs ​ $ 101,476 ​ $ 97,040 ​ $ 94,665

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of components of net loss before income taxes	The components of net loss before income taxes for each of the years ended December 31, 2021, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Net gain (loss) before income taxes: ​ ​ ​ U.S. Domestic ​ $ (27,181) ​ $ (37,758) ​ $ (8,013) Foreign ​ ​ 1,942 ​ 22,475 ​ 12,178 ​ ​ $ (25,239) ​ $ (15,283) ​ $ 4,165
Schedule of components of provision for income taxes	The components of provision for income taxes for each of the years ended December 31, 2021, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Current tax provision: ​ ​ ​ Federal ​ $ — ​ $ — ​ $ — State ​ ​ 464 ​ 367 ​ 147 Foreign ​ ​ 9,463 ​ 8,660 ​ 5,065 Deferred tax provision: ​ ​ ​ ​ Federal ​ ​ — ​ — ​ — State ​ ​ — ​ — ​ — Foreign ​ ​ (1,216) ​ (707) ​ (503) ​ ​ $ 8,711 ​ $ 8,320 ​ $ 4,709
Schedule of reconciliation of the statutory U.S. federal income tax rate to the actual tax rate	​ A reconciliation of the statutory U.S. federal income tax rate of 21% in 2021, 2020 and 2019, respectively, to the actual tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Tax computed at the statutory U.S. federal income tax rate $ (5,308) $ (3,209) $ 874 State and local taxes ​ 1,023 ​ 1,073 ​ 487 Valuation allowances ​ 1,861 ​ 8,564 ​ (324) Share-based compensation ​ 7,957 ​ 2,287 ​ 2,002 Differences in foreign tax rate ​ (1,213) ​ (822) ​ (45) Uncertain tax positions ​ 4,384 ​ 684 ​ 1,494 Other ​ 7 ​ (257) ​ 221 ​ ​ $ 8,711 ​ $ 8,320 ​ $ 4,709
Schedule of components of the Company's long-term deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Deferred tax assets: ​ ​ Net operating loss carryforwards ​ $ 24,972 ​ $ 24,543 Transaction loss provision ​ ​ 679 ​ 272 Property, equipment & software ​ ​ 152 ​ 31 Stock options ​ ​ 3,528 ​ ​ — Accrued expenses ​ ​ 2,092 ​ ​ — Employee benefits ​ ​ 4,972 ​ 3,653 Gross deferred tax assets ​ ​ 36,395 ​ 28,499 Valuation allowance ​ ​ (22,394) ​ (14,442) Total deferred tax assets ​ ​ 14,001 ​ 14,057 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ Contract assets ​ ​ 431 ​ ​ — Internal use software ​ ​ 8,670 ​ 10,373 Total deferred tax liabilities ​ ​ 9,101 ​ 10,373 ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets ​ $ 4,900 ​ $ 3,684
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits	​ ​ ​ ​ ​ Balance at December 31, 2020 $ 5,076 Decreases for tax positions in prior years ​ — Increases for tax positions related to current year ​ 4,464 Balance at December 31, 2021 ​ $ 9,540 ​ ​ ​ ​ ​ Balance at December 31, 2019 $ 4,391 Decreases for tax positions in prior years ​ (1,000) Increases for tax positions related to current year ​ 1,685 Balance at December 31, 2020 ​ $ 5,076
Schedule of change in the Company's valuation allowance	​ ​ ​ ​ ​ Balance at December 31, 2020 $ 14,442 Additions to valuation allowance ​ 7,952 Deductions to valuation allowance ​ — Balance at December 31, 2021 ​ $ 22,394 ​ ​ ​ ​ ​ Balance at December 31, 2019 $ 2,766 Additions to valuation allowance ​ 11,676 Deductions to valuation allowance ​ — Balance at December 31, 2020 ​ $ 14,442 ​ ​ ​ ​ ​ Balance at December 31, 2018 $ 2,384 Additions to valuation allowance ​ 382 Deductions to valuation allowance ​ — Balance at December 31, 2019 ​ $ 2,766

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
NET LOSS PER SHARE
Schedule of basic and diluted net loss per share attributable to common stockholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (In thousands, except share and per share data) Numerator: ​ ​ ​ Net loss ​ $ (33,987) ​ $ (23,746) ​ $ (625) Less dividends and revaluation attributable to redeemable preferred stock and redeemable convertible preferred stock ​ 33,632 ​ 13,636 ​ 11,398 Net loss attributable to common stockholders ​ $ (67,619) ​ $ (37,382) ​ $ (12,023) Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding — basic and diluted ​ 202,881,911 ​ 47,007,695 ​ 36,114,832 Net loss per share attributable to common stockholders — basic and diluted ​ $ (0.33) ​ $ (0.80) ​ $ (0.33) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ Three months ended December 31, ​ 2021 2020 ​ (In thousands, except share and per share data) Numerator: ​ ​ Net loss ​ $ (18,902) ​ $ (11,215) Less dividends attributable to redeemable preferred stock and redeemable convertible preferred stock ​ — ​ 3,727 Net loss attributable to common stockholders ​ $ (18,902) ​ $ (14,942) Denominator: ​ ​ ​ ​ Weighted average common shares outstanding — basic and diluted ​ 340,580,941 ​ 52,076,541 Net loss per share attributable to common stockholders — basic and diluted ​ $ (0.06) ​ $ (0.29)
Schedule of excluded potential common shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Options to purchase common stock and unvested RSUs 34,145,397 8,232,204 9,773,702 Redeemable preferred stock and redeemable convertible preferred stock (as converted to common stock) 53,435,900 111,452,020 111,452,020 Warrants 840,981 222,414 237,978 ​ 88,422,278 119,906,638 121,463,700

GENERAL OVERVIEW (Details)

GENERAL OVERVIEW (Details)	Jun. 25, 2021$ / shares	Dec. 31, 2021country$ / shares	Dec. 31, 2020$ / shares
GENERAL OVERVIEW
Number of countries and territories in which the Company operates | country		190
Common stock, par value | $ / shares	$ 0.01	$ 0.01	$ 0.01
Exchange Ratio	1.88	1.88

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Accounts receivable, net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for doubtful accounts	$ (119)	$ (122)
Total accounts receivable	13,844	17,843
Bank income receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivable	64	13,097
Program management receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivable	$ 13,899	$ 4,868

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Capital Advance receivable, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
CA receivable, gross, beginning balance	$ 67,682	$ 60,636
CA extended to customers	334,775	266,562
Increase in revenue receivables	444	126
CA collected from customers	(342,930)	(259,134)
Charge-offs, net of recoveries	(3,870)	(508)
CA receivable, gross, ending balance	56,101	67,682
Allowance for CA losses	(2,426)	(1,587)
CA receivable, net, ending balance	$ 53,675	$ 66,095

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Capital Advance receivable, net - current and overdue amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total	$ 56,101	$ 67,682	$ 60,636
Current
Financing Receivable, Past Due [Line Items]
Total	53,150	66,018
1-30 days overdue
Financing Receivable, Past Due [Line Items]
Total	964	263
30-60 overdue
Financing Receivable, Past Due [Line Items]
Total	704	129
60-90 overdue
Financing Receivable, Past Due [Line Items]
Total	163	218
Above 90 overdue
Financing Receivable, Past Due [Line Items]
Total	$ 1,120	$ 1,054

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Capital Advance receivable, net - timing of expected collections (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total	$ 56,101	$ 67,682	$ 60,636
Overdue
Financing Receivable, Past Due [Line Items]
Total	2,951	1,664
Due in less than 30 days
Financing Receivable, Past Due [Line Items]
Total	9,511	10,143
Due in 30-60 days
Financing Receivable, Past Due [Line Items]
Total	12,457	19,726
Due in 60-90 days
Financing Receivable, Past Due [Line Items]
Total	23,008	34,979
Due in more than 90 days
Financing Receivable, Past Due [Line Items]
Total	$ 8,174	$ 1,170

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Allowance for CA losses ("ALCAL") (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
ALCAL balance, beginning	$ 1,587	$ 900
Provision for ALCAL	11,934	5,723
Recoveries for ALCAL	(7,225)	(4,247)
CA receivables charged off	(3,870)	(789)
ALCAL balance, ending	$ 2,426	$ 1,587
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of loss rate to the allowance for CA losses	3.13%	0.75%
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of loss rate to the allowance for CA losses	3.35%	5.10%
Weighted Average
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of loss rate to the allowance for CA losses	3.22%	2.15%

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Property, equipment and software, net (Details)	12 Months Ended
	Dec. 31, 2021
Minimum | Computers, software and peripheral equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	3 years
Minimum | Furniture and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	6 years
Maximum | Computers, software and peripheral equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Maximum | Furniture and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	16 years

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES - Internal use software, Goodwill and intangible assets (Details)	12 Months Ended
	Dec. 31, 2021
Internal use software
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	3 years
Minimum | Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	3 years
Maximum | Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	6 years

SIGNIFICANT ACCOUNTING POLIC_11

SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019	Jan. 01, 2019USD ($)
Disaggregation of Revenue [Line Items]
Retained earnings	$ (94,054)	$ (60,067)
Other assets	$ 13,541	$ 12,210
Number of operating segments | segment	1
Number of Reportable Segments | segment	1
ASU 2014-09 | Adoption of new accounting standard
Disaggregation of Revenue [Line Items]
Retained earnings				$ 285
Other assets				$ 285
Customer one | Total revenues | Customer concentration risk
Disaggregation of Revenue [Line Items]
Percentage of total revenue	3.00%	5.00%	15.00%

SIGNIFICANT ACCOUNTING POLIC_12

SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition - Primary Geographical Market (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues		$ 473,403	$ 345,592	$ 317,750
Greater China
Disaggregation of Revenue [Line Items]
Total revenues	[1]	160,583	127,307	103,531
United States
Disaggregation of Revenue [Line Items]
Total revenues		55,941	38,729	69,016
All other countries
Disaggregation of Revenue [Line Items]
Total revenues	[2]	$ 256,879	$ 179,556	$ 145,203
[1]	Greater China is inclusive of mainland China, Hong Kong and Taiwan
[2]	No single country included in the other countries category generated more than 10% of total revenue

SIGNIFICANT ACCOUNTING POLIC_13

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognized From Contracts With Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 470,701	$ 339,591	$ 300,533
Revenue from other sources	2,702	6,001	17,217
Total revenues	473,403	345,592	317,750
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	441,208	332,939	297,077
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 29,493	$ 6,652	$ 3,456

SIGNIFICANT ACCOUNTING POLIC_14

SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition - Deferred Customer Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Capitalized Contract Cost, Amortization Period	1 year 9 months 18 days
Capitalized Contract Cost, Impairment Loss	$ 0	$ 0
Opening balance	8,976	5,057
Additions to deferred customer acquisition costs	11,111	10,119
Amortization of deferred customer acquisition costs	(8,721)	(6,200)
Ending balance	$ 11,366	$ 8,976

SIGNIFICANT ACCOUNTING POLIC_15

SIGNIFICANT ACCOUNTING POLICIES - Transaction costs, Sales and marketing expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Allowance for transaction losses	$ 4,072	$ 2,334	$ 1,532
Advertising and certain marketing costs	$ 9,330	$ 7,740	$ 5,760

SIGNIFICANT ACCOUNTING POLIC_16

SIGNIFICANT ACCOUNTING POLICIES - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Percentage of concentration of domestic financial institutions in cash and cash equivalents, customer funds	58.00%	47.00%
Percentage of cash and cash equivalents, customer funds denominated in U.S dollars	74.00%	70.00%
Customer concentration risk | Total revenues | Customers from single market place
Concentration Risk [Line Items]
Percentage of total revenue	24.00%	29.00%	27.00%
Customer concentration risk | Total revenues | Greater China
Concentration Risk [Line Items]
Percentage of total revenue	34.00%	37.00%	33.00%

SIGNIFICANT ACCOUNTING POLIC_17

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jan. 01, 2021
Operating lease right-of-use asset	$ 12,943	$ 17,077
Lease liabilities	13,351	17,007
Current lease liability	9,290
Long term lease liability	$ 4,061
Other payables | ASU 2016-02
Current lease liability		8,636
Other long-term liabilities | ASU 2016-02
Long term lease liability		10,930
Adoption of new accounting standard | ASU 2016-02
Operating lease right-of-use asset		19,280
Lease liabilities		$ 19,566

REVERSE RECAPITALIZATION AND _3

REVERSE RECAPITALIZATION AND BUSINESS COMBINATION (Details) $ / shares in Units, $ in Thousands	Jun. 25, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020$ / sharesshares
Business Acquisition [Line Items]
Percentage of each issued and outstanding Legacy Payoneer common stock converted into the right to receive shares of Common Stock of New Payoneer	85.00%
Exchange Ratio	1.88	1.88
Percentage of issued and outstanding Legacy Payoneer Common Stock converted into the right to receive cash consideration	15.00%
Per Share Merger Consideration | $ / shares	$ 18.82555
Cash consideration | $	$ 398,201
Shares authorized	4,180,000,000
Common stock shares authorized	3,800,000,000	3,800,000,000	320,115,953
Preferred stock shares authorized	380,000,000	380,000,000
Common stock, par value | $ / shares	$ 0.01	$ 0.01	$ 0.01
Preferred stock par value | $ / shares	$ 0.01	$ 0.01
Deferred underwriting costs | $	$ 28,934
Conversion of Redeemable Convertible Preferred Stock(1)	209,529,798
Warrants liability | $	$ 71,701	$ 59,877
Amount of cost incurred, Reverse Recapitalization and PIPE offering | $	64,271
Transaction costs associated with warrants | $	$ 5,087
Common stock, shares issued		340,384,157	48,608,176
Transaction Bonus Pool
Business Acquisition [Line Items]
Common stock, shares issued	1,000,000
Redeemable convertible preferred stock
Business Acquisition [Line Items]
Conversion of Redeemable Convertible Preferred Stock(1)	209,529,798
Maximum
Business Acquisition [Line Items]
Earn-Out shares issued	30,000,000
First 30 Months Following The Closing Date
Business Acquisition [Line Items]
Earn-Out shares issued (In percentage)	50.00%
Threshold minimum trading days for not to transfer or permit transfer shares	20 days
Threshold trading days for not to transfer or permit transfer shares	30 days
First 30 Months Following The Closing Date | Minimum
Business Acquisition [Line Items]
Share price of earn out shares | $ / shares	$ 15
First 60 Months Following The Closing Date
Business Acquisition [Line Items]
Earn-Out shares issued (In percentage)	50.00%
Threshold minimum trading days for not to transfer or permit transfer shares	20 days
Threshold trading days for not to transfer or permit transfer shares	30 days
First 60 Months Following The Closing Date | Minimum
Business Acquisition [Line Items]
Share price of earn out shares | $ / shares	$ 17
Subscription Agreement | Subscriber
Business Acquisition [Line Items]
Number of shares issued	30,000,000
Aggregate purchase price | $	$ 300,000
Purchase price per share | $ / shares	$ 10

REVERSE RECAPITALIZATION AND _4

REVERSE RECAPITALIZATION AND BUSINESS COMBINATION - Consummation of the Reverse Recapitalization (Details)	Jun. 25, 2021$ / sharesshares	Jun. 24, 2021shares	Dec. 31, 2021shares	Dec. 31, 2021shares	Apr. 01, 2021shares	Dec. 31, 2020shares
Business Acquisition [Line Items]
Common Stock outstanding at April 1, 2021			340,384,157	340,384,157	49,697,982	48,608,176
Common stock issued through options exercises between April 1, 2021 and June 25, 2021		8,854,131
Common Stock outstanding prior to the Reverse Recapitalization(1)		58,552,113
Conversion of Redeemable Convertible Preferred Stock(1)	209,529,798
Less: Legacy Payoneer Stock subject to cash out(1)	(36,818,547)
Common Stock attributable to FTOC conversion(2)	77,081,295
Shares attributable to Reverse Recapitalization	308,344,659
Common Stock attributable to PIPE	30,000,000
Total shares of Common Stock as of close of Reverse Recapitalization and PIPE transaction	338,344,659
Exchange Ratio	1.88			1.88
Founder Shares
Business Acquisition [Line Items]
Common stock issued through options exercises between April 1, 2021 and June 25, 2021			2,850,098
Legacy Payoneer stockholder
Business Acquisition [Line Items]
Common Stock outstanding prior to the Reverse Recapitalization(1)	31,143,179
Conversion of Redeemable Convertible Preferred Stock(1)				111,452,020
Less: Legacy Payoneer Stock subject to cash out(1)	19,584,328
Numbers RSU's shares vested	1,562
Exchange Ratio	1.88
FTAC Olympus | Founder Shares | Trading price equals or is greater than $15.00 per share
Business Acquisition [Line Items]
Threshold limit for not to transfer or permit transfer shares	50.00%
Threshold minimum trading days for not to transfer or permit transfer shares	20 days
FTAC Olympus | Founder Shares | Minimum | Trading price equals or is greater than $15.00 per share
Business Acquisition [Line Items]
Share price | $ / shares	$ 15
Class A | FTAC Olympus
Business Acquisition [Line Items]
Common Stock outstanding at April 1, 2021	59,611,310
Shares Subject to Redemption	18,033,066
Class B | Founder Shares | Trading price equals or is greater than $15.00 per share
Business Acquisition [Line Items]
Threshold trading days for not to transfer or permit transfer shares	30 days
Class B | Founder Shares | Trading price equals or is greater than $17.00 per share
Business Acquisition [Line Items]
Threshold limit for not to transfer or permit transfer shares	50.00%
Threshold minimum trading days for not to transfer or permit transfer shares	20 days
Threshold trading days for not to transfer or permit transfer shares	30 days
Class B | Founder Shares | Minimum | Trading price equals or is greater than $17.00 per share
Business Acquisition [Line Items]
Share price | $ / shares	$ 17
Class B | FTAC Olympus
Business Acquisition [Line Items]
Shares not subject to restrictions	5,823,328
Shares subject to restrictions	11,646,656

REVERSE RECAPITALIZATION AND _5

REVERSE RECAPITALIZATION AND BUSINESS COMBINATION - Business combination (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Contingent consideration		$ 4,044
Optile
Business Acquisition [Line Items]
Revalued contingent consideration Fair Value	$ 2,580
Fair value of contingent consideration		$ 4,044
Contingent consideration Resulting benefit	$ 1,464
Deferred consideration related to acquisition of Optile (in shares)	279,206
Acquisition related deferred consideration, Remaining shares to be issued	0

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
OTHER CURRENT ASSETS
Income receivable	$ 9,825	$ 97
Prepaid expenses	9,598	5,980
Prepaid income taxes	2,789	2,094
Other	2,812	2,246
Total other current assets	$ 25,024	$ 10,417

PROPERTY, EQUIPMENT AND SOFTW_3

PROPERTY, EQUIPMENT AND SOFTWARE, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 45,373	$ 39,058
Accumulated depreciation	(33,233)	(26,364)
Property, equipment and software, net	12,140	12,694
Depreciation expense	7,057	6,847	$ 6,091
Computers, software and peripheral equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	32,379	27,322
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software	8,920	8,157
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 4,074	$ 3,579

PROPERTY, EQUIPMENT AND SOFTW_4

PROPERTY, EQUIPMENT AND SOFTWARE, NET- Geographic region (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 12,140	$ 12,694
Israel
Property, Plant and Equipment [Line Items]
Property and equipment, net	7,798	8,224
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	1,370	2,450
All other countries.
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 2,972	$ 2,020

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 22,541
Foreign Currency Translation Adjustments	(1,414)
Ending balance	$ 21,127

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 70,423	$ 56,841
Accumulated amortization	(32,894)	(22,426)
Intangible assets net	37,529	34,415
Amortization expense	10,826	9,633	$ 4,250
Impairment of internal use software	114	615	$ 0
Internal use software
Finite-Lived Intangible Assets [Line Items]
Intangible assets	55,164	40,663
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 15,259	$ 16,178

INVESTMENT IN ASSOCIATED COMP_2

INVESTMENT IN ASSOCIATED COMPANY (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2019	Dec. 31, 2019
INVESTMENT IN ASSOCIATED COMPANY
Percentage of share in the Joint Venture	46.00%
Amount of initial funds	$ 6,501	$ 6,501

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021
LEASES
Lease expense	$ 10,729	$ 9,331
Operating lease liabilities	13,351		$ 17,007
Operating lease right-of-use asset	$ 12,943		$ 17,077
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Operating lease right-of-use assets	$ 9,525

LEASES - Additional balance she

LEASES - Additional balance sheet information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jan. 01, 2021
LEASES
Operating lease right-of-use asset	$ 12,943	$ 17,077
Operating leases within other payables	9,290
Operating leases within other long-term liabilities	4,061
Total operating leases	13,351	$ 17,007
ROU assets obtained in exchange for new lease liabilities during the year ended December 31, 2021	$ 3,188
Weighted average lease term - operating leases	1 year 7 months 13 days
Weighted average discount rate - operating leases	1.51%

LEASES - Minimum lease commitme

LEASES - Minimum lease commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
LEASES
2022	$ 9,406		$ 10,160
2023	3,218		8,208
2024	788		2,678
2025	84		858
2026 - thereafter			108
Total	13,496		$ 22,012
Less present value discount	(145)
Total operating leases	$ 13,351	$ 17,007

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	Oct. 28, 2021	Nov. 09, 2020	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Revised Loan and Security Agreement
Debt Instrument [Line Items]
Floating rate (in percent)		3.70%
Outstanding balance associated with related party					$ 40,025
Accrued expenses associated with related party					$ 13,500
Second Revised Agreement
Debt Instrument [Line Items]
Floating rate (in percent)			3.20%
Termination fee (in percentage)			1.00%
Receivables And Loan Security Agreement
Debt Instrument [Line Items]
Aggregate principal amount	$ 100,000
Initial borrowing commitment	$ 25,000
Initial rate of value of underlying capital advance receivables outstanding	80.00%
Revolving maturity term	36 months
Additional payback period after revolving maturity date	42 months
Floating rate (in percent)	0.25%
Expenses included in transaction cost				$ 220
Outstanding balance associated with related party				13,665
Accrued expenses associated with related party				$ 128
Receivables And Loan Security Agreement | LIBOR | Commitment amount equal to 25,000
Debt Instrument [Line Items]
Basis spread on floating rate	9.00%
Receivables And Loan Security Agreement | LIBOR | Commitment amount equal to 50,000
Debt Instrument [Line Items]
Basis spread on floating rate	7.75%
Receivables And Loan Security Agreement | LIBOR | Commitment amount equal to 75,000
Debt Instrument [Line Items]
Basis spread on floating rate	7.50%
Receivables And Loan Security Agreement | LIBOR | Commitment amount equal to 100,000
Debt Instrument [Line Items]
Basis spread on floating rate	7.00%
Revolving line of credit | Revised Loan and Security Agreement
Debt Instrument [Line Items]
Aggregate principal amount		$ 85,000
Revolving line of credit | Second Revised Agreement
Debt Instrument [Line Items]
Aggregate principal amount			$ 70,000

OTHER PAYABLES (Details)

OTHER PAYABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
OTHER PAYABLES
Employee related compensation	$ 47,007	$ 33,249
Commissions payable	10,712	8,326
Accrued expenses	10,661	19,464
Lease liability	9,290
Other	1,704	2,416
Total	$ 79,374	$ 63,455

SEVERANCE PAY FUND AND ACCRUE_2

SEVERANCE PAY FUND AND ACCRUED SEVERANCE PAY (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
SEVERANCE PAY FUND AND ACCRUED SEVERANCE PAY
Severance pay fund	$ 1,723	$ 1,624
Accrued severance liability	$ 2,679	$ 2,775

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Sep. 02, 2020	Aug. 20, 2020	Jul. 15, 2020	Jul. 03, 2020	Dec. 31, 2021	Jun. 30, 2021
Loss Contingencies [Line Items]
Loss contingency collateral amount					$ 24,000
Collateral amount					$ 0
Loss Contingency, Estimated Recovery from Third Party					$140
OFAC
Loss Contingencies [Line Items]
Final settlement offer, Litigation reserve						$ 1,400
Mastercard Security Agreement
Loss Contingencies [Line Items]
Amount of collateral transferred and designated	$ 24,000	$ 24,000	$ 35,000	$ 50,000
CNBV and Bank of Mexico
Loss Contingencies [Line Items]
Maximum amount of exposure					$ 2,250

PREFERRED STOCK AND WARRANTS (D

PREFERRED STOCK AND WARRANTS (Details)	Jun. 25, 2021	Dec. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)$ / sharesshares
Mezzanine Equity [Line Items]
Redeemable preferred stock liability | $		$ 0	$ 39,804,000
Exchange Ratio	1.88	1.88
Redeemable convertible preferred stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				209,529,798
Shares Issued and Paid | shares				209,529,798
Carrying Value, Net of issuance costs | $				$ 154,800,000
Liquidation Preference | $				$ 213,484,000
Series A Redeemable Convertible Preferred Stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				30,227,287
Shares Issued and Paid | shares				30,227,287
Carrying Value, Net of issuance costs | $				$ 385,000
Liquidation Preference | $				$ 4,633,000
Series A-1 Redeemable Convertible Preferred Stock [Member]
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				8,079,187
Shares Issued and Paid | shares				8,079,187
Carrying Value, Net of issuance costs | $				$ 638,000
Liquidation Preference | $				$ 1,476,000
Series B Redeemable Convertible Preferred Stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				28,676,603
Shares Issued and Paid | shares				28,676,603
Carrying Value, Net of issuance costs | $				$ 4,497,000
Liquidation Preference | $				$ 9,930,000
Series B-1 Redeemable Convertible Preferred Stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				3,925,214
Shares Issued and Paid | shares				3,925,214
Carrying Value, Net of issuance costs | $				$ 492,000
Liquidation Preference | $				$ 1,115,000
Series C Redeemable Convertible Preferred Stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				55,531,064
Shares Issued and Paid | shares				55,531,064
Carrying Value, Net of issuance costs | $				$ 25,147,000
Liquidation Preference | $				$ 23,117,000
Series C-1 Redeemable Convertible Preferred Stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				5,640,000
Shares Issued and Paid | shares				5,640,000
Liquidation Preference | $				$ 1,936,000
Series C-2 Redeemable Convertible Preferred Stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				16,347,292
Shares Issued and Paid | shares				16,347,292
Carrying Value, Net of issuance costs | $				$ 5,054,000
Liquidation Preference | $				$ 11,713,000
Series D Redeemable Convertible Preferred Stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				34,979,167
Shares Issued and Paid | shares				34,979,167
Carrying Value, Net of issuance costs | $				$ 30,739,000
Liquidation Preference | $				$ 46,245,000
Series E Redeemable Convertible Preferred Stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				20,805,738
Shares Issued and Paid | shares				20,805,738
Carrying Value, Net of issuance costs | $				$ 67,858,000
Liquidation Preference | $				$ 88,995,000
Series E-1 Redeemable Convertible Preferred Stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				5,318,246
Shares Issued and Paid | shares				5,318,246
Carrying Value, Net of issuance costs | $				$ 19,990,000
Liquidation Preference | $				$ 24,324,000
Redeemable preferred stock
Mezzanine Equity [Line Items]
Mezzanine Equity, Par or Stated Value Per Share | $ / shares				$ 0.01
Shares Authorized | shares				3,500
Shares Issued and Paid | shares				3,500
Carrying Value, Net of issuance costs | $				$ 10,735,000
Liquidation Preference | $				$ 36,520,000

PREFERRED STOCK AND WARRANTS -

PREFERRED STOCK AND WARRANTS - WARRANTS (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)D$ / sharesshares	Jun. 25, 2021shares
Mezzanine Equity [Line Items]
Warrants outstanding | shares	25,158,086
Warrants outstanding amount | $	$ 59,877
Warrants forfeited | shares		723,333
Exercise price of warrants	$ 11.50
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Mezzanine Equity [Line Items]
Redemption price per public warrant (in dollars per share)	0.01
Warrant redemption condition minimum share price	$ 18
Threshold trading days for redemption of public warrants | D	20
Threshold number of business days before sending notice of redemption to warrant holders | D	30
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00
Mezzanine Equity [Line Items]
Redemption price per public warrant (in dollars per share)	$ 0.10
Warrant redemption condition minimum share price	$ 10
Number of days after written notice period redemption	30 days
Minimum | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Mezzanine Equity [Line Items]
Threshold consecutive trading days for redemption of public warrants | D	30
Minimum | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00
Mezzanine Equity [Line Items]
Threshold consecutive trading days for redemption of public warrants | D	30

PREFERRED STOCK AND WARRANTS _2

PREFERRED STOCK AND WARRANTS - Changes in fair value of warrant liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
PREFERRED STOCK AND WARRANTS
Fair value, beginning	$ 71,701
Change in fair value of Warrants	(11,824)	$ (11,824)
Fair value, ending	$ 59,877	$ 59,877

PREFERRED STOCK AND WARRANTS _3

PREFERRED STOCK AND WARRANTS - Warrants Issued To Non-Employees (Details) - $ / shares	1 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants		$ 11.50
Outstanding warrants		25,158,086
Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants	$ 3.3725
Term of warrants	10 years
Outstanding warrants		1,792,944
Vested warrants		1,080,707

STOCK-BASED COMPENSATION - 2007

STOCK-BASED COMPENSATION - 2007 Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Jun. 25, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Options to purchase common stock and unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options authorized	54,665,196
Number of shares to be purchased for one option	1
Common stock, par value	$ 0.01
Options to purchase common stock and unvested RSUs | 2007 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options were reserved for grants to employees	3,360,000
Options to purchase common stock and unvested RSUs | 2017 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	21,756,714
Expiration period	10 years

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options (Details) - Options to purchase common stock and unvested RSUs - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Outstanding Options, Number Outstanding	44,940,169	47,454,759
Outstanding Options, Weighted Average Remaining Contractual life	6 years 3 months 21 days	6 years 8 months 12 days
Options Exercisable, Number Outstanding	30,931,099	28,897,348
Options Exercisable, Weighted Average Remaining Contractual life	5 years 4 months 20 days	5 years 5 months 12 days
$0.010
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 0.010	$ 0.01
Outstanding Options, Number Outstanding	6,890,341	2,825,937
Outstanding Options, Weighted Average Remaining Contractual life	8 years 8 months 12 days	9 years 2 months 15 days
Options Exercisable, Number Outstanding	643,753
Options Exercisable, Weighted Average Remaining Contractual life	8 years 1 month 20 days	0 years
$0.080
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 0.080
Outstanding Options, Number Outstanding	318,239
Outstanding Options, Weighted Average Remaining Contractual life	5 years 5 months 4 days
Options Exercisable, Number Outstanding	300,549
Options Exercisable, Weighted Average Remaining Contractual life	5 years 4 months 20 days
$0.02
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 0.02
Outstanding Options, Number Outstanding		513,826
Outstanding Options, Weighted Average Remaining Contractual life		3 months 25 days
Options Exercisable, Number Outstanding		513,826
Options Exercisable, Weighted Average Remaining Contractual life		3 months 25 days
$0.140
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 0.140
Outstanding Options, Number Outstanding	99,959
Outstanding Options, Weighted Average Remaining Contractual life	8 months 23 days
Options Exercisable, Number Outstanding	99,959
Options Exercisable, Weighted Average Remaining Contractual life	8 months 23 days
$0.08
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 0.08
Outstanding Options, Number Outstanding		460,701
Outstanding Options, Weighted Average Remaining Contractual life		4 years 9 months 10 days
Options Exercisable, Number Outstanding		372,251
Options Exercisable, Weighted Average Remaining Contractual life		4 years 2 months 19 days
$0.350
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 0.350
Outstanding Options, Number Outstanding	71,507
Outstanding Options, Weighted Average Remaining Contractual life	1 year 10 months 9 days
Options Exercisable, Number Outstanding	71,507
Options Exercisable, Weighted Average Remaining Contractual life	1 year 10 months 9 days
$0.14
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 0.14
Outstanding Options, Number Outstanding		389,035
Outstanding Options, Weighted Average Remaining Contractual life		1 year 11 months 19 days
Options Exercisable, Number Outstanding		389,035
Options Exercisable, Weighted Average Remaining Contractual life		1 year 11 months 19 days
$0.540
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 0.540
Outstanding Options, Number Outstanding	1,641,129
Outstanding Options, Weighted Average Remaining Contractual life	2 years 5 months 12 days
Options Exercisable, Number Outstanding	1,641,129
Options Exercisable, Weighted Average Remaining Contractual life	2 years 5 months 12 days
$0.35
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 0.35
Outstanding Options, Number Outstanding		148,050
Outstanding Options, Weighted Average Remaining Contractual life		2 years 10 months 9 days
Options Exercisable, Number Outstanding		148,050
Options Exercisable, Weighted Average Remaining Contractual life		2 years 10 months 9 days
$0.620
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 0.620
Outstanding Options, Number Outstanding	3,283,033
Outstanding Options, Weighted Average Remaining Contractual life	3 years 3 days
Options Exercisable, Number Outstanding	3,283,033
Options Exercisable, Weighted Average Remaining Contractual life	3 years 3 days
$0.54
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 0.54
Outstanding Options, Number Outstanding		2,843,996
Outstanding Options, Weighted Average Remaining Contractual life		3 years 4 months 2 days
Options Exercisable, Number Outstanding		2,843,996
Options Exercisable, Weighted Average Remaining Contractual life		3 years 4 months 2 days
$1.380
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 1.380
Outstanding Options, Number Outstanding	620,637
Outstanding Options, Weighted Average Remaining Contractual life	3 years 9 months 14 days
Options Exercisable, Number Outstanding	620,637
Options Exercisable, Weighted Average Remaining Contractual life	3 years 9 months 14 days
$0.62
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 0.62
Outstanding Options, Number Outstanding		3,799,325
Outstanding Options, Weighted Average Remaining Contractual life		4 years 18 days
Options Exercisable, Number Outstanding		3,799,325
Options Exercisable, Weighted Average Remaining Contractual life		4 years 18 days
$1.410
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 1.410
Outstanding Options, Number Outstanding	5,362,160
Outstanding Options, Weighted Average Remaining Contractual life	4 years 21 days
Options Exercisable, Number Outstanding	5,362,160
Options Exercisable, Weighted Average Remaining Contractual life	4 years 21 days
$1.38
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 1.38
Outstanding Options, Number Outstanding		979,480
Outstanding Options, Weighted Average Remaining Contractual life		4 years 11 months 12 days
Options Exercisable, Number Outstanding		979,480
Options Exercisable, Weighted Average Remaining Contractual life		4 years 11 months 12 days
$1.810
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 1.810
Outstanding Options, Number Outstanding	495,275
Outstanding Options, Weighted Average Remaining Contractual life	3 years 11 months 4 days
Options Exercisable, Number Outstanding	495,275
Options Exercisable, Weighted Average Remaining Contractual life	3 years 11 months 4 days
$1.41
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 1.41
Outstanding Options, Number Outstanding		5,880,952
Outstanding Options, Weighted Average Remaining Contractual life		4 years 11 months 12 days
Options Exercisable, Number Outstanding		5,880,952
Options Exercisable, Weighted Average Remaining Contractual life		4 years 11 months 12 days
$2.740
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 2.740
Outstanding Options, Number Outstanding	5,534,285
Outstanding Options, Weighted Average Remaining Contractual life	8 years 1 month 17 days
Options Exercisable, Number Outstanding	2,531,209
Options Exercisable, Weighted Average Remaining Contractual life	8 years 3 days
$1.81
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 1.81
Outstanding Options, Number Outstanding		706,880
Outstanding Options, Weighted Average Remaining Contractual life		5 years 5 months 15 days
Options Exercisable, Number Outstanding		706,880
Options Exercisable, Weighted Average Remaining Contractual life		5 years 5 months 15 days
$2.800
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 2.800
Outstanding Options, Number Outstanding	5,334,695
Outstanding Options, Weighted Average Remaining Contractual life	5 years 11 months 8 days
Options Exercisable, Number Outstanding	5,123,696
Options Exercisable, Weighted Average Remaining Contractual life	5 years 11 months 8 days
$2.74
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 2.74
Outstanding Options, Number Outstanding		6,291,514
Outstanding Options, Weighted Average Remaining Contractual life		9 years 2 months 23 days
Options Exercisable, Number Outstanding		3,883,167
Options Exercisable, Weighted Average Remaining Contractual life		5 years 9 months 10 days
$2.850.
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 2.850
Outstanding Options, Number Outstanding	1,360,598
Outstanding Options, Weighted Average Remaining Contractual life	6 years 8 months 23 days
Options Exercisable, Number Outstanding	1,235,549
Options Exercisable, Weighted Average Remaining Contractual life	6 years 8 months 15 days
$2.80
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 2.80
Outstanding Options, Number Outstanding		6,052,744
Outstanding Options, Weighted Average Remaining Contractual life		6 years 10 months 6 days
Options Exercisable, Number Outstanding		4,247,210
Options Exercisable, Weighted Average Remaining Contractual life		6 years 8 months 26 days
$2.850
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 2.850
Outstanding Options, Number Outstanding	47,000
Outstanding Options, Weighted Average Remaining Contractual life	9 years 8 months 8 days
Options Exercisable, Number Outstanding	11,750
Options Exercisable, Weighted Average Remaining Contractual life	9 years 8 months 8 days
$2.85
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 2.85
Outstanding Options, Number Outstanding		1,743,275
Outstanding Options, Weighted Average Remaining Contractual life		7 years 8 months 1 day
Options Exercisable, Number Outstanding		971,053
Options Exercisable, Weighted Average Remaining Contractual life		7 years 7 months 9 days
$2.900
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 2.900
Outstanding Options, Number Outstanding	7,359,646
Outstanding Options, Weighted Average Remaining Contractual life	7 years 7 days
Options Exercisable, Number Outstanding	5,171,048
Options Exercisable, Weighted Average Remaining Contractual life	6 years 11 months 19 days
$2.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 2.90
Outstanding Options, Number Outstanding		8,120,490
Outstanding Options, Weighted Average Remaining Contractual life		8 years 10 days
Options Exercisable, Number Outstanding		3,602,295
Options Exercisable, Weighted Average Remaining Contractual life		7 years 11 months 1 day
$3.020
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 3.020
Outstanding Options, Number Outstanding	3,436,058
Outstanding Options, Weighted Average Remaining Contractual life	5 years 29 days
Options Exercisable, Number Outstanding	3,436,058
Options Exercisable, Weighted Average Remaining Contractual life	5 years 29 days
$3.02
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 3.02
Outstanding Options, Number Outstanding		4,189,177
Outstanding Options, Weighted Average Remaining Contractual life		5 years 9 months 25 days
Options Exercisable, Number Outstanding		365,953
Options Exercisable, Weighted Average Remaining Contractual life		8 years 5 months 19 days
$3.070
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 3.070
Outstanding Options, Number Outstanding	879,566
Outstanding Options, Weighted Average Remaining Contractual life	7 years 5 months 15 days
Options Exercisable, Number Outstanding	551,738
Options Exercisable, Weighted Average Remaining Contractual life	7 years 4 months 24 days
$3.07
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 3.07
Outstanding Options, Number Outstanding		1,095,617
Outstanding Options, Weighted Average Remaining Contractual life		8 years 6 months 10 days
Options Exercisable, Number Outstanding		193,875
Options Exercisable, Weighted Average Remaining Contractual life		9 years 2 months 15 days
$3.900
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 3.900
Outstanding Options, Number Outstanding	1,184,889
Outstanding Options, Weighted Average Remaining Contractual life	8 years 10 months 2 days
Options Exercisable, Number Outstanding	352,049
Options Exercisable, Weighted Average Remaining Contractual life	8 years 6 months 21 days
$3.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price		$ 3.90
Outstanding Options, Number Outstanding		1,413,760
Outstanding Options, Weighted Average Remaining Contractual life		9 years 11 months 12 days
Options Exercisable, Weighted Average Remaining Contractual life		0 years
$7.870
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 7.870
Outstanding Options, Number Outstanding	983,552
Outstanding Options, Weighted Average Remaining Contractual life	9 years 1 month 6 days
Options Exercisable, Weighted Average Remaining Contractual life	0 years
$9.990
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise Price	$ 9.990
Outstanding Options, Number Outstanding	37,600
Outstanding Options, Weighted Average Remaining Contractual life	9 years 8 months 8 days
Options Exercisable, Weighted Average Remaining Contractual life	0 years

STOCK-BASED COMPENSATION - Assu

STOCK-BASED COMPENSATION - Assumptions Used To Estimate The Fair Value (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	0.61%	0.45%
Risk-free interest rate, maximum	1.08%
Dividend yield	0.00%	0.00%
Volatility rate	50.00%	45.00%
Weighted average fair value of options at grant date	$ 7.131	$ 3.158
Options to purchase common stock and unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years
Unrecognized compensation costs related to unamortized stock option	$ 108,664
Compensation which is expected to be recognized over a weighted-average period (in years)	2 years 14 days
Vesting period (in years)	3 years 6 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 2 months 8 days	5 years 10 months 9 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 9 days	6 years 6 months
Maximum | Options to purchase common stock and unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary Of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 24, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Options to purchase shares of common stock activity
Exercised	(8,854,131)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value of options exercised		$ 17,102	$ 15,068	$ 9,671
tax benefit		$ 1,401	$ 13	$ 2,652
Stock options
Options to purchase shares of common stock activity
Outstanding at January 1, 2020		47,454,726
Granted		5,685,264
Exercised		(2,976,620)
Settled in cash		(3,395,817)
Forfeited		(1,827,384)
Outstanding December 31, 2020		44,940,169	47,454,726
Exercisable December 31, 2020		30,931,098
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding January 1, 2020		$ 3.92
Granted		1.46
Exercised		1.86
Settled in cash		1.32
Forfeited		2.14
Outstanding December 31, 2020		4.01	$ 3.92
Exercisable December 31, 2020		$ 2.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding January 1, 2020		6 years 3 months 21 days	6 years 8 months 12 days
Outstanding December 31, 2020		6 years 3 months 21 days	6 years 8 months 12 days
Exercisable December 31, 2020		5 years 4 months 20 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Abstract]
Outstanding January 1, 2020		$ 232,538	$ 83,639
Outstanding December 31, 2020		232,538	$ 83,639
Exercisable December 31, 2020		$ 161,762

STOCK-BASED COMPENSATION - RSUs

STOCK-BASED COMPENSATION - RSUs activity (Details) - USD ($)	Jun. 25, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Recognized expense	$ 5,415,000	$ 37,012,000	$ 10,893,000	$ 9,535,000
Tax benefit		$ 4,054,000	$ 0	$ 0
First 30 Months Following The Closing Date
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Earn-Out shares issued (In percentage)	50.00%
Threshold minimum trading days for not to transfer or permit transfer shares	20 days
Threshold trading days for not to transfer or permit transfer shares	30 days
First 60 Months Following The Closing Date
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Earn-Out shares issued (In percentage)	50.00%
Threshold minimum trading days for not to transfer or permit transfer shares	20 days
Threshold trading days for not to transfer or permit transfer shares	30 days
Minimum | First 30 Months Following The Closing Date
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share price of earn out shares	$ 15
Minimum | First 60 Months Following The Closing Date
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share price of earn out shares	$ 17
Options to purchase common stock and unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting period (in years)		3 years 6 months
Restricted stock units
RSUs activity
Outstanding December 31, 2019		1,721,572
Awarded		9,105,563
Settled in cash		(440)
Vested		(775,111)
Forfeited		(326,557)
Outstanding December 31, 2020		9,725,027	1,721,572
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding December 31, 2019		$ 5.17
Awarded		9
Settled in cash		2.74
Vested		3.49
Forfeited		8.59
Outstanding December 31, 2020		$ 8.76	$ 5.17
Vesting period (in years)		4 years
Awarded		9,105,563
RSUs subject to continued service and liquidity-based conditions
RSUs activity
Awarded		6,850,602
Options and RSUs vesting period		1,314,961
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Vesting period (in years)		4 years
Fair value		$ 6,315
Awarded		6,850,602
Rsus Associated With Transaction Bonus Pool
RSUs activity
Awarded		940,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Awarded		940,000

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	Jun. 25, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,415	$ 37,012	$ 10,893	$ 9,535
Other operating expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation		8,194	3,033	2,596
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation		6,012	1,536	1,717
Sales and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation		10,916	1,995	1,715
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation		$ 11,890	$ 4,329	$ 3,507

TRANSACTION COSTS (Details)

TRANSACTION COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TRANSACTION COSTS.
Bank and processor fees	$ 76,868	$ 68,544	$ 68,029
Network fees	9,162	16,744	18,981
Capital advance costs	6,363	1,984	902
Chargebacks and operational losses	3,917	5,637	2,638
Card costs	2,323	2,563	3,129
Other	2,843	1,568	986
Total transaction costs	$ 101,476	$ 97,040	$ 94,665

INCOME TAX (Details)

INCOME TAX (Details) - USD ($) $ in Thousands	Dec. 22, 2017	Dec. 21, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective income tax rate			34.00%	54.00%	113.00%
Federal corporate income rate	21.00%	35.00%	21.00%	21.00%	21.00%
Global Intangible Low-Taxed Income				$ 2,024	$ 3,982
Net operating loss carry forwards for federal and state income tax purposes			$ 47,528	$ 40,200	$ 24,500
Excess tax benefits from share-based compensation			$ 15,992
Israel
Effective income tax rate			23.00%	23.00%	23.00%
Reduced tax rate on revenues associated with the research and development activity			16.00%

INCOME TAX - Net loss before in

INCOME TAX - Net loss before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net gain (loss) before income taxes:
U.S. Domestic	$ (27,181)	$ (37,758)	$ (8,013)
Foreign	1,942	22,475	12,178
Income (loss) before taxes on income and share in losses of associated company	$ (25,239)	$ (15,283)	$ 4,165

INCOME TAX - income taxes (Deta

INCOME TAX - income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax provision:
State	$ 464	$ 367	$ 147
Foreign	9,463	8,660	5,065
Deferred tax provision:
Foreign	(1,216)	(707)	(503)
Income tax	$ 8,711	$ 8,320	$ 4,709

INCOME TAX - U.S. federal incom

INCOME TAX - U.S. federal income tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Tax computed at the statutory U.S. federal income tax rate	$ (5,308)	$ (3,209)	$ 874
State and local taxes	1,023	1,073	487
Valuation allowances	1,861	8,564	(324)
Share-based compensation	7,957	2,287	2,002
Differences in foreign tax rate	(1,213)	(822)	(45)
Uncertain tax positions	4,384	684	1,494
Other	7	(257)	221
Income tax	$ 8,711	$ 8,320	$ 4,709

INCOME TAX - Net deferred tax a

INCOME TAX - Net deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 24,972	$ 24,543
Transaction loss provision	679	272
Property, equipment & software	152	31
Stock options	3,528
Accrued expenses	2,092
Employee benefits	4,972	3,653
Gross deferred tax assets	36,395	28,499
Valuation allowance	(22,394)	(14,442)	$ (2,766)	$ (2,384)
Total deferred tax assets	14,001	14,057
Deferred tax liabilities:
Contract assets	431
Internal use software	8,670	10,373
Total deferred tax liabilities	9,101	10,373
Net deferred tax assets	$ 4,900	$ 3,684

INCOME TAX - Unrecognized Tax B

INCOME TAX - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 5,076	$ 4,391
Decreases for tax positions in prior years		(1,000)
Increases for tax positions related to current year	4,464	1,685
Balance at December 31	$ 9,540	$ 5,076

INCOME TAX - Valuation allowanc

INCOME TAX - Valuation allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Valuation allowance
Balance at January 1	$ 14,442	$ 2,766	$ 2,384
Additions to valuation allowance	7,952	11,676	382
Balance at December 31	$ 22,394	$ 14,442	$ 2,766

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss	$ (18,902)	$ (11,215)	$ (33,987)	$ (23,746)	$ (625)
Less dividends and revaluation attributable to redeemable preferred stock and redeemable convertible preferred stock		3,727	33,632	13,636	11,398
Net loss attributable to common stockholders	$ (18,902)	$ (14,942)	$ (67,619)	$ (37,382)	$ (12,023)
Denominator:
Weighted average common shares outstanding - Basic	340,580,941	52,076,541	202,881,911	47,007,695	36,114,832
Weighted average common shares outstanding - Diluted	340,580,941	52,076,541	202,881,911	47,007,695	36,114,832
Net loss per share attributable to common stockholders - Basic loss per share	$ (0.06)	$ (0.29)	$ (0.33)	$ (0.80)	$ (0.33)
Net loss per share attributable to common stockholders - Diluted loss per share	$ (0.06)	$ (0.29)	$ (0.33)	$ (0.80)	$ (0.33)

NET LOSS PER SHARE - Anti-Dilut

NET LOSS PER SHARE - Anti-Dilutive effect (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	88,422,278	119,906,638	121,463,700
Options to purchase common stock and unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	34,145,397	8,232,204	9,773,702
Redeemable preferred stock and redeemable convertible preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	53,435,900	111,452,020	111,452,020
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	840,981	222,414	237,978

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Interest rate	1.53%
Executed lines of credit to Company executives
Related Party Transaction [Line Items]
Outstanding balance		$ 809
Total lines of credit that can be drawn by executives	$ 940
Loans to Company executives
Related Party Transaction [Line Items]
Outstanding balance		$ 353

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Total revenues - Maximum - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2021
Russia, Belarus and Ukraine
Subsequent Event [Line Items]
Percentage of total revenue	10.00%
Russia and Belarus
Subsequent Event [Line Items]
Percentage of total revenue	3.00%