Payoneer Global (PAYO) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 30, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Securities Act 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	195 Broadway, 27th floor
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10007
City Area Code	212
Local Phone Number	600-9272
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PAYO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		356,613,483
Entity Central Index Key	0001845815
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 534,170	$ 617,022
Restricted cash	4,994	7,030
Customer funds	5,560,767	6,390,526
Accounts receivable (net of allowance of $407 at September 30, 2024 and $385 at December 31, 2023)	13,529	7,980
Capital advance receivables (net of allowance of $6,094 at September 30, 2024 and $5,059 at December 31, 2023)	56,948	45,493
Other current assets	78,880	40,672
Total current assets	6,249,288	7,108,723
Non-current assets:
Property, equipment and software, net	14,469	15,499
Goodwill	76,094	19,889
Intangible assets, net	99,915	76,266
Customer funds	525,000
Restricted cash	16,848	5,780
Deferred taxes	29,556	15,291
Severance pay fund	828	840
Operating lease right-of-use assets	21,585	24,854
Other assets	17,591	15,977
Total assets	7,051,174	7,283,119
Current liabilities:
Trade payables	45,118	33,941
Outstanding operating balances	6,085,767	6,390,526
Total current liabilities	6,262,586	6,541,975
Non-current liabilities:
Warrant liability		8,555
Deferred taxes	1,471
Other long-term liabilities	59,243	49,905
Total liabilities	6,323,300	6,618,846
Commitments and contingencies (Note 15)
Shareholders' equity:
Preferred stock, $0.01 par value, 380,000,000 shares authorized; no shares were issued and outstanding at September 30, 2024 and December 31, 2023.
Common stock, $0.01 par value, 3,800,000,000 and 3,800,000,000 shares authorized; 390,633,432 and 368,655,185 shares issued and 356,575,542 and 357,590,493 shares outstanding at September 30, 2024 and December 31, 2023, respectively.	3,906	3,687
Treasury stock at cost, 34,057,890 and 11,064,692 shares as of September 30, 2024 and December 31, 2023, respectively.	(176,043)	(56,936)
Additional paid-in capital	801,687	732,894
Accumulated other comprehensive income (loss)	10,547	(176)
Retained earnings (accumulated deficit)	87,777	(15,196)
Total shareholders' equity	727,874	664,273
Total liabilities and shareholders' equity	7,051,174	7,283,119
Related Party
Current liabilities:
Other payables	13,219
Non-current liabilities:
Long-term debt from related party (refer to Notes 12 and 21 for further information)		18,411
Nonrelated Party
Current liabilities:
Other payables	$ 118,482	$ 117,508

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Accounts receivable, allowance	$ 407	$ 385
Capital advance receivables, allowance	$ 6,094	$ 5,059
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	380,000,000	380,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	3,800,000,000	3,800,000,000
Common stock, shares issued	390,633,432	368,655,185
Common stock, shares outstanding	356,575,542	357,590,493
Treasury stock, shares	34,057,890	11,064,692

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 248,274	$ 208,035	$ 715,977	$ 606,783
Transaction costs (Exclusive of depreciation and amortization shown separately below and inclusive of $401 and $437 in interest expense and fees associated with related party transactions during the three months ended September 30, 2024 and 2023, and $1,213 and $1,294 during the nine months ended September 30, 2024 and 2023 respectively; refer to Notes 12 and 21 for further information)	38,058	30,393	108,985	85,971
Other operating expenses	44,892	40,301	126,417	120,923
Research and development expenses	34,616	26,950	94,247	84,225
Sales and marketing expenses	52,311	48,664	152,815	144,892
General and administrative expenses	29,725	25,112	80,036	73,805
Depreciation and amortization	13,510	7,116	33,630	19,064
Total operating expenses	213,112	178,536	596,130	528,880
Operating income	35,162	29,499	119,847	77,903
Financial income (expense):
Gain (loss) from change in fair value of Warrants		(7,799)	2,767	5,535
Loss on Warrant repurchase/redemption	(14,746)		(14,746)
Other financial income, net	1,674	1,137	5,397	7,805
Financial income (expense), net	(13,072)	(6,662)	(6,582)	13,340
Income before taxes on income	22,090	22,837	113,265	91,243
Tax benefit (expense) on income	19,484	(10,012)	(10,292)	(24,931)
Net income	41,574	12,825	102,973	66,312
Other comprehensive income
Unrealized gain on available-for-sale debt securities, net	12,256		13,127
Tax expense on unrealized gains on available-for-sale debt securities, net	(2,816)		(2,816)
Unrealized gain on cash flow hedges, net	1,168		503
Tax expense on unrealized gains on cash flow hedges, net	(211)		(91)
Other comprehensive income, net of tax	10,397	0	10,723	0
Comprehensive income	$ 51,971	$ 12,825	$ 113,696	$ 66,312
Per Share Data
Net income per share attributable to common stockholders - Basic earnings per share	$ 0.12	$ 0.04	$ 0.29	$ 0.18
- Diluted earnings per share	$ 0.11	$ 0.03	$ 0.27	$ 0.17
Weighted average common shares outstanding - Basic (in shares)	357,297,824	357,429,113	357,631,049	361,206,439
Weighted average common shares outstanding - Diluted (in shares)	374,303,470	381,845,099	379,125,363	389,658,789

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party
Defined Benefit Plan Disclosure [Line Items]
Interest expense and fees associated with related party transactions	$ 401	$ 437	$ 1,213	$ 1,294

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Common Stock	Treasury Stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings (accumulated deficit)	Total
Beginning balance at Dec. 31, 2022	$ 3,528		$ 650,433	$ (176)	$ (108,529)	$ 545,256
Beginning balance (in shares) at Dec. 31, 2022	352,842,025
Exercise of options and vested RSUs, and shares granted, net of taxes paid related to settlement of equity awards	$ 121		6,399			6,520
Exercise of options and vested RSUs, and shares granted, net of taxes paid related to settlement of equity awards (in shares)	12,079,103
Stock-based compensation			50,611			50,611
ESPP shares issued	$ 10		4,016			4,026
ESPP shares issued (in shares)	1,032,434
Common stock repurchased		$ (34,759)				(34,759)
Common stock repurchased (shares)		(6,939,117)
Net income					66,312	66,312
Ending balance at Sep. 30, 2023	$ 3,659	$ (34,759)	711,459	(176)	(42,217)	637,966
Ending balance (in shares) at Sep. 30, 2023	365,953,562	(6,939,117)
Beginning balance at Jun. 30, 2023	$ 3,632	$ (19,725)	697,258	(176)	(55,042)	625,947
Beginning balance (in shares) at Jun. 30, 2023	363,252,231	(4,201,025)
Exercise of options and vested RSUs, and shares granted, net of taxes paid related to settlement of equity awards	$ 27		(1,959)			(1,932)
Exercise of options and vested RSUs, and shares granted, net of taxes paid related to settlement of equity awards (in shares)	2,701,331
Stock-based compensation			16,160			16,160
Common stock repurchased		$ (15,034)				(15,034)
Common stock repurchased (shares)		(2,738,092)
Net income					12,825	12,825
Ending balance at Sep. 30, 2023	$ 3,659	$ (34,759)	711,459	(176)	(42,217)	637,966
Ending balance (in shares) at Sep. 30, 2023	365,953,562	(6,939,117)
Beginning balance at Dec. 31, 2023	$ 3,687	$ (56,936)	732,894	(176)	(15,196)	664,273
Beginning balance (in shares) at Dec. 31, 2023	368,655,185	(11,064,692)
Exercise of options and vested RSUs, net of taxes paid related to settlement of equity awards	$ 212		16,556			16,768
Exercise of options and vested RSUs, net of taxes paid related to settlement of equity awards (in shares)	21,280,984
Stock-based compensation			48,988			48,988
ESPP shares issued	$ 7		3,249			3,256
ESPP shares issued (in shares)	697,263
Common stock repurchased		$ (119,107)				(119,107)
Common stock repurchased (shares)		(22,993,198)
Unrealized gain on available-for-sale debt securities, net				13,127		13,127
Tax expense on unrealized gains on available-for-sale debt securities, net				(2,816)		(2,816)
Unrealized gain on cash flow hedges, net				503		503
Tax expense on unrealized gains on cash flow hedges, net				(91)		(91)
Net income					102,973	102,973
Ending balance at Sep. 30, 2024	$ 3,906	$ (176,043)	801,687	10,547	87,777	727,874
Ending balance (in shares) at Sep. 30, 2024	390,633,432	(34,057,890)
Beginning balance at Jun. 30, 2024	$ 3,830	$ (154,692)	773,888	150	46,203	669,379
Beginning balance (in shares) at Jun. 30, 2024	382,998,980	(30,309,589)
Exercise of options and vested RSUs, net of taxes paid related to settlement of equity awards	$ 76		9,289			9,365
Exercise of options and vested RSUs, net of taxes paid related to settlement of equity awards (in shares)	7,634,452
Stock-based compensation			18,510			18,510
Common stock repurchased		$ (21,351)				(21,351)
Common stock repurchased (shares)		(3,748,301)
Unrealized gain on available-for-sale debt securities, net				12,256		12,256
Tax expense on unrealized gains on available-for-sale debt securities, net				(2,816)		(2,816)
Unrealized gain on cash flow hedges, net				1,168		1,168
Tax expense on unrealized gains on cash flow hedges, net				(211)		(211)
Net income					41,574	41,574
Ending balance at Sep. 30, 2024	$ 3,906	$ (176,043)	$ 801,687	$ 10,547	$ 87,777	$ 727,874
Ending balance (in shares) at Sep. 30, 2024	390,633,432	(34,057,890)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net income	$ 41,574	$ 12,825	$ 102,973	$ 66,312
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,510	7,116	33,630	19,064
Deferred taxes			(17,073)	(12,024)
Stock-based compensation expenses			46,173	48,429
Gain from change in fair value of Warrants		7,799	(2,767)	(5,535)
Loss on Warrant repurchase/redemption	14,746		14,746
Foreign currency re-measurement (gain) loss			(109)	761
Changes in operating assets and liabilities:
Other current assets			(36,277)	(5,891)
Trade payables			8,904	(6,948)
Deferred revenue			808	1,206
Accounts receivable, net			(1,255)	6,908
Capital advance extended to customers			(260,435)	(207,075)
Capital advance collected from customers			248,980	195,074
Other payables			(6,619)	(880)
Other long-term liabilities			(3,667)	(1,429)
Operating lease right-of-use assets			9,802	7,262
Interest and amortization of discount on investments			(6,401)
Other assets			(374)	(3,906)
Net cash provided by operating activities			131,039	101,328
Cash Flows from Investing Activities
Purchase of property, equipment and software			(4,449)	(4,336)
Capitalization of internal use software			(39,666)	(25,322)
Related Party asset acquisition				(3,600)
Severance pay fund distributions, net			12	151
Customer funds in transit, net			(80,098)	(20,600)
Purchases of investments in available-for-sale debt securities			(1,255,686)
Maturities and sales of investments in available-for-sale debt securities			214,000
Purchases of investments in term deposits			(600,000)
Cash paid in connection with acquisition, net of cash and customer funds acquired (refer to Note 3 for further information)			(48,219)
Net cash inflow from acquisition of remaining interest in joint venture				5,953
Net cash used in investing activities			(1,814,106)	(47,754)
Cash Flows from Financing Activities
Proceeds from issuance of common stock in connection with stock-based compensation plan, net of taxes paid related to settlement of equity awards and proceeds from employee equity transactions to be remitted to employees			23,015	10,159
Outstanding operating balances, net			(314,764)	(468,146)
Borrowings under related party facility (Refer to Notes 12 and 21 for further information)			15,120	19,309
Repayments under related party facility (Refer to Notes 12 and 21 for further information)			(20,312)	(19,646)
Warrant repurchase/redemption (Refer to Note 14 for further information)			(19,534)
Common stock repurchased			(120,457)	(34,408)
Net cash used in financing activities			(436,932)	(492,732)
Effect of exchange rate changes on cash and cash equivalents			109	(662)
Net change in cash, cash equivalents, restricted cash and customer funds			(2,119,890)	(439,820)
Cash, cash equivalents, restricted cash and customer funds at beginning of period			7,018,367	6,386,720
Cash, cash equivalents, restricted cash and customer funds at end of period	4,898,477	5,946,900	4,898,477	5,946,900
Supplemental information of investing and financing activities not involving cash flows:
Property, equipment, and software acquired but not paid			1,569	1,078
Internal use software capitalized but not paid			6,271	12,119
Common stock repurchased but not paid			150	350
Right of use assets obtained in exchange for new operating lease liabilities			6,533	4,398
Reconciliation of cash, cash equivalents, restricted cash and customer funds
Cash and cash equivalents	534,170	590,565	534,170	590,565
Current restricted cash	4,994	2,872	4,994	2,872
Non-current restricted cash	16,848	6,518	16,848	6,518
Current customer funds	5,560,767	5,370,466	5,560,767	5,370,466
Non-current customer funds	525,000		525,000
Customer funds shown in the condensed consolidated balance sheets	6,085,767	5,370,466	6,085,767	5,370,466
Less: Customer funds in transit	(82,088)	(23,521)	(82,088)	(23,521)
Less: Customer funds invested in available-for-sale debt securities	(1,061,214)		(1,061,214)
Less: Customer funds invested in term deposits	(600,000)		(600,000)
Net customer funds shown in the condensed consolidated statements of cash flows	4,342,465	5,346,945	4,342,465	5,346,945
Total cash, cash equivalents, restricted cash and customer funds shown in the condensed consolidated statements of cash flows	$ 4,898,477	$ 5,946,900	$ 4,898,477	$ 5,946,900

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Reconciliation of cash, cash equivalents, restricted cash and customer funds
Cash and cash equivalents	$ 534,170	$ 617,022	$ 590,565
Current restricted cash	4,994	7,030	2,872
Non-current restricted cash	16,848	5,780	6,518
Current customer funds	5,560,767	6,390,526	5,370,466
Non-current customer funds	525,000
Customer funds shown in the condensed consolidated balance sheets	6,085,767	6,390,526	5,370,466
Less: Customer funds in transit	(82,088)		(23,521)
Less: Customer funds invested in available-for-sale debt securities	(1,061,214)
Less: Customer funds invested in term deposits	(600,000)
Net customer funds shown in the condensed consolidated statements of cash flows	4,342,465		5,346,945
Total cash, cash equivalents, restricted cash and customer funds shown in the condensed consolidated statements of cash flows	$ 4,898,477	$ 7,018,367	$ 5,946,900	$ 6,386,720

GENERAL OVERVIEW

GENERAL OVERVIEW	9 Months Ended
	Sep. 30, 2024
GENERAL OVERVIEW
GENERAL OVERVIEW	NOTE 1 – GENERAL OVERVIEW Unless otherwise noted herein, “we”, “us”, “our”, “Payoneer”, and the “Company” refer to Payoneer Global Inc. Payoneer, incorporated in Delaware, empowers global commerce by connecting businesses, professionals, countries and currencies with its diversified cross-border payments platform. Payoneer enables small and medium-sized businesses (“SMB(s)”) around the globe to reach new audiences by reducing the complexity of cross-border trade, and 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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES a. Principles of consolidation, basis of presentation and accounting principles: The accompanying condensed consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (hereafter – U.S. GAAP) and include the accounts of Payoneer Global Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. The year-end condensed balance sheet data was derived from audited financial statements for the year ended December 31, 2023, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto of Payoneer Global Inc. and its subsidiaries. b. 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, allowance for capital advance receivables, income taxes, goodwill, revenue recognition, stock-based compensation, contingent consideration associated with M&A, and loss contingencies. c. Customer funds and investments: Beginning in February 2024, the Company invested certain customer funds in available-for-sale debt securities. These securities are reported at fair value, net of any unamortized discount or premium, accrued interest, and unrealized gains and losses, within ‘Customer funds’ on the Company’s condensed consolidated balance sheets. Unrealized gains and losses are included as a component of other comprehensive income (loss) (“OCI”), net of related estimated tax provisions or benefits. Interest income, amortization of any discount or premium, and realized gains and losses on these securities are recognized within revenue from other sources. In the period of sale, any unrealized gain or loss previously recognized in accumulated other comprehensive income (“AOCI”) is reversed into net income. Purchases, maturities, and sales of debt securities are classified as investing activities and as such, are excluded from the basis of cash, cash equivalents, restricted deposits, and customer funds on the condensed consolidated statements of cash flows. The Company accounts for purchases and sales of securities on the trade date and recognizes any related cut-off asset or liability within Other current assets or Other payables, respectively. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): Beginning in June 2024, the Company invested certain customer funds in term deposit instruments. These investments are accounted for as restricted cash, given that the Company’s ability to withdraw the balances is restricted during the term of the deposit agreement. Interest income is recognized within revenue from other sources on the condensed consolidated statements of comprehensive income, and the balances are included within customer funds, classified as current assets or non-current assets based on maturity on the condensed consolidated balance sheets. Similar to investments in debt securities described above, purchases and maturities of term deposits are classified as investing activities and as such, are excluded from the basis of cash, cash equivalents, restricted deposits, and customer funds on the condensed consolidated statements of cash flows. During the quarter ended September 30, 2024, the Company identified an error in its condensed consolidated balance sheet as of June 30, 2024, and in its statements of cash flows for the six months ended June 30, 2024, respectively. Specifically, the Company incorrectly classified $225,000 of customer funds invested in term deposits with maturities greater than one year as current customer funds on the condensed consolidated balance sheet, and included all $300,000 in investments in term deposits in the basis of cash, cash equivalents, restricted deposits, and customer funds on the statement of cash flows, rather than as investing cash flows. In connection with the Company’s evaluation of these errors during the quarter ended September 30, 2024, management, in accordance SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, determined that these adjustments were not material to the previously issued financial statements. In the condensed consolidated balance sheet as of September 30, 2024 and statements of cash flows for the nine months ended September 30, 2024, the Company has correctly presented $225,000 and $300,000 in customer funds invested in term deposits in accordance with the balance sheet and statement of cash flows treatment described in the preceding paragraphs. The Company will revise the statement of cash flows for the six months ended June 30, 2024 in the Form 10-Q filed for the quarter ended June 30, 2025. This error had no impact on the previously issued condensed consolidated statements of comprehensive income or condensed consolidated statements of changes in shareholders’ equity and did not impact any financial liquidity covenants. Upon the acquisition of Skuad Pte. Ltd. (“Skuad” - see Note 3 for additional information), customer funds also include Skuad customer deposits which are collected upon consummation of customer relationships and held to secure future customer payroll obligations. These deposits are released to customers upon termination. d. Derivatives and Hedging The Company is exposed to foreign currency risk due to operating expenses denominated in New Israeli Shekels. To reduce that risk, the Company enters into foreign currency forward contracts and net purchased options to hedge foreign currency risk related to its foreign operations in Israel. The company does not use derivative financial instruments for trading or speculative purposes. The Company designates derivatives as hedges of forecasted transactions (“cash flow” hedges) or derivatives that do not qualify for hedge accounting. To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship. The Company evaluates the effectiveness of derivative contracts on a quarterly basis by comparing the critical terms of the derivative instruments with the critical terms of the forecasted cash flows of the hedged item; if the critical terms are the same, the Company concludes the hedge will be perfectly effective. The Company does not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. To the extent that derivatives qualify as cash flow hedges, changes in the fair value are recorded, net of applicable taxes, in OCI and subsequently reclassified into the same statement of comprehensive income line item as the hedged exposure when the underlying hedged item is recognized in earnings. The cash flows associated with derivatives designated as cash flow hedges are reported in cash flows from operating activities in the condensed consolidated statements of cash flows. Derivatives that are not designated hedges are adjusted to fair value into earnings through financial income or expense. The cash flows associated with these derivatives, if any, are reported in cash flows from investing activities. ​ NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): e. Intangible assets: As further discussed in Note 3 below, certain customer relationships and developed technology intangibles were acquired in the Skuad acquisition. These assets are amortized over the period of estimated useful life using the straight-line method and have estimated useful lives of 11.4 and 5 years, respectively. No significant residual value is estimated for intangible assets. f. Recently issued accounting pronouncements: FASB Standards issued, but not adopted as of September 30, 2024 In 2023, the FASB issued guidance, ASU 2023-09, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). It also requires entities to disclose their income tax payments (net of refunds received) to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In 2023, the FASB issued guidance, ASU 2023-07, that requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. The new standard is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 and must be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

BUSINESS COMBINATION

BUSINESS COMBINATION	9 Months Ended
	Sep. 30, 2024
BUSINESS COMBINATION
BUSINESS COMBINATION	NOTE 3 – BUSINESS COMBINATION On August 5, 2024, Payoneer acquired 100% of the outstanding equity of Skuad Pte. Ltd. (“Skuad”) and its subsidiaries, a global workforce and payroll management company. The acquisition accelerates Payoneer’s strategy to deliver a comprehensive and integrated financial stack for SMBs that operate globally. The transaction was accounted for in accordance with ASC 805, “Business Combinations”, using the acquisition method of accounting with Payoneer as the acquirer. The following table summarizes the fair value of the consideration transferred: ​ ​ ​ ​ Cash $ 61,099 Contingent consideration ​ 5,283 Extinguishment of pre-existing receivable ​ 1,000 Settlement of unvested acquiree stock-based compensation awards ​ 315 Total $ 67,697 ​ Cash transferred was funded with cash on hand. The contingent consideration was in the form of a $9,709 earn-out subject to meeting certain performance criteria such as revenue and volume for eighteen months post-close, and achievement of certain business goals within twelve months post-close. The fair value of the contingent consideration recognized on the acquisition date of $5,283 was estimated using estimates of probability of each outcome and the Option Pricing Model (“OPM”), except for with respect to the integration plan target, which is not exposed to systemic risk. Refer to Note 7 below for details on changes in the fair value of the contingent consideration since acquisition. NOTE 3 – BUSINESS COMBINATION (continued): The consideration transferred included settlement of a receivable on Payoneer's books, related to commercial payments activities that occurred prior to the closing of the business combination with Skuad, which is now an intercompany relationship eliminated in consolidation. No gain or loss was recognized on settlement. The settlement of unvested acquiree stock-based compensation awards relates to unvested Skuad stock options which were cancelled upon acquisition and either replaced with Payoneer Restricted Stock Units (“RSUs”) or not replaced and settled in cash. Replacement awards included 90,000 RSUs which were measured at fair value based on the grant date share price. Additionally, the Company committed to grant 1,870,577 RSUs valued at $10,364, which are subject to ratable quarterly vesting contingent on future services and continued employment of the Skuad founder and shall be expensed over a remaining service period of up to three years. The following table summarizes the recognized amounts of identifiable assets acquired and liabilities assumed: ​ ​ ​ ​ Cash and cash equivalents and restricted deposits $ 3,875 Customer funds ​ 9,005 Accounts receivable ​ 4,294 Tax indemnification asset ​ 1,240 Customer relationships intangible asset ​ 6,683 Developed technology intangible asset ​ 2,354 Other assets ​ 1,499 Trade payables ​ (1,514) Outstanding operating balances ​ (9,005) Deferred tax liabilities, net ​ (1,373) Uncertain tax positions ​ (1,240) Other payables ​ (4,326) Total identifiable net assets $ 11,492 Goodwill $ 56,205 Total $ 67,697 ​ The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill and is primarily attributable to the significant synergies expected to arise from the acquisition, including enhancement of Payoneer’s comprehensive and integrated financial stack. We do not expect goodwill to be deductible for income tax purposes. Payoneer recognized an indemnification asset in the amount of $1,240 related to uncertain tax positions of the acquiree. Payoneer is fully indemnified by the sellers for the full amount of the position. Due to Skuad’s insignificant size relative to the Company, Payoneer is not providing supplemental pro forma financial information for the current and prior reporting periods. During the three and nine months ended September 30, 2024, Payoneer incurred acquisition-related costs of $2,940 and $4,693, respectively, which were included in general and administrative expenses on the condensed consolidated statements of comprehensive income. The allocation of the purchase price for this acquisition has been prepared on a preliminary basis and changes to the allocation to certain assets, liabilities, and tax estimates may occur as additional information becomes available throughout the measurement period, which will not exceed 12 months from the date of the acquisition. ​ ​

CAPITAL ADVANCE ("CA") RECEIVAB

CAPITAL ADVANCE ("CA") RECEIVABLES	9 Months Ended
	Sep. 30, 2024
CAPITAL ADVANCE ("CA") RECEIVABLE
CAPITAL ADVANCE ("CA") RECEIVABLES	NOTE 4 – CAPITAL ADVANCE (“CA”) RECEIVABLES 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. During the nine months ended September 30, 2024 and 2023, the Company has purchased and collected the following principal amounts associated with CA receivables, including foreign exchange adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ ​ 2024 ​ 2023 Beginning CA receivables, gross ​ $ 50,552 ​ $ 42,466 CA extended to customers ​ ​ 260,353 ​ ​ 206,187 Change in revenue receivables ​ ​ 82 ​ ​ 487 CA collected from customers ​ ​ (245,143) ​ ​ (191,157) Charge-offs, net of recoveries ​ ​ (2,802) ​ ​ (3,917) Ending CA receivables, gross ​ $ 63,042 ​ $ 54,066 Allowance for CA losses ​ (6,094) ​ (4,910) CA receivables, net ​ $ 56,948 ​ $ 49,156 ​ The outstanding gross balance at September 30, 2024 consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ‑ 30 days 30 ‑ 60 60 ‑ 90 ​ Above 90 Total ​ Current ​ overdue ​ overdue ​ overdue ​ overdue $ 63,042 ​ 59,507 ​ 2,010 ​ 761 ​ 279 ​ 485 ​ The outstanding gross balance at December 31, 2023 consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ‑ 30 days 30 ‑ 60 60 ‑ 90 Above 90 Total Current overdue overdue overdue overdue $ 50,552 47,332 1,977 692 276 275 ​ ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less ​ Due in 30 ‑ 60 ​ Due in 60 ‑ 90 ​ Due in more Total Overdue than 30 days days days than 90 days $ 63,042 ​ 3,535 ​ 13,530 ​ 13,132 ​ 24,280 ​ 8,565 ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less ​ Due in 30 ‑ 60 ​ Due in 60 ‑ 90 Due in more Total Overdue than 30 days days days than 90 days $ 50,552 3,220 10,841 13,696 17,462 5,333 ​ As of September 30, 2024 and December 31, 2023, the Company applied a range of loss rates to the CA portfolio of 1.58% to 1.85% for the allowance for CA losses. NOTE 4 – CAPITAL ADVANCE (“CA”) RECEIVABLES (continued): ​ Below is a rollforward for the allowance for CA losses (“ALCAL”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ ​ 2024 ​ 2023 Beginning balance ​ $ 5,059 ​ $ 5,311 Provisions ​ ​ 4,496 ​ ​ 3,649 Recoveries ​ ​ (659) ​ ​ (133) Charge-offs ​ ​ (2,802) ​ ​ (3,917) Ending balance ​ $ 6,094 ​ $ 4,910 ​

CUSTOMER FUNDS AND INVESTMENTS

CUSTOMER FUNDS AND INVESTMENTS	9 Months Ended
	Sep. 30, 2024
CUSTOMER FUNDS AND INVESTMENTS
CUSTOMER FUNDS AND INVESTMENTS	NOTE 5 – CUSTOMER FUNDS AND INVESTMENTS ​ The Company has invested certain customer funds in available-for-sale debt securities and term deposits. The following table summarizes the assets underlying customer funds as of September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 ​ 2023 Cash and cash equivalents $ 4,424,553 ​ $ 6,390,526 Available-for-sale debt securities ​ 1,061,214 ​ ​ — Term deposits ​ 75,000 ​ ​ — Total current customer funds $ 5,560,767 ​ $ 6,390,526 Term deposits ​ 525,000 ​ ​ — Total non-current customer funds $ 525,000 ​ $ — Total customer funds $ 6,085,767 ​ $ 6,390,526 ​ As of September 30, 2024, the estimated fair value of the available-for-sale debt securities included $10,311 in unrealized gains, net of tax. ​ During the period ended September 30, 2024, the Company did not sell any available-for-sale debt securities or incur any realized gains or losses. ​ As of September 30, 2024, $286,400 of the Company’s available-for-sale debt securities were due to mature within one year or less, and $774,814 were due to mature between one and five years.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	9 Months Ended
	Sep. 30, 2024
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NOTE 6 – DERIVATIVES AND HEDGING ​ The table below summarizes the gross notional amount and fair value of outstanding derivative instruments at September 30, 2024. No derivative instruments were outstanding at December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ Balance Sheet Location ​ Notional Amount ​ Fair Value Derivative assets designated as hedge accounting instruments: ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forwards ​ Other Current Assets ​ $ 52,265 ​ $ 507 Foreign currency net purchased options ​ Other Current Assets ​ ​ 4,053 ​ ​ 1 Total derivative assets ​ ​ ​ $ 56,318 ​ $ 508 Derivative liabilities designated as hedge accounting instruments: ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency net purchased options ​ Other payables ​ $ 8,098 ​ $ 5 Total derivative liabilities ​ ​ ​ $ 8,098 ​ $ 5 ​ During the three and nine months ended September 30, 2024, the Company recognized $793 and $20 in unrealized gains, net of tax, on derivative instruments designated as cash flow hedges in OCI, respectively. As of September 30, 2024, the Company estimated that $503 of unrealized gains related to cash flow hedges currently included in AOCI are expected to be reclassified into earnings within the next 12 months. As of September 30, 2024, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 9 months. During the three and nine months ended September 30, 2024, the Company did not discontinue any cash flow hedges because it was probable that the original forecasted transaction would not occur and as such, did not reclassify any gains or losses to earnings prior to the occurrence of the hedged transaction.

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2024
FAIR VALUE
FAIR VALUE	NOTE 7 – FAIR VALUE ​ The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ Level 1 ​ Level 2 ​ Level 3 ​ Total U.S. Treasury Securities (included within Customer funds) $ 1,061,214 ​ $ — ​ $ — ​ $ 1,061,214 Derivative assets (included within Other current assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forwards $ — ​ $ 507 ​ $ — ​ $ 507 Foreign currency net purchased options ​ — ​ ​ 1 ​ ​ — ​ ​ 1 Total derivative assets $ — ​ $ 508 ​ $ — ​ $ 508 Total financial assets $ 1,061,214 ​ $ 508 ​ $ — ​ $ 1,061,722 Derivative liabilities (included within Other payables) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency net purchased options $ — ​ $ 5 ​ $ — ​ $ 5 Total derivative liabilities $ — ​ $ 5 ​ $ — ​ $ 5 Skuad acquisition earnout liability $ — ​ $ — ​ $ 5,452 ​ $ 5,452 Total financial liabilities $ — ​ $ 5 ​ $ 5,452 ​ $ 5,457 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Warrant liability $ 8,555 ​ $ — ​ $ — ​ $ 8,555 ​ ​ ​ ​ NOTE 7 – FAIR VALUE (continued): ​ The Company’s derivative instruments are valued using pricing models that take into account the contract terms and relevant currency rates. As of September 30, 2024 and December 31, 2023, the fair values of the Company's cash, cash equivalents, customer funds (other than the portion consisting of available-for-sale debt securities), restricted cash, accounts receivable, capital advance receivables, accounts payable, outstanding operating balances, and short and long-term debt approximated the carrying values of these instruments presented in the Company's consolidated balance sheets because of their nature. The fair value of short and long-term debt, when carrying value does not approximate fair value, is determined using Level 3 unobservable inputs and assumptions by the Company. ​ In the three months ended September 30, 2024, the Company recognized a liability for contingent consideration related to the Skuad acquisition, and recognized $169 in loss related to the change in the fair value of the liability since the acquisition date, included within General and administrative expenses on the condensed consolidated statements of comprehensive income. Refer to Note 3 above for additional details around valuation.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2024
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	NOTE 8 - OTHER CURRENT ASSETS Composition of Other current assets, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Prepaid expenses ​ $ 22,032 ​ $ 16,656 Income receivable ​ 22,116 ​ 12,844 Prepaid income taxes ​ 27,695 ​ 8,136 Derivative assets ​ ​ 508 ​ ​ — Other ​ 6,529 ​ 3,036 Total Other current assets ​ $ 78,880 ​ $ 40,672 ​

PROPERTY, EQUIPMENT AND SOFTWAR

PROPERTY, EQUIPMENT AND SOFTWARE	9 Months Ended
	Sep. 30, 2024
PROPERTY, EQUIPMENT AND SOFTWARE
PROPERTY, EQUIPMENT AND SOFTWARE	NOTE 9 – PROPERTY, EQUIPMENT AND SOFTWARE Composition of property, equipment and software, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Computers, software and peripheral equipment ​ $ 40,661 ​ $ 39,453 Leasehold improvements ​ 8,665 ​ 9,678 Furniture and office equipment ​ 6,201 ​ 5,674 Property, equipment and software ​ 55,527 ​ 54,805 Accumulated depreciation ​ (41,058) ​ (39,306) Property, equipment and software, net ​ $ 14,469 ​ $ 15,499 ​ Depreciation expense for the three months ended September 30, 2024 and 2023 was $2,108 and $1,984, respectively, and $6,314 and $5,960 for the nine months ended September 30, 2024 and 2023, respectively. During the three and nine months ended September 30, 2024, the Company retired computers, software, and peripheral equipment with a cost of $2,844 and $4,562, respectively, that were fully depreciated. During the three months ended September 30, 2023, the Company retired computers, software, and peripheral equipment with a cost of $2,640 that were fully depreciated.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2024
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	NOTE 10 – GOODWILL AND INTANGIBLE ASSETS Goodwill As discussed in Note 3 above, during the three months ended September 30, 2024, the Company recognized $56,205 in goodwill related to the Skuad acquisition. NOTE 10 – GOODWILL AND INTANGIBLE ASSETS (continued): Intangibles Composition of intangible assets, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ Gross Carrying Value ​ Accumulated Amortization ​ Net Carrying Value ​ Gross Carrying Value ​ Accumulated Amortization ​ Net Carrying Value Internal use software ​ $ 162,244 ​ $ (77,150) ​ $ 85,094 ​ $ 122,001 ​ $ (54,804) ​ $ 67,197 Acquired developed technology ​ 20,269 ​ (11,966) ​ 8,303 ​ 17,915 ​ (8,846) ​ 9,069 Customer relationships ​ ​ 6,683 ​ ​ (165) ​ ​ 6,518 ​ ​ — ​ ​ — ​ ​ — Intangible assets, net ​ $ 189,196 ​ $ (89,281) ​ $ 99,915 ​ $ 139,916 ​ $ (63,650) ​ $ 76,266 ​ Amortization expense for the three months ended September 30, 2024 and 2023 was $10,019 and $5,133, respectively, and $25,927 and $12,780 for the nine months ended September 30, 2024 and 2023, respectively. During the three months ended September 30, 2024, the Company recognized $1,383 in impairment related to abandoned internal use software assets which were fully impaired. In the nine months ended September 30, 2024, the Company recognized $1,389 in impairment, which relates to the impairment described above and an insignificant amount of additional impairment related to other intangible assets. During the nine months ended September 30, 2023, the Company recognized $293 in impairment of intangibles acquired through the acquisition of the remaining interest in a previous joint venture and an insignificant amount of additional impairment related to other intangible assets. The impairment is presented under Depreciation and amortization expenses in the condensed consolidated statements of comprehensive income. Expected future intangible asset amortization as of September 30, 2024, excluding capitalized internal use software of $20,103 not yet placed in service as of that date, was as follows: ​ ​ ​ ​ ​ Fiscal years ​ ​ 2024 (Excluding the nine months ended September 30, 2024) ​ $ 9,922 2025 ​ ​ 35,877 2026 ​ ​ 23,767 2027 ​ ​ 5,009 2028 and thereafter ​ ​ 5,237 Total ​ $ 79,812 ​

OTHER PAYABLES

OTHER PAYABLES	9 Months Ended
	Sep. 30, 2024
OTHER PAYABLES
OTHER PAYABLES	NOTE 11 - OTHER PAYABLES Composition of Other payables, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Employee related compensation ​ $ 72,126 ​ $ 67,837 Commissions payable ​ 17,402 ​ 23,695 Accrued expenses ​ 14,141 ​ 12,358 Lease liability ​ 6,758 ​ 7,171 Income tax payable ​ ​ 2,746 ​ ​ 2,410 Derivative liabilities ​ ​ 5 ​ ​ — Current portion of Skuad acquisition earnout liability ​ ​ 462 ​ ​ — Other ​ 4,842 ​ 4,037 Total Other payables ​ $ 118,482 ​ $ 117,508 ​

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
DEBT
DEBT	NOTE 12 – DEBT 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. (currently known as Viola Credit ALF II, 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 Lenders. Refer to Note 21 for further information regarding related party considerations. In accordance with the Warehouse Facility, the Lenders 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 capital advance receivables as well as a pledge of the equity of the Borrower. The recourse under the Warehouse Facility is limited to Borrower's assets, and no other Payoneer entity guarantees repayment by the Borrower. The Warehouse Facility stipulates a borrowing base calculated at an advance rate of 80% out of the eligible portfolio outstanding receivables balance. As of July 1, 2023, the Warehouse Facility bears interest at the sum of the Daily Simple SOFR ● 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 . Prior to July 1, 2023, interest on the facility was calculated as the greater of 0.25% or LIBOR plus the additional percentage amounts per annum based on commitment amount noted above. On June 8, 2022, the Warehouse Facility was amended to create a condition that the total interest rate, calculated as the sum per above, shall not exceed 10.5% per annum for all outstanding balances. 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 was entered into. The Warehouse Facility reached its scheduled revolving period termination date on October 28, 2024, and the Company will repay all outstanding Warehouse Facility borrowings in accordance with the Warehouse Facility by the Facility Maturity Date of April 28, 2025. The Company recorded expenses, included in transaction costs, in the total amount of $401 and $437 for the three months ended September 30, 2024 and 2023, respectively, and $1,213 and $1,294 for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the outstanding associated balance was $13,219, included within short-term debt on the consolidated balance sheets, with $128 of accrued expenses included in Other payables. The outstanding balance was reclassified from long-term to short-term debt during the three months ended June 30, 2024 as the facility and all related borrowings became due within one year as of June 30, 2024. As of December 31, 2023, the outstanding associated balance was $18,411, included within long-term debt on the consolidated balance sheets, with $168 of accrued expenses included in Other payables. The Warehouse Facility includes certain affirmative and negative covenants that must be maintained by the Company and includes certain financial measures such as minimum tangible equity and minimum unrestricted cash at the Company level. As of September 30, 2024 and December 31, 2023, the Company was in compliance with all applicable covenants. As of September 30, 2024 and December 31, 2023, 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.

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	9 Months Ended
	Sep. 30, 2024
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES	​ NOTE 13 – OTHER LONG-TERM LIABILITIES Composition of other long-term liabilities, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Reserves for uncertain income tax positions ​ $ 29,729 ​ $ 24,793 Long-term lease liabilities ​ 16,520 ​ 17,836 Other tax provisions ​ ​ 5,802 ​ ​ 5,202 Severance pay liabilities ​ 2,202 ​ 2,056 Non-current portion of Skuad acquisition earnout liability ​ ​ 4,990 ​ ​ — Other ​ — ​ 18 Total other long-term liabilities ​ $ 59,243 ​ $ 49,905 ​

WARRANTS AND SHAREHOLDERS' EQUI

WARRANTS AND SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2024
WARRANTS AND SHAREHOLDERS' EQUITY
WARRANTS AND SHAREHOLDERS' EQUITY	NOTE 14 – WARRANTS AND SHAREHOLDERS’ EQUITY Share Repurchase Program and Treasury Stock On May 7, 2023, the Company’s Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $80,000 of its common stock, including any applicable excise tax. On December 7, 2023, the Board of Directors authorized an amendment to the program to increase the authorized amount of repurchases to an aggregate amount not to exceed $250,000, including the amount that remained available as of December 7, 2023 to repurchase common stock under, but not any prior repurchases effected pursuant to, the previous authorization, and any applicable excise tax. The amended authorization expires on December 31, 2025. The program is intended to offset the impact of dilution from the issuance of new shares as part of employee compensation programs. Any share repurchases under this stock repurchase program may be made through open market transactions, privately negotiated transactions or other means including in accordance with Rule 10b-18 and/or Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and total amount of repurchases is subject to business and market conditions and the Company’s discretion. During the three and nine months ended September 30, 2024, the Company repurchased 3,748,301 and 22,993,198 shares of its common stock for $21,351 and $119,107 at a weighted average cost of $5.67 and $5.16 per share, respectively. During the three and nine months ended September 30, 2023, the Company repurchased 2,738,092 and 6,939,117 shares of its common stock for $15,034 and $34,759 at a weighted average cost of $5.47 and $4.99 per share, respectively. As of September 30, 2024, a total of $121,537 remained available for future repurchases of the Company’s common stock under the program. Warrants The Company had publicly traded warrants that were assumed upon the closing of the business combination with FTAC Olympus Acquisition Corp. in June 2021, and were exercisable for shares of the Company’s common stock. Warrants were only exercisable for a whole number of shares at an exercise price of $11.50 and would expire on June 25, 2026, or earlier, if redeemed. In September 2024, the Company completed a tender offer (the “Offer”) to repurchase all outstanding Warrants, at $0.78 per Warrant. Concurrently with the Offer, the Company solicited consents (the “Consent Solicitation”) from holders of its outstanding Warrants to amend the agreement governing the Warrants (the “Warrant Agreement”) to permit the Company to redeem all Warrants that remained outstanding after the completion of the Offer for $0.70 per Warrant in cash, without interest. ​ ​ NOTE 14 – WARRANTS AND SHAREHOLDERS’ EQUITY (continued): The Offer expired on September 9, 2024 (the “Expiration Date”), in accordance with its terms. 24,030,937 Warrants were validly tendered and not validly withdrawn from the Offer representing approximately 95.5% of the then-outstanding Warrants. These Warrants were repurchased for $0.78 per Warrant, or $18,744 in total, with a $13,217 loss recognized upon repurchase, which is the result of the premium paid above the valuation of the Warrants as of the latest revaluation date of June 30, 2024. On September 10, 2024, the Company issued a notice of redemption to redeem all remaining untendered and outstanding Warrants for $0.70 per Warrant as of September 25, 2024. These Warrants were redeemed for $0.70 per Warrant, or $789 in total, with a $530 loss recognized upon repurchase, which is the result of the premium paid above the valuation of the Warrants as of the latest revaluation date of June 30, 2024. The Company also incurred approximately $1,000 in expenses associated with the transaction, which are included in loss on warrant repurchase/redemption in the condensed consolidated statements of comprehensive income. The Warrants were accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging ​ ​ ​ ​ ​ ​ Warrant ​ ​ Liability Fair value as of December 31, 2023 ​ $ 8,555 Change in fair value ​ ​ (2,767) Repurchase and redemption ​ (5,788) Fair value as of September 30, 2024 ​ $ — ​ ​ ​ ​ Fair value as of December 31, 2022 ​ $ 25,914 Change in fair value ​ ​ (5,535) Fair value as of September 30, 2023 ​ $ 20,379 ​ ​ Accumulated Other Comprehensive Income (Loss) The changes in the balances of each component of accumulated other comprehensive income, net of tax, for the three and nine months ended September 30, 2024 were as follows. There were no changes in other comprehensive income (loss) in the three or nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2024 ​ ​ Foreign currency translation adjustments ​ Unrealized gains on available-for-sale debt securities ​ Unrealized gains (losses) on cash flow hedges ​ Total Beginning balance ​ $ (176) ​ $ 871 ​ $ (545) ​ $ 150 Other comprehensive income before reclassifications ​ ​ — ​ ​ 9,440 ​ ​ 793 ​ ​ 10,233 Amount of loss reclassified from AOCI ​ ​ — ​ ​ — ​ ​ 164 ​ ​ 164 Net current period other comprehensive income ​ — ​ 9,440 ​ 957 ​ 10,397 Ending balance ​ $ (176) ​ $ 10,311 ​ $ 412 ​ $ 10,547 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2024 ​ ​ Foreign currency translation adjustments ​ Unrealized gains on available-for-sale debt securities ​ Unrealized gains on cash flow hedges ​ Total Beginning balance ​ $ (176) ​ $ — ​ $ — ​ $ (176) Other comprehensive income before reclassifications ​ ​ — ​ ​ 10,311 ​ ​ 20 ​ ​ 10,331 Amount of loss reclassified from AOCI ​ ​ — ​ ​ — ​ ​ 392 ​ ​ 392 Net current period other comprehensive income ​ — ​ 10,311 ​ 412 ​ 10,723 Ending balance ​ $ (176) ​ $ 10,311 ​ $ 412 ​ $ 10,547 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 15 – 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 impose 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. From time to time, the Company incurs insignificant fines and penalties in the ordinary course of business. 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 those 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 has filed a claim in liquidation for the remaining funds; however, the percentage of the deposit that will be recovered in liquidation is not known at this time. On August 7, 2023, Payoneer (Guangzhou) Commerce Services Co., Ltd. (“Payoneer Guangzhou”), a wholly owned subsidiary of the Company, entered into an agreement with a non-bank payments institution (the “Licenseholder”), that offers pay-out and mobile payments solutions to merchants in the People’s Republic of China and holds a Payment Business License issued by the People’s Bank of China (the “PBoC”). Pursuant to the terms of the agreement, Payoneer Guangzhou seeks to purchase the Licenseholder, and placed approximately $4 million in escrow in October 2023, representing a small portion of the agreed upon consideration for the purchase. In the event of termination of the agreement, such escrow amount will be returned to Payoneer Guangzhou, and in the event of a successful transaction, it will be applied to the full purchase price. The closing of the acquisition is subject to customary closing conditions and termination provisions provided for in the agreement, as well as, governmental registrations and approvals, including the approval of the transaction by the PBoC, and timing is uncertain. 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 the Company’s prices, rules, or policies or that the Company’s 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 its business practices, require significant amounts of management time, result in the diversion of operational resources, or otherwise harm the business. ​ ​ ​ ​ ​

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2024
REVENUE
REVENUE	NOTE 16 – REVENUE ​ The following table presents revenue recognized from contracts with customers as well as revenue from other sources: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, Nine months ended September 30, ​ 2024 2023 2024 ​ 2023 Revenue recognized at a point in time ​ $ 179,641 ​ $ 144,665 ​ $ 510,188 ​ $ 417,788 Revenue recognized over time ​ 719 ​ 537 ​ ​ 1,873 ​ ​ 16,265 Revenue from contracts with customers ​ $ 180,360 ​ $ 145,202 ​ $ 512,061 ​ $ 434,053 Interest income on customer balances ​ $ 65,162 ​ $ 60,416 ​ $ 196,251 ​ $ 165,767 Capital advance income ​ ​ 2,752 ​ ​ 2,417 ​ ​ 7,665 ​ ​ 6,963 Revenue from other sources ​ $ 67,914 ​ $ 62,833 ​ $ 203,916 ​ $ 172,730 Total revenues ​ $ 248,274 ​ $ 208,035 ​ $ 715,977 ​ $ 606,783 ​ Based on the information provided to and reviewed by the Company’s Chief Operating Decision Maker (“CODM”), the Company believes that the nature, amount, timing, and uncertainty of its revenue and cash flows and how they are affected by economic factors are most appropriately depicted through its primary regional markets. The following table presents the Company’s revenue disaggregated by primary regional market, with revenues being attributed to the country (in the region) in which the billing address of the transacting 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 Primary regional markets ​ ​ ​ ​ ​ ​ ​ ​ Greater China 1 ​ $ 85,111 ​ $ 72,513 ​ $ 250,908 ​ $ 207,700 Europe 2 ​ ​ 48,666 ​ ​ 42,378 ​ ​ 137,730 ​ ​ 122,698 Asia-Pacific 2 ​ ​ 37,770 ​ ​ 29,145 ​ ​ 107,360 ​ ​ 81,911 North America 3 ​ 25,162 ​ 22,358 ​ 70,970 ​ ​ 73,935 South Asia, Middle East and North Africa 2 ​ ​ 26,809 ​ ​ 22,181 ​ ​ 76,648 ​ ​ 63,837 Latin America 2 ​ ​ 24,756 ​ ​ 19,460 ​ ​ 72,361 ​ ​ 56,702 Total revenues ​ $ 248,274 ​ $ 208,035 ​ $ 715,977 ​ $ 606,783 (1) Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan. (2) No single country included in any of these regions generated more than 10% of total revenue. (3) The United States is the Company’s country of domicile. Of North America revenues, the U.S. represents $24,030 and $21,348 during the three months ended September 30, 2024 and 2023, respectively, and $67,600 and $70,919 during the nine months ended September 30, 2024 and 2023, respectively.

TRANSACTION COSTS

TRANSACTION COSTS	9 Months Ended
	Sep. 30, 2024
TRANSACTION COSTS
TRANSACTION COSTS	NOTE 17 - TRANSACTION COSTS Composition of transaction costs, grouped by major classifications, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months ended ​ ​ September 30, September 30, ​ 2024 2023 2024 2023 Bank and processor fees ​ $ 26,823 ​ $ 22,410 ​ $ 76,678 ​ $ 64,303 Network fees ​ 6,241 ​ 4,959 ​ ​ 16,957 ​ ​ 12,956 Capital advance costs, net of recoveries ​ 1,405 ​ 1,826 ​ ​ 4,927 ​ ​ 4,795 Chargebacks and operational losses ​ ​ 2,978 ​ ​ 550 ​ ​ 8,554 ​ ​ 2,300 Card costs ​ 454 ​ 575 ​ ​ 1,560 ​ ​ 1,447 Other ​ 157 ​ 73 ​ ​ 309 ​ ​ 170 Total transaction costs ​ $ 38,058 ​ $ 30,393 ​ $ 108,985 ​ $ 85,971 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 18 – STOCK-BASED COMPENSATION Stock Options and RSUs The following table summarizes the options to purchase shares of common stock activity under the Company’s equity incentive plans for the nine months ended September 30, 2024: ​ ​ ​ ​ ​ ​ Options Outstanding at December 31, 2023 27,788,279 Granted 1,070,000 Exercised (14,246,546) Forfeited (387,442) Outstanding at September 30, 2024 ​ 14,224,291 Exercisable at September 30, 2024 ​ 12,604,110 ​ The weighted average exercise price of the options outstanding as of September 30, 2024 was $2.67 per share. The following table summarizes the RSUs activity under the Company’s equity incentive plans as of September 30, 2024: ​ ​ ​ ​ ​ Units Outstanding December 31, 2023 30,743,366 Granted 13,587,835 Vested (7,034,438) Withhold to cover shares repurchased ​ (1,501,837) Forfeited (4,868,134) Outstanding September 30, 2024 30,926,792 ​ In the nine months ended September 30, 2024, the Company granted a total of 13,587,835 RSUs, out of which 11,717,258 RSUs were granted under the Company’s Omnibus Stock Incentive Plan. Additionally, 1,870,577 RSUs not granted under the Company’s Omnibus Stock Incentive Plan were granted in connection with the Skuad acquisition in August 2024. All RSUs granted are subject to time-vesting and continued service conditions. The Company withholds common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock units under its employee equity incentive plans in the United States. During the three and nine months ended September 30, 2024, the Company withheld 353,158 and 1,501,837 shares for $2,307 and $8,304, respectively. During the three and nine months ended September 30, 2023, the Company withheld 471,314 and 823,274 shares for $2,753 and $4,257, respectively. RSU vesting is shown net of this withholding on the condensed consolidated statements of shareholders’ equity and cash flows. The Company collects cash from proceeds from certain international employees’ sales of common stock. The amount is held in a Company bank account until it is remitted to the employees. Due to the restrictions on the use of the funds in the bank account, we have classified the amount as short-term restricted cash, and a corresponding liability is included in Other payables in the condensed consolidated balance sheets. As of September 30, 2024, $2,990 of such funds were held. Employee Stock Purchase Plan As of September 30, 2024, approximately 4,072,744 shares were reserved for future issuance under the Company’s Employee Stock Purchase Plan (“ESPP”). The fair value attributable to the ESPP was $1,134 as of May 15, 2024, the beginning of the current offering period, and was measured using the Monte Carlo model. The current offering period is expected to close November 15, 2024. The expense associated with the ESPP recognized during the three and nine months ended September 30, 2024 was $567 and $1,678, respectively. NOTE 18 – STOCK-BASED COMPENSATION (continued): Impact on Results of Operations The impact on the Company’s results of operations of recording stock-based compensation expense under the Company’s equity incentive plans, including the ESPP, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months ended ​ September 30, September 30, ​ 2024 2023 2024 2023 Other operating expenses ​ $ 4,389 ​ $ 3,368 ​ $ 10,158 ​ $ 9,410 Research and development expenses ​ 3,835 ​ 3,053 ​ ​ 8,305 ​ ​ 10,034 Sales and marketing expenses ​ 4,198 ​ 4,163 ​ ​ 12,825 ​ ​ 14,712 General and administrative expenses ​ 5,008 ​ 4,746 ​ ​ 14,885 ​ ​ 14,273 Total stock-based compensation ​ $ 17,430 ​ $ 15,330 ​ $ 46,173 ​ $ 48,429 ​ Note that $765 and $1,040 in stock-based compensation awards were capitalized as part of internal-use software during the three months ended September 30, 2024 and 2023, respectively, and $2,500 and $2,780 were capitalized during the nine months ended September 30, 2024 and 2023, respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
INCOME TAXES
INCOME TAXES	NOTE 19 - INCOME TAXES The Company’s provision for income taxes in the interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in the period. The Company had an effective tax rate of 9.1% and 27.3% for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, the difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% was the result of a benefit under U.S. tax law for income earned from foreign customers, provision to return adjustments, and deductible U.S. and foreign share-based compensation. For the nine months ended September 30, 2023, the difference between the Company’s effective tax rate and the U.S. federal statutory rate of 21% was the result of foreign income taxes and uncertain tax positions. The Company maintains a valuation allowance in jurisdictions where it is more likely than not that all or a portion of a deferred tax asset may not be realized. In determining whether a valuation allowance is warranted, the Company evaluates factors such as prior earnings history, expected future earnings and the reversal of existing taxable temporary differences. As of September 30, 2024, the Company maintains a full valuation allowance on its deferred tax assets in Germany and maintains its previous conclusion that a valuation allowance on deferred tax assets in the United States and Israel is not necessary. ​

NET EARNINGS PER SHARE

NET EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2024
NET EARNINGS PER SHARE
NET EARNINGS PER SHARE	NOTE 20 – NET EARNINGS PER SHARE The Company’s basic net earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. The diluted net earnings 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 earnings per share is the same as basic net earnings per share in periods when the effects of potentially dilutive shares of common shares are anti-dilutive. NOTE 20 – NET EARNINGS PER SHARE (continued): Basic and diluted net earnings per share attributable to common stockholders were calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months ended ​ ​ September 30, September 30, ​ 2024 2023 2024 2023 ​ (In thousands, except share and per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 41,574 ​ $ 12,825 ​ $ 102,973 ​ $ 66,312 Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 357,297,824 ​ ​ 357,429,113 ​ ​ 357,631,049 ​ ​ 361,206,439 Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive impact of RSUs, ESPP and options to purchase common stock ​ ​ 16,222,829 ​ ​ 23,678,424 ​ ​ 20,759,274 ​ ​ 27,721,456 Dilutive impact of private warrants ​ ​ 782,817 ​ ​ 737,562 ​ ​ 735,040 ​ ​ 730,894 Weighted average common shares – diluted ​ ​ 374,303,470 ​ ​ 381,845,099 ​ ​ 379,125,363 ​ ​ 389,658,789 Net income per share attributable to common stockholders — Basic earnings per share ​ $ 0.12 ​ $ 0.04 ​ $ 0.29 ​ $ 0.18 Diluted earnings per share ​ $ 0.11 ​ $ 0.03 ​ $ 0.27 ​ $ 0.17 ​ Note that for both the three and nine month periods ended September 30, 2024, 3,590,000 RSUs with market conditions, 15,000,000 Earn-Out Shares (as that term is defined in the Agreement and Plan of Reorganization dated February 3, 2021 (as amended) with FTAC Olympus Acquisition Corp.) and 1,521,963 options to purchase common stock have been excluded from the computation of diluted net earnings per share as their effect was antidilutive, conditions were not met or they were not in the money as of the end of the reporting period. For the three and nine month periods ended September 30, 2024, 2,866,158 and 3,913,995 RSUs, respectively, have been excluded for the same reason. In both the three and nine months ended September 30, 2023, 25,158,086 public Warrants, 4,570,000 RSUs with market conditions, 30,000,000 Earn-Out Shares, 705,470 options to purchase common stock, and ESPP shares to be issued under the May 15, 2023 offering period were excluded for the same reason.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 21 – RELATED PARTY TRANSACTIONS Warehouse Facility As indicated in Note 12, the Company entered into a Warehouse Facility 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 represents a related party transaction that has been entered into in the ordinary course of business. As such, the Warehouse Facility 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 the Warehouse Facility and concluded that the terms represent a transaction conducted at arm’s length. The Warehouse Facility reached its scheduled revolving period termination date on October 28, 2024, and the Company will repay all outstanding borrowings in accordance with the Warehouse Facility by the Facility Maturity Date of April 28, 2025.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 22 – SUBSEQUENT EVENTS None. ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 41,574	$ 12,825	$ 102,973	$ 66,312

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended September 30, 2024, certain of our officers and directors took the following actions with respect to trading arrangements for the sale of shares of our common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plans ​ ​ ​ Action Date Rule 10b5-1* Non-Rule 10b5-1** Number of Shares to be Sold Expiration Itai Perry, Chief Accounting Officer Adoption August 15, 2024 X ​ (1) November 15, 2025 Scott Galit, Director Adoption August 26, 2024 X ​ 484,111 March 25, 2025 Tsafi Goldman, Chief Legal & Regulatory Officer Adoption September 10, 2024 X ​ 413,465 August 31, 2025 * Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) ** Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (1) Under this trading arrangement, up to
Itai Perry
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	Aug. 15, 2024
Expiration Date	Nov. 15, 2025
Aggregate Available	99,253
Scott Galit
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	Aug. 26, 2024
Expiration Date	Mar. 25, 2025
Aggregate Available	484,111
Tsafi Goldman
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	Sep. 10, 2024
Expiration Date	Aug. 31, 2025
Aggregate Available	413,465

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation, basis of presentation and accounting principles:	a. Principles of consolidation, basis of presentation and accounting principles: The accompanying condensed consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (hereafter – U.S. GAAP) and include the accounts of Payoneer Global Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. The year-end condensed balance sheet data was derived from audited financial statements for the year ended December 31, 2023, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto of Payoneer Global Inc. and its subsidiaries.
Use of estimates in the preparation of financial statements:	b. 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, allowance for capital advance receivables, income taxes, goodwill, revenue recognition, stock-based compensation, contingent consideration associated with M&A, and loss contingencies.
Customer funds and investments:	c. Customer funds and investments: Beginning in February 2024, the Company invested certain customer funds in available-for-sale debt securities. These securities are reported at fair value, net of any unamortized discount or premium, accrued interest, and unrealized gains and losses, within ‘Customer funds’ on the Company’s condensed consolidated balance sheets. Unrealized gains and losses are included as a component of other comprehensive income (loss) (“OCI”), net of related estimated tax provisions or benefits. Interest income, amortization of any discount or premium, and realized gains and losses on these securities are recognized within revenue from other sources. In the period of sale, any unrealized gain or loss previously recognized in accumulated other comprehensive income (“AOCI”) is reversed into net income. Purchases, maturities, and sales of debt securities are classified as investing activities and as such, are excluded from the basis of cash, cash equivalents, restricted deposits, and customer funds on the condensed consolidated statements of cash flows. The Company accounts for purchases and sales of securities on the trade date and recognizes any related cut-off asset or liability within Other current assets or Other payables, respectively. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (continued): Beginning in June 2024, the Company invested certain customer funds in term deposit instruments. These investments are accounted for as restricted cash, given that the Company’s ability to withdraw the balances is restricted during the term of the deposit agreement. Interest income is recognized within revenue from other sources on the condensed consolidated statements of comprehensive income, and the balances are included within customer funds, classified as current assets or non-current assets based on maturity on the condensed consolidated balance sheets. Similar to investments in debt securities described above, purchases and maturities of term deposits are classified as investing activities and as such, are excluded from the basis of cash, cash equivalents, restricted deposits, and customer funds on the condensed consolidated statements of cash flows. During the quarter ended September 30, 2024, the Company identified an error in its condensed consolidated balance sheet as of June 30, 2024, and in its statements of cash flows for the six months ended June 30, 2024, respectively. Specifically, the Company incorrectly classified $225,000 of customer funds invested in term deposits with maturities greater than one year as current customer funds on the condensed consolidated balance sheet, and included all $300,000 in investments in term deposits in the basis of cash, cash equivalents, restricted deposits, and customer funds on the statement of cash flows, rather than as investing cash flows. In connection with the Company’s evaluation of these errors during the quarter ended September 30, 2024, management, in accordance SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, determined that these adjustments were not material to the previously issued financial statements. In the condensed consolidated balance sheet as of September 30, 2024 and statements of cash flows for the nine months ended September 30, 2024, the Company has correctly presented $225,000 and $300,000 in customer funds invested in term deposits in accordance with the balance sheet and statement of cash flows treatment described in the preceding paragraphs. The Company will revise the statement of cash flows for the six months ended June 30, 2024 in the Form 10-Q filed for the quarter ended June 30, 2025. This error had no impact on the previously issued condensed consolidated statements of comprehensive income or condensed consolidated statements of changes in shareholders’ equity and did not impact any financial liquidity covenants. Upon the acquisition of Skuad Pte. Ltd. (“Skuad” - see Note 3 for additional information), customer funds also include Skuad customer deposits which are collected upon consummation of customer relationships and held to secure future customer payroll obligations. These deposits are released to customers upon termination.
Derivatives and Hedging	d. Derivatives and Hedging The Company is exposed to foreign currency risk due to operating expenses denominated in New Israeli Shekels. To reduce that risk, the Company enters into foreign currency forward contracts and net purchased options to hedge foreign currency risk related to its foreign operations in Israel. The company does not use derivative financial instruments for trading or speculative purposes. The Company designates derivatives as hedges of forecasted transactions (“cash flow” hedges) or derivatives that do not qualify for hedge accounting. To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship. The Company evaluates the effectiveness of derivative contracts on a quarterly basis by comparing the critical terms of the derivative instruments with the critical terms of the forecasted cash flows of the hedged item; if the critical terms are the same, the Company concludes the hedge will be perfectly effective. The Company does not exclude any component of the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. To the extent that derivatives qualify as cash flow hedges, changes in the fair value are recorded, net of applicable taxes, in OCI and subsequently reclassified into the same statement of comprehensive income line item as the hedged exposure when the underlying hedged item is recognized in earnings. The cash flows associated with derivatives designated as cash flow hedges are reported in cash flows from operating activities in the condensed consolidated statements of cash flows. Derivatives that are not designated hedges are adjusted to fair value into earnings through financial income or expense. The cash flows associated with these derivatives, if any, are reported in cash flows from investing activities.
Intangible assets:	e. Intangible assets: As further discussed in Note 3 below, certain customer relationships and developed technology intangibles were acquired in the Skuad acquisition. These assets are amortized over the period of estimated useful life using the straight-line method and have estimated useful lives of 11.4 and 5 years, respectively. No significant residual value is estimated for intangible assets.
Recently issued accounting pronouncements:	f. Recently issued accounting pronouncements: FASB Standards issued, but not adopted as of September 30, 2024 In 2023, the FASB issued guidance, ASU 2023-09, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). It also requires entities to disclose their income tax payments (net of refunds received) to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In 2023, the FASB issued guidance, ASU 2023-07, that requires entities to report incremental information about significant segment expenses included in a segment’s profit or loss measure as well as the name and title of the chief operating decision maker. The guidance also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. The new standard is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024 and must be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	9 Months Ended
	Sep. 30, 2024
BUSINESS COMBINATION
Schedule of the fair value of the consideration transferred	​ ​ ​ ​ Cash $ 61,099 Contingent consideration ​ 5,283 Extinguishment of pre-existing receivable ​ 1,000 Settlement of unvested acquiree stock-based compensation awards ​ 315 Total $ 67,697
Summary of recognized amounts of identifiable assets acquired and liabilities assumed	​ ​ ​ ​ Cash and cash equivalents and restricted deposits $ 3,875 Customer funds ​ 9,005 Accounts receivable ​ 4,294 Tax indemnification asset ​ 1,240 Customer relationships intangible asset ​ 6,683 Developed technology intangible asset ​ 2,354 Other assets ​ 1,499 Trade payables ​ (1,514) Outstanding operating balances ​ (9,005) Deferred tax liabilities, net ​ (1,373) Uncertain tax positions ​ (1,240) Other payables ​ (4,326) Total identifiable net assets $ 11,492 Goodwill $ 56,205 Total $ 67,697

CAPITAL ADVANCE ("CA") RECEIV_2

CAPITAL ADVANCE ("CA") RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2024
CAPITAL ADVANCE ("CA") RECEIVABLE
Schedule of purchased and collected principal amounts associated with Capital Advance (CA) receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ ​ 2024 ​ 2023 Beginning CA receivables, gross ​ $ 50,552 ​ $ 42,466 CA extended to customers ​ ​ 260,353 ​ ​ 206,187 Change in revenue receivables ​ ​ 82 ​ ​ 487 CA collected from customers ​ ​ (245,143) ​ ​ (191,157) Charge-offs, net of recoveries ​ ​ (2,802) ​ ​ (3,917) Ending CA receivables, gross ​ $ 63,042 ​ $ 54,066 Allowance for CA losses ​ (6,094) ​ (4,910) CA receivables, net ​ $ 56,948 ​ $ 49,156
Schedule of current and overdue amounts of CAs	The outstanding gross balance at September 30, 2024 consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ‑ 30 days 30 ‑ 60 60 ‑ 90 ​ Above 90 Total ​ Current ​ overdue ​ overdue ​ overdue ​ overdue $ 63,042 ​ 59,507 ​ 2,010 ​ 761 ​ 279 ​ 485 ​ The outstanding gross balance at December 31, 2023 consists of the following current and overdue amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ‑ 30 days 30 ‑ 60 60 ‑ 90 Above 90 Total Current overdue overdue overdue overdue $ 50,552 47,332 1,977 692 276 275
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 September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less ​ Due in 30 ‑ 60 ​ Due in 60 ‑ 90 ​ Due in more Total Overdue than 30 days days days than 90 days $ 63,042 ​ 3,535 ​ 13,530 ​ 13,132 ​ 24,280 ​ 8,565 ​ The following are current and overdue balances from above that are segregated into the timing of expected collections at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in less ​ Due in 30 ‑ 60 ​ Due in 60 ‑ 90 Due in more Total Overdue than 30 days days days than 90 days $ 50,552 3,220 10,841 13,696 17,462 5,333
Schedule of rollforward for the allowance for CA losses ("ALCAL")	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ ​ 2024 ​ 2023 Beginning balance ​ $ 5,059 ​ $ 5,311 Provisions ​ ​ 4,496 ​ ​ 3,649 Recoveries ​ ​ (659) ​ ​ (133) Charge-offs ​ ​ (2,802) ​ ​ (3,917) Ending balance ​ $ 6,094 ​ $ 4,910 ​

CUSTOMER FUNDS AND INVESTMENTS

CUSTOMER FUNDS AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
CUSTOMER FUNDS AND INVESTMENTS
Schedule of assets underlying customer funds	​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 ​ 2023 Cash and cash equivalents $ 4,424,553 ​ $ 6,390,526 Available-for-sale debt securities ​ 1,061,214 ​ ​ — Term deposits ​ 75,000 ​ ​ — Total current customer funds $ 5,560,767 ​ $ 6,390,526 Term deposits ​ 525,000 ​ ​ — Total non-current customer funds $ 525,000 ​ $ — Total customer funds $ 6,085,767 ​ $ 6,390,526

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	9 Months Ended
	Sep. 30, 2024
DERIVATIVES AND HEDGING
Schedule of gross notional amount and fair value of outstanding derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ Balance Sheet Location ​ Notional Amount ​ Fair Value Derivative assets designated as hedge accounting instruments: ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forwards ​ Other Current Assets ​ $ 52,265 ​ $ 507 Foreign currency net purchased options ​ Other Current Assets ​ ​ 4,053 ​ ​ 1 Total derivative assets ​ ​ ​ $ 56,318 ​ $ 508 Derivative liabilities designated as hedge accounting instruments: ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency net purchased options ​ Other payables ​ $ 8,098 ​ $ 5 Total derivative liabilities ​ ​ ​ $ 8,098 ​ $ 5

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2024
FAIR VALUE
Schedule of financial assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ Level 1 ​ Level 2 ​ Level 3 ​ Total U.S. Treasury Securities (included within Customer funds) $ 1,061,214 ​ $ — ​ $ — ​ $ 1,061,214 Derivative assets (included within Other current assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forwards $ — ​ $ 507 ​ $ — ​ $ 507 Foreign currency net purchased options ​ — ​ ​ 1 ​ ​ — ​ ​ 1 Total derivative assets $ — ​ $ 508 ​ $ — ​ $ 508 Total financial assets $ 1,061,214 ​ $ 508 ​ $ — ​ $ 1,061,722 Derivative liabilities (included within Other payables) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency net purchased options $ — ​ $ 5 ​ $ — ​ $ 5 Total derivative liabilities $ — ​ $ 5 ​ $ — ​ $ 5 Skuad acquisition earnout liability $ — ​ $ — ​ $ 5,452 ​ $ 5,452 Total financial liabilities $ — ​ $ 5 ​ $ 5,452 ​ $ 5,457 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Warrant liability $ 8,555 ​ $ — ​ $ — ​ $ 8,555

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
OTHER CURRENT ASSETS
Schedule of composition of Other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Prepaid expenses ​ $ 22,032 ​ $ 16,656 Income receivable ​ 22,116 ​ 12,844 Prepaid income taxes ​ 27,695 ​ 8,136 Derivative assets ​ ​ 508 ​ ​ — Other ​ 6,529 ​ 3,036 Total Other current assets ​ $ 78,880 ​ $ 40,672 ​

PROPERTY, EQUIPMENT AND SOFTW_2

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)	9 Months Ended
	Sep. 30, 2024
PROPERTY, EQUIPMENT AND SOFTWARE
Schedule of composition of property, equipment and software, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Computers, software and peripheral equipment ​ $ 40,661 ​ $ 39,453 Leasehold improvements ​ 8,665 ​ 9,678 Furniture and office equipment ​ 6,201 ​ 5,674 Property, equipment and software ​ 55,527 ​ 54,805 Accumulated depreciation ​ (41,058) ​ (39,306) Property, equipment and software, net ​ $ 14,469 ​ $ 15,499

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
GOODWILL AND INTANGIBLE ASSETS
Schedule of composition of intangible assets, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ Gross Carrying Value ​ Accumulated Amortization ​ Net Carrying Value ​ Gross Carrying Value ​ Accumulated Amortization ​ Net Carrying Value Internal use software ​ $ 162,244 ​ $ (77,150) ​ $ 85,094 ​ $ 122,001 ​ $ (54,804) ​ $ 67,197 Acquired developed technology ​ 20,269 ​ (11,966) ​ 8,303 ​ 17,915 ​ (8,846) ​ 9,069 Customer relationships ​ ​ 6,683 ​ ​ (165) ​ ​ 6,518 ​ ​ — ​ ​ — ​ ​ — Intangible assets, net ​ $ 189,196 ​ $ (89,281) ​ $ 99,915 ​ $ 139,916 ​ $ (63,650) ​ $ 76,266
Schedule of expected future intangible asset amortization	​ ​ ​ ​ ​ Fiscal years ​ ​ 2024 (Excluding the nine months ended September 30, 2024) ​ $ 9,922 2025 ​ ​ 35,877 2026 ​ ​ 23,767 2027 ​ ​ 5,009 2028 and thereafter ​ ​ 5,237 Total ​ $ 79,812 ​

OTHER PAYABLES (Tables)

OTHER PAYABLES (Tables)	9 Months Ended
	Sep. 30, 2024
OTHER PAYABLES
Schedule of composition of Other payables, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Employee related compensation ​ $ 72,126 ​ $ 67,837 Commissions payable ​ 17,402 ​ 23,695 Accrued expenses ​ 14,141 ​ 12,358 Lease liability ​ 6,758 ​ 7,171 Income tax payable ​ ​ 2,746 ​ ​ 2,410 Derivative liabilities ​ ​ 5 ​ ​ — Current portion of Skuad acquisition earnout liability ​ ​ 462 ​ ​ — Other ​ 4,842 ​ 4,037 Total Other payables ​ $ 118,482 ​ $ 117,508 ​

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
OTHER LONG-TERM LIABILITIES
Summary of composition of other long-term liabilities, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Reserves for uncertain income tax positions ​ $ 29,729 ​ $ 24,793 Long-term lease liabilities ​ 16,520 ​ 17,836 Other tax provisions ​ ​ 5,802 ​ ​ 5,202 Severance pay liabilities ​ 2,202 ​ 2,056 Non-current portion of Skuad acquisition earnout liability ​ ​ 4,990 ​ ​ — Other ​ — ​ 18 Total other long-term liabilities ​ $ 59,243 ​ $ 49,905 ​

WARRANTS AND SHAREHOLDERS' EQ_2

WARRANTS AND SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
WARRANTS AND SHAREHOLDERS' EQUITY
Schedule of changes in fair value of warrant liabilities	​ ​ ​ ​ ​ ​ Warrant ​ ​ Liability Fair value as of December 31, 2023 ​ $ 8,555 Change in fair value ​ ​ (2,767) Repurchase and redemption ​ (5,788) Fair value as of September 30, 2024 ​ $ — ​ ​ ​ ​ Fair value as of December 31, 2022 ​ $ 25,914 Change in fair value ​ ​ (5,535) Fair value as of September 30, 2023 ​ $ 20,379
Schedule of changes in the balances of each component of accumulated other comprehensive income (loss), net of tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2024 ​ ​ Foreign currency translation adjustments ​ Unrealized gains on available-for-sale debt securities ​ Unrealized gains (losses) on cash flow hedges ​ Total Beginning balance ​ $ (176) ​ $ 871 ​ $ (545) ​ $ 150 Other comprehensive income before reclassifications ​ ​ — ​ ​ 9,440 ​ ​ 793 ​ ​ 10,233 Amount of loss reclassified from AOCI ​ ​ — ​ ​ — ​ ​ 164 ​ ​ 164 Net current period other comprehensive income ​ — ​ 9,440 ​ 957 ​ 10,397 Ending balance ​ $ (176) ​ $ 10,311 ​ $ 412 ​ $ 10,547 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2024 ​ ​ Foreign currency translation adjustments ​ Unrealized gains on available-for-sale debt securities ​ Unrealized gains on cash flow hedges ​ Total Beginning balance ​ $ (176) ​ $ — ​ $ — ​ $ (176) Other comprehensive income before reclassifications ​ ​ — ​ ​ 10,311 ​ ​ 20 ​ ​ 10,331 Amount of loss reclassified from AOCI ​ ​ — ​ ​ — ​ ​ 392 ​ ​ 392 Net current period other comprehensive income ​ — ​ 10,311 ​ 412 ​ 10,723 Ending balance ​ $ (176) ​ $ 10,311 ​ $ 412 ​ $ 10,547 ​

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2024
REVENUE
Schedule of revenue recognized from contracts with customers as well as revenue from other sources	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, Nine months ended September 30, ​ 2024 2023 2024 ​ 2023 Revenue recognized at a point in time ​ $ 179,641 ​ $ 144,665 ​ $ 510,188 ​ $ 417,788 Revenue recognized over time ​ 719 ​ 537 ​ ​ 1,873 ​ ​ 16,265 Revenue from contracts with customers ​ $ 180,360 ​ $ 145,202 ​ $ 512,061 ​ $ 434,053 Interest income on customer balances ​ $ 65,162 ​ $ 60,416 ​ $ 196,251 ​ $ 165,767 Capital advance income ​ ​ 2,752 ​ ​ 2,417 ​ ​ 7,665 ​ ​ 6,963 Revenue from other sources ​ $ 67,914 ​ $ 62,833 ​ $ 203,916 ​ $ 172,730 Total revenues ​ $ 248,274 ​ $ 208,035 ​ $ 715,977 ​ $ 606,783
Schedule of revenue disaggregated by primary geographical market	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 Primary regional markets ​ ​ ​ ​ ​ ​ ​ ​ Greater China 1 ​ $ 85,111 ​ $ 72,513 ​ $ 250,908 ​ $ 207,700 Europe 2 ​ ​ 48,666 ​ ​ 42,378 ​ ​ 137,730 ​ ​ 122,698 Asia-Pacific 2 ​ ​ 37,770 ​ ​ 29,145 ​ ​ 107,360 ​ ​ 81,911 North America 3 ​ 25,162 ​ 22,358 ​ 70,970 ​ ​ 73,935 South Asia, Middle East and North Africa 2 ​ ​ 26,809 ​ ​ 22,181 ​ ​ 76,648 ​ ​ 63,837 Latin America 2 ​ ​ 24,756 ​ ​ 19,460 ​ ​ 72,361 ​ ​ 56,702 Total revenues ​ $ 248,274 ​ $ 208,035 ​ $ 715,977 ​ $ 606,783 (1) Greater China is inclusive of mainland China, Hong Kong, Macao and Taiwan. (2) No single country included in any of these regions generated more than 10% of total revenue. (3) The United States is the Company’s country of domicile. Of North America revenues, the U.S. represents $24,030 and $21,348 during the three months ended September 30, 2024 and 2023, respectively, and $67,600 and $70,919 during the nine months ended September 30, 2024 and 2023, respectively.

TRANSACTION COSTS (Tables)

TRANSACTION COSTS (Tables)	9 Months Ended
	Sep. 30, 2024
TRANSACTION COSTS.
Schedule of composition of transaction costs, grouped by major classifications	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months ended ​ ​ September 30, September 30, ​ 2024 2023 2024 2023 Bank and processor fees ​ $ 26,823 ​ $ 22,410 ​ $ 76,678 ​ $ 64,303 Network fees ​ 6,241 ​ 4,959 ​ ​ 16,957 ​ ​ 12,956 Capital advance costs, net of recoveries ​ 1,405 ​ 1,826 ​ ​ 4,927 ​ ​ 4,795 Chargebacks and operational losses ​ ​ 2,978 ​ ​ 550 ​ ​ 8,554 ​ ​ 2,300 Card costs ​ 454 ​ 575 ​ ​ 1,560 ​ ​ 1,447 Other ​ 157 ​ 73 ​ ​ 309 ​ ​ 170 Total transaction costs ​ $ 38,058 ​ $ 30,393 ​ $ 108,985 ​ $ 85,971 ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
STOCK-BASED COMPENSATION
Summary of stock option activity	​ ​ ​ ​ ​ ​ Options Outstanding at December 31, 2023 27,788,279 Granted 1,070,000 Exercised (14,246,546) Forfeited (387,442) Outstanding at September 30, 2024 ​ 14,224,291 Exercisable at September 30, 2024 ​ 12,604,110
Summary of RSUs activity	​ ​ ​ ​ ​ Units Outstanding December 31, 2023 30,743,366 Granted 13,587,835 Vested (7,034,438) Withhold to cover shares repurchased ​ (1,501,837) Forfeited (4,868,134) Outstanding September 30, 2024 30,926,792
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months ended ​ September 30, September 30, ​ 2024 2023 2024 2023 Other operating expenses ​ $ 4,389 ​ $ 3,368 ​ $ 10,158 ​ $ 9,410 Research and development expenses ​ 3,835 ​ 3,053 ​ ​ 8,305 ​ ​ 10,034 Sales and marketing expenses ​ 4,198 ​ 4,163 ​ ​ 12,825 ​ ​ 14,712 General and administrative expenses ​ 5,008 ​ 4,746 ​ ​ 14,885 ​ ​ 14,273 Total stock-based compensation ​ $ 17,430 ​ $ 15,330 ​ $ 46,173 ​ $ 48,429

NET EARNINGS PER SHARE (Tables)

NET EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
NET EARNINGS PER SHARE
Schedule of basic and diluted net earnings per share attributable to common stockholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months ended ​ ​ September 30, September 30, ​ 2024 2023 2024 2023 ​ (In thousands, except share and per share data) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 41,574 ​ $ 12,825 ​ $ 102,973 ​ $ 66,312 Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 357,297,824 ​ ​ 357,429,113 ​ ​ 357,631,049 ​ ​ 361,206,439 Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive impact of RSUs, ESPP and options to purchase common stock ​ ​ 16,222,829 ​ ​ 23,678,424 ​ ​ 20,759,274 ​ ​ 27,721,456 Dilutive impact of private warrants ​ ​ 782,817 ​ ​ 737,562 ​ ​ 735,040 ​ ​ 730,894 Weighted average common shares – diluted ​ ​ 374,303,470 ​ ​ 381,845,099 ​ ​ 379,125,363 ​ ​ 389,658,789 Net income per share attributable to common stockholders — Basic earnings per share ​ $ 0.12 ​ $ 0.04 ​ $ 0.29 ​ $ 0.18 Diluted earnings per share ​ $ 0.11 ​ $ 0.03 ​ $ 0.27 ​ $ 0.17

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES - Customer funds and investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Reclassification [Line Items]
Customer funds	$ 5,560,767	$ 6,390,526	$ 5,370,466
Cash and cash equivalents and restricted deposits	4,898,477	$ 7,018,367	$ 5,946,900	$ 6,386,720
Customer Funds	525,000
Purchases of investments in term deposits	600,000
Previously reported
Reclassification [Line Items]
Customer funds	225,000
Cash and cash equivalents and restricted deposits	300,000
Error correction, adjustment
Reclassification [Line Items]
Customer Funds	225,000
Purchases of investments in term deposits	$ 300,000

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Intangible assets (Details)	9 Months Ended
	Sep. 30, 2024
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	11 years 4 months 24 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	5 years

BUSINESS COMBINATION (Details)

BUSINESS COMBINATION (Details) - Skuad - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Aug. 05, 2024	Sep. 30, 2024	Sep. 30, 2024
BUSINESS COMBINATION
Equity percentage acquired	100%
Earn - out	$ 9,709
Fair value of the contingent consideration recognized	5,283
Indemnification asset acquired	$ 1,240
Acquisition-related costs		$ 2,940	$ 4,693
Restricted stock units
BUSINESS COMBINATION
Number of RSUs replaced	90,000
RSUs committed to grant, shares	1,870,577
RSUs committed to grant	$ 10,364
Service period	3 years

BUSINESS COMBINATION - Summary

BUSINESS COMBINATION - Summary of fair value of the consideration transferred (Details) - Skuad $ in Thousands	Aug. 05, 2024 USD ($)
BUSINESS COMBINATION
Cash	$ 61,099
Contingent consideration	5,283
Extinguishment of pre-existing receivable	1,000
Settlement of unvested acquiree stock-based compensation awards	315
Total	$ 67,697

BUSINESS COMBINATION - Summar_2

BUSINESS COMBINATION - Summary of recognized amounts of identifiable assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Aug. 05, 2024	Dec. 31, 2023
BUSINESS COMBINATION
Goodwill	$ 76,094		$ 19,889
Skuad
BUSINESS COMBINATION
Cash and cash equivalents		$ 3,875
Customer funds		9,005
Accounts receivable		4,294
Tax indemnification asset		1,240
Other assets		1,499
Trade payables		(1,514)
Outstanding operating balances		(9,005)
Deferred tax liabilities, net		(1,373)
Uncertain tax positions		(1,240)
Other payables		(4,326)
Total identifiable net assets		11,492
Goodwill		56,205
Total		67,697
Skuad | Customer relationships
BUSINESS COMBINATION
Intangible asset		6,683
Skuad | Acquired developed technology
BUSINESS COMBINATION
Intangible asset		$ 2,354

CAPITAL ADVANCE ("CA") RECEIV_3

CAPITAL ADVANCE ("CA") RECEIVABLES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
CAPITAL ADVANCE ("CA") RECEIVABLE
Beginning CA receivables, gross	$ 50,552	$ 42,466
CA extended to customers	260,353	206,187
Change in revenue receivables	82	487
CA collected from customers	(245,143)	(191,157)
Charge-offs, net of recoveries	(2,802)	(3,917)
Ending CA receivables, gross	63,042	54,066
Allowance for CA losses	(6,094)	(4,910)	$ (5,059)
CA receivables, net	$ 56,948	$ 49,156

CAPITAL ADVANCE ("CA") RECEIV_4

CAPITAL ADVANCE ("CA") RECEIVABLES - Current and overdue amounts (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 63,042	$ 50,552	$ 54,066	$ 42,466
Current
Financing Receivable, Past Due [Line Items]
Total	59,507	47,332
1-30 days overdue
Financing Receivable, Past Due [Line Items]
Total	2,010	1,977
30-60 overdue
Financing Receivable, Past Due [Line Items]
Total	761	692
60-90 overdue
Financing Receivable, Past Due [Line Items]
Total	279	276
Above 90 overdue
Financing Receivable, Past Due [Line Items]
Total	$ 485	$ 275

CAPITAL ADVANCE ("CA") RECEIV_5

CAPITAL ADVANCE ("CA") RECEIVABLES - Timing of expected collections (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 63,042	$ 50,552	$ 54,066	$ 42,466
Overdue
Financing Receivable, Past Due [Line Items]
Total	3,535	3,220
Due in less than 30 days
Financing Receivable, Past Due [Line Items]
Total	13,530	10,841
Due in 30-60 days
Financing Receivable, Past Due [Line Items]
Total	13,132	13,696
Due in 60-90 days
Financing Receivable, Past Due [Line Items]
Total	24,280	17,462
Due in more than 90 days
Financing Receivable, Past Due [Line Items]
Total	$ 8,565	$ 5,333

CAPITAL ADVANCE ("CA") RECEIV_6

CAPITAL ADVANCE ("CA") RECEIVABLES - Allowance for CA losses (ALCAL) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
ALCAL balance, beginning	$ 5,059	$ 5,311	$ 5,311
Provision for ALCAL	4,496	3,649
Recoveries for ALCAL	(659)	(133)
CA receivables charged off	(2,802)	(3,917)
ALCAL balance, ending	$ 6,094	$ 4,910	$ 5,059
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of loss rate to the allowance for CA losses	1.58%		1.58%
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Percentage of loss rate to the allowance for CA losses	1.85%		1.85%

CUSTOMER FUNDS AND INVESTMENT_2

CUSTOMER FUNDS AND INVESTMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
CUSTOMER FUNDS AND INVESTMENTS
Cash and cash equivalents	$ 4,424,553	$ 6,390,526
Available-for-sale debt securities	1,061,214
Term deposits, current	75,000
Total current customer funds	5,560,767	6,390,526	$ 5,370,466
Term deposits, noncurrent	525,000
Total non-current customer funds	525,000
Customer funds shown in the condensed consolidated balance sheets	$ 6,085,767	$ 6,390,526	$ 5,370,466

CUSTOMER FUNDS AND INVESTMENT_3

CUSTOMER FUNDS AND INVESTMENTS - Available-for-sale debt securities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
CUSTOMER FUNDS AND INVESTMENTS
Gross unrealized gains, net of tax	$ 10,311
One year or less	286,400
After one year through five years	$ 774,814

DERIVATIVES AND HEDGING - Gross

DERIVATIVES AND HEDGING - Gross notional amount and fair value of outstanding derivative instruments (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 item
DERIVATIVES AND HEDGING
Number of derivative instruments outstanding | item		0
Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Derivative assets, Notional Amount	$ 56,318
Derivative assets, Fair Value	508
Derivative liabilities, Notional Amount	8,098
Derivative liabilities, Fair Value	$ 5
Foreign currency forwards
DERIVATIVES AND HEDGING
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current
Foreign currency forwards | Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Derivative assets, Notional Amount	$ 52,265
Derivative assets, Fair Value	$ 507
Foreign currency net purchased options
DERIVATIVES AND HEDGING
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current
Foreign currency net purchased options | Designated as hedge accounting instruments
DERIVATIVES AND HEDGING
Derivative assets, Notional Amount	$ 4,053
Derivative assets, Fair Value	1
Derivative liabilities, Notional Amount	8,098
Derivative liabilities, Fair Value	$ 5
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current

DERIVATIVES AND HEDGING (Detail

DERIVATIVES AND HEDGING (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
DERIVATIVES AND HEDGING
Amount of unrealized gains on derivative instruments designated as cash flow hedges in OCI, net of tax	$ 793	$ 20
Amount of unrealized gains related to cash flow hedges currently included in AOCI expected to be reclassified into earnings within the next 12 months	$ 503	$ 503
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions		9 months

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
General and administrative expenses
FAIR VALUE
Unrealized loss on contingent consideration	$ 169
Recurring
FAIR VALUE
U.S. Treasury Securities (included within Customer funds)	1,061,214
Derivative assets (included within Other current assets)	508
Total financial assets	1,061,722
Derivative liabilities (included within Other payables)	5
Skuad acquisition earnout liability	5,452
Total financial liabilities	5,457
Warrant liability		$ 8,555
Recurring | Foreign currency forwards
FAIR VALUE
Derivative assets (included within Other current assets)	507
Recurring | Foreign currency net purchased options
FAIR VALUE
Derivative assets (included within Other current assets)	1
Derivative liabilities (included within Other payables)	5
Recurring | Level 1
FAIR VALUE
U.S. Treasury Securities (included within Customer funds)	1,061,214
Total financial assets	1,061,214
Warrant liability		$ 8,555
Recurring | Level 2
FAIR VALUE
Derivative assets (included within Other current assets)	508
Total financial assets	508
Derivative liabilities (included within Other payables)	5
Total financial liabilities	5
Recurring | Level 2 | Foreign currency forwards
FAIR VALUE
Derivative assets (included within Other current assets)	507
Recurring | Level 2 | Foreign currency net purchased options
FAIR VALUE
Derivative assets (included within Other current assets)	1
Derivative liabilities (included within Other payables)	5
Recurring | Level 3
FAIR VALUE
Skuad acquisition earnout liability	5,452
Total financial liabilities	$ 5,452

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
OTHER CURRENT ASSETS
Prepaid expenses	$ 22,032	$ 16,656
Income receivable	22,116	12,844
Prepaid income taxes	27,695	8,136
Derivative assets	508
Other	6,529	3,036
Total Other current assets	$ 78,880	$ 40,672

PROPERTY, EQUIPMENT AND SOFTW_3

PROPERTY, EQUIPMENT AND SOFTWARE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	$ 55,527		$ 55,527		$ 54,805
Accumulated depreciation	(41,058)		(41,058)		(39,306)
Property, equipment and software, net	14,469		14,469		15,499
Depreciation expense	2,108	$ 1,984	6,314	$ 5,960
Computers, software and peripheral equipment
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	40,661		40,661		39,453
Cost of certain long-lived assets disposed	2,844	$ 2,640	4,562
Leasehold improvements
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	8,665		8,665		9,678
Furniture and office equipment
PROPERTY, EQUIPMENT AND SOFTWARE
Property, equipment and software	$ 6,201		$ 6,201		$ 5,674

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Intangible assets, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
INTANGIBLE ASSETS
Intangible assets	$ 189,196		$ 189,196		$ 139,916
Accumulated amortization	(89,281)		(89,281)		(63,650)
Intangible assets, net	99,915		99,915		76,266
Amortization expense	10,019	$ 5,133	25,927	$ 12,780
Impairment of intangible assets				$ 293
Skuad acquisition
INTANGIBLE ASSETS
Goodwil	56,205
Internal use software
INTANGIBLE ASSETS
Intangible assets	162,244		162,244		122,001
Accumulated amortization	(77,150)		(77,150)		(54,804)
Intangible assets, net	85,094		85,094		67,197
Impairment of intangible assets	1,383		1,389
Acquired developed technology
INTANGIBLE ASSETS
Intangible assets	20,269		20,269		17,915
Accumulated amortization	(11,966)		(11,966)		(8,846)
Intangible assets, net	8,303		8,303		$ 9,069
Customer relationships
INTANGIBLE ASSETS
Intangible assets	6,683		6,683
Accumulated amortization	(165)		(165)
Intangible assets, net	$ 6,518		$ 6,518

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Future intangible asset (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
INTANGIBLE ASSETS
Intangible assets, net	$ 99,915	$ 76,266
Capitalized internal use software not yet placed in service	20,103
Excluding capitalized internal use software
INTANGIBLE ASSETS
2024 (Excluding the nine months ended September 30, 2024)	9,922
2025	35,877
2026	23,767
2027	5,009
2028 and thereafter	5,237
Intangible assets, net	$ 79,812

OTHER PAYABLES (Details)

OTHER PAYABLES (Details) - Nonrelated Party - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Payables, current
Employee related compensation	$ 72,126	$ 67,837
Commissions payable	17,402	23,695
Accrued expenses	14,141	12,358
Lease liability	6,758	7,171
Income tax payable	2,746	2,410
Derivative liabilities	5
Current portion of Skuad acquisition earnout liability	462
Other	4,842	4,037
Total Other payables	$ 118,482	$ 117,508

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands					3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jun. 30, 2023	Jun. 08, 2022	Oct. 28, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
DEBT
Debt instrument, benchmark rate	0.26161%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]							us-gaap:SecuredOvernightFinancingRateSofrMember
Accrued expenses associated with related party					$ 59,243		$ 59,243		$ 49,905
Related Party
DEBT
Outstanding balance associated with related party					13,219		13,219
Receivables And Loan Security Agreement
DEBT
Initial borrowing commitment				$ 25,000
Aggregate principal amount				$ 100,000
Initial rate of value of underlying capital advance receivables outstanding				80%
Floating rate (in percent)		0.25%
Revolving maturity term				36 months
Additional payback period after revolving maturity date				42 months
Receivables And Loan Security Agreement | Related Party
DEBT
Expenses included in transaction cost					401	$ 437	1,213	$ 1,294
Outstanding balance associated with related party					13,219		13,219		18,411
Accrued expenses associated with related party					$ 128		$ 128		$ 168
Receivables And Loan Security Agreement | Maximum
DEBT
Basis spread on floating rate			10.50%
Receivables And Loan Security Agreement | Commitment amount equal to 25,000
DEBT
Initial borrowing commitment	$ 25,000
Basis spread on floating rate	9%
Receivables And Loan Security Agreement | Commitment amount equal to 50,000
DEBT
Initial borrowing commitment	$ 50,000
Basis spread on floating rate	7.75%
Receivables And Loan Security Agreement | Commitment amount equal to 75,000
DEBT
Initial borrowing commitment	$ 75,000
Basis spread on floating rate	7.50%
Receivables And Loan Security Agreement | Commitment amount equal to 100,000
DEBT
Initial borrowing commitment	$ 100,000
Basis spread on floating rate	7%

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
OTHER LONG-TERM LIABILITIES
Reserves for uncertain income tax positions	$ 29,729	$ 24,793
Long-term lease liabilities	16,520	17,836
Other tax provisions	5,802	5,202
Severance pay liabilities	2,202	2,056
Non-current portion of Skuad acquisition earnout liability	4,990
Other		18
Total other long-term liabilities	$ 59,243	$ 49,905

WARRANTS AND SHAREHOLDERS' EQ_3

WARRANTS AND SHAREHOLDERS' EQUITY - Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 07, 2023	May 07, 2023
WARRANTS AND SHAREHOLDERS' EQUITY
Amount authorized for stock repurchase program					$ 250,000	$ 80,000
Treasury stock, shares, acquired	3,748,301	2,738,092	22,993,198	6,939,117
Treasury stock, value, acquired, cost method	$ 21,351	$ 15,034	$ 119,107	$ 34,759
Shares acquired, average cost per share	$ 5.67	$ 5.47	$ 5.16	$ 4.99
Stock repurchase program, remaining authorized repurchase amount	$ 121,537		$ 121,537

WARRANTS AND SHAREHOLDERS' EQ_4

WARRANTS AND SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	9 Months Ended
	Sep. 25, 2024	Sep. 09, 2024	Aug. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
WARRANTS AND SHAREHOLDERS' EQUITY
Exercise price of warrants				$ 11.50
Common stock, par value				$ 0.01	$ 0.01
Warrant Price (per share)	$ 0.70	$ 0.78	$ 0.78
Outstanding warrant (Per share)			$ 0.70
Warrants		24,030,937
Outstanding Warrants (as Percentage)		95.50%
Warrants repurchased	$ 789	$ 18,744		$ 19,534
Loss recognized upon repurchase	(530)	$ (13,217)
Transaction costs incurred for the repurchase of warrants	$ 1,000

WARRANTS AND SHAREHOLDERS' EQ_5

WARRANTS AND SHAREHOLDERS' EQUITY - Changes in fair value of warrant liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
WARRANTS AND SHAREHOLDERS' EQUITY
Fair value at beginning of period		$ 8,555	$ 25,914
Repurchase and redemption		(5,788)
Change in fair value of Warrants	$ 7,799	$ (2,767)	(5,535)
Fair value at end of period	$ 20,379		$ 20,379

WARRANTS AND SHAREHOLDERS' EQ_6

WARRANTS AND SHAREHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Loss
Beginning balance	$ 669,379	$ 625,947	$ 664,273	$ 545,256
Net current period other comprehensive income	10,397	0	10,723	0
Ending balance	727,874	637,966	727,874	637,966
Foreign currency translation adjustments
Accumulated Other Comprehensive Loss
Beginning balance	(176)		(176)
Ending balance	(176)		(176)
Unrealized gains on available-for-sale debt securities
Accumulated Other Comprehensive Loss
Beginning balance	871
Other comprehensive income before reclassifications	9,440		10,311
Net current period other comprehensive income	9,440		10,311
Ending balance	10,311		10,311
Unrealized gains (losses) on cash flow hedges
Accumulated Other Comprehensive Loss
Beginning balance	(545)
Other comprehensive income before reclassifications	793		20
Less: Amount of loss reclassified from AOCI	164		392
Net current period other comprehensive income	957		412
Ending balance	412		412
Total
Accumulated Other Comprehensive Loss
Beginning balance	150	(176)	(176)	(176)
Other comprehensive income before reclassifications	10,233		10,331
Less: Amount of loss reclassified from AOCI	164		392
Net current period other comprehensive income	10,397		10,723
Ending balance	$ 10,547	$ (176)	$ 10,547	$ (176)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		1 Months Ended
	Sep. 08, 2021	Oct. 31, 2023
Payoneer Guangzhou
Loss Contingencies [Line Items]
Amount deposited in escrow account.		$ 4,000
CNBV and Bank of Mexico
Loss Contingencies [Line Items]
Maximum amount of exposure	$ 2,250
Deposit insurance provided by IPAB	$ 140

REVENUE - Revenue Recognized Fr

REVENUE - Revenue Recognized From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 180,360	$ 145,202	$ 512,061	$ 434,053
Interest income on customer balances	65,162	60,416	196,251	165,767
Capital advance income	2,752	2,417	7,665	6,963
Revenue from other sources	67,914	62,833	203,916	172,730
Total revenues	248,274	208,035	715,977	606,783
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	179,641	144,665	510,188	417,788
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 719	$ 537	$ 1,873	$ 16,265

REVENUE - Primary Geographical

REVENUE - Primary Geographical Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 248,274	$ 208,035	$ 715,977	$ 606,783
Greater China
Disaggregation of Revenue [Line Items]
Total revenues	85,111	72,513	250,908	207,700
Europe
Disaggregation of Revenue [Line Items]
Total revenues	48,666	42,378	137,730	122,698
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenues	37,770	29,145	107,360	81,911
North America
Disaggregation of Revenue [Line Items]
Total revenues	25,162	22,358	70,970	73,935
South Asia, Middle East and North Africa
Disaggregation of Revenue [Line Items]
Total revenues	26,809	22,181	76,648	63,837
Latin America
Disaggregation of Revenue [Line Items]
Total revenues	24,756	19,460	72,361	56,702
United States
Disaggregation of Revenue [Line Items]
Total revenues	$ 24,030	$ 21,348	$ 67,600	$ 70,919

TRANSACTION COSTS (Details)

TRANSACTION COSTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
TRANSACTION COSTS.
Bank and processor fees	$ 26,823	$ 22,410	$ 76,678	$ 64,303
Network fees	6,241	4,959	16,957	12,956
Capital advance costs, net of recoveries	1,405	1,826	4,927	4,795
Chargebacks and operational losses	2,978	550	8,554	2,300
Card costs	454	575	1,560	1,447
Other	157	73	309	170
Total transaction costs	$ 38,058	$ 30,393	$ 108,985	$ 85,971

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - Stock options	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Options to purchase shares of common stock activity
Outstanding at beginning of period	27,788,279
Granted	1,070,000
Exercised	(14,246,546)
Forfeited	(387,442)
Outstanding at end of period	14,224,291
Exercisable at end of period	12,604,110
Weighted average exercise price | $ / shares	$ 2.67

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of RSU activity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
RSUs Units
Proceeds from international employees' sales of common stock				$ 2,990
Restricted stock units
RSUs Units
Outstanding at beginning of period				30,743,366
Granted				13,587,835
Vested				(7,034,438)
Forfeited				(4,868,134)
Withhold to cover shares repurchased		353,158	471,314	(1,501,837)	823,274
Outstanding at end of period		30,926,792		30,926,792
Withhold to cover shares repurchased, value		$ 2,307	$ 2,753	$ 8,304	$ 4,257
Restricted stock units | Omnibus Stock Incentive Plan
RSUs Units
Granted				11,717,258
Restricted stock units | Omnibus Stock Incentive Plan | Skuad
RSUs Units
Granted	1,870,577

STOCK-BASED COMPENSATION - Empl

STOCK-BASED COMPENSATION - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	May 15, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
ESPP expense recognized	$ 567
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares were reserved for future issuance	4,072,744	4,072,744
Fair value attributable to ESPP			$ 1,134
ESPP expense recognized		$ 1,678

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 17,430	$ 15,330	$ 46,173	$ 48,429
Capitalized amount in compensation costs	765	1,040	2,500	2,780
Other operating expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	4,389	3,368	10,158	9,410
Research and development expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,835	3,053	8,305	10,034
Sales and marketing expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	4,198	4,163	12,825	14,712
General and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,008	$ 4,746	$ 14,885	$ 14,273

INCOME TAXES (Details)

INCOME TAXES (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
INCOME TAXES
Effective income tax rate	9.10%	27.30%
U.S. federal statutory rate	21%	21%

NET EARNINGS PER SHARE (Details

NET EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 41,574	$ 12,825	$ 102,973	$ 66,312
Denominator:
Weighted average common shares outstanding - Basic (in shares)	357,297,824	357,429,113	357,631,049	361,206,439
Dilutive impact of RSUs, ESPP and options to purchase common stock	16,222,829	23,678,424	20,759,274	27,721,456
Dilutive impact of private warrants	782,817	737,562	735,040	730,894
Weighted average common shares - diluted	374,303,470	381,845,099	379,125,363	389,658,789
Net income per share attributable to common stockholders - Basic earnings per share	$ 0.12	$ 0.04	$ 0.29	$ 0.18
Diluted earnings per share	$ 0.11	$ 0.03	$ 0.27	$ 0.17

NET EARNINGS PER SHARE - Anti-D

NET EARNINGS PER SHARE - Anti-Dilutive effect (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	1,521,963	705,470	1,521,963	705,470
RSUs with market conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares		4,570,000	3,590,000	4,570,000
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares		25,158,086		25,158,086
Earn-Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	15,000,000	30,000,000	15,000,000	30,000,000
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potential common shares	2,866,158		3,913,995