Payoneer CFO sees Q4 core revenue ‘at or around the lower end of guidance’

Payoneer CFO Bea Ordonez said in a William Blair Fireside Chat, according to a transcript of the event: “So, look, as we noted, we’re seeing strong and accelerating October, November volume performance. Strong performance from the e-commerce sector, as we’ve discussed, and strong growth in our B2B business as we lap the impact of those terminations, we’ve talked about and continue to drive acquisitions in key service oriented regions. So to provide specifics quarter-to-date through November, volumes are up roughly 18% versus the prior year period. While within our B2B business, volumes have grown 16% year-over-year again through November. As we’ve noted, some of this volume growth has been coming from those lower take rate areas of our business like ecom and we’re seeing continued price competition B2B those larger e-com sellers who operate, as you know, Chris, in highly mature, highly competitive markets and say frankly compressing margins in their own business in that marketplace based business. So given those dynamics in the current quarter, we expect take rate excluding interest income to be roughly 80 basis points. That’s down a couple of basis points versus the prior year quarter. And it’s really a result of stronger relative e-com performance in this quarter-to-date versus the prior year period. And as such, we expect to close out the fourth quarter at or around the lower end of our core revenue guidance, while strong growth in customer balances and therefore stronger performance from interest income is going to drive a modest top line beat versus our guidance. As we’ve noted, looking in volume and revenue growth overall are accelerating through the quarter and we do expect to exit the quarter with year-over-year normalized revenue growth in that mid-teens range that we outlined.”