The Fintech Blueprint

In this episode, Lex speaks with John Caplan — CEO of Payoneer, a public fintech company driving over $85 billion in annual cross-border payment volume. With roots as a prepaid card provider, Payoneer has evolved into a global financial operating platform serving 2 million entrepreneurs across 190 countries. Caplan shares insights from his entrepreneurial journey—from building OpenSky and scaling it to $50 million in revenue before its acquisition by Alibaba, to now leading Payoneer’s transformation into a full-service banking alternative for global SMBs. We explore how Payoneer is addressing the complex financial needs of international businesses, competing in a dynamic payments landscape, and preparing for a future that includes stablecoins, workforce management, and potentially $1 trillion in annual volume. NOTABLE DISCUSSION POINTS: Payoneer’s Strategic Evolution from Payout Processor to Global SMB Bank Alternative Under John Caplan’s leadership, Payoneer expanded beyond marketplace payouts to become a comprehensive cross-border financial platform, offering AR/AP, intra-network transfers, cards, and global workforce management. This shift has significantly increased customer retention, take rate, and profitability—highlighting how product expansion and upmarket focus can unlock durable growth in fintech.Execution Over Hype in Global Fintech Infrastructure Payoneer operates in 190 countries with 100+ banking partners and 7,000 payment routes—demonstrating the importance of deep regulatory compliance, local licensing, and multi-entity support in building resilient cross-border infrastructure. Unlike crypto-native entrants, Payoneer emphasizes last-mile utility and customer trust as core differentiators for scaling in complex markets.Profitable Scale and Global Demand for SMB Financial Services With $1B+ revenue, $200M+ EBITDA, and $7.5B in customer funds held, Payoneer is proving that serving cross-border SMBs is not just a mission, but a highly profitable business. Their customer base spans from Bangladeshi freelancers to European firms doing $1M+ in volume, signaling massive, underserved global demand for modern financial tools outside the traditional banking system.TOPICS Payoneer, Alibaba, OpenSky, Stripe, Wise, Airwallex, Mercury, NuBank, digital banking, embedded finance, stablecoins, blockchain, regtech, B2B payments, SPAC, supple chain, ecommerce   ABOUT THE FINTECH BLUEPRINT 🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2 🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV 👉 Twitter: https://twitter.com/LexSokolin   TIMESTAMPS 1’06: John’s Career Journey: From OpenSky to Alibaba to Payoneer 6’18: Inside OpenSky: Serving Global Sellers and Financing the Supply Chain 9’54: Finding Traction: Failure, Product Market Fit, and China’s E‑Commerce Leap 13’42: Global Distribution: Universal Ambitions, Local Execution 15’52: Behavior Change Beats Legacy: Why Users Digitize When It Matters 17’21: Payoneer at $85B Volume and $1B Revenue: A Platform for Global SMBs 20’49: From Prepaid Cards to Core Operating Account: Evolving Payoneer’s DNA 25’32: Inside Payoneer’s Architecture: Global Bank Network and Internal Ledger 28’26: Global Growth Corridors: LatAm, APAC, and Take Rate Expansion 31’13: Staying the Course: Payoneer’s Post-SPAC Journey Through Volatile Markets 34’03: Misunderstood Value: Stablecoins, Interest Revenue, and Payoneer’s Real Strengths 38’44: Where Global Commerce Bends: Regulation, Platforms, and Resilience 40’58: Path to $1 Trillion: Payoneer’s Strategy for Organic and Inorganic Growth 43’22: The channels used to connect with John & learn more about Payoneer Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD. Contributors: Lex, Laurence, Matt, Farhad, Mike, Daniella Want to discuss? Stop by our Discord and reach out here with questions.