Payoneer Global : Earnings Supplement

1Q 2024 Earnings Supplement

Nasdaq: PAYO

May 8, 2024

Disclaimers

This presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security. You should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation.

Forward-Looking Statements

Certain statements in this presentation may be considered "forward- looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of

1995. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "will," "plan," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as the current conflict between Israel and Hamas, and other economic, business and/or competitive factors; (3) changes in the assumptions underlying our financial estimates;

1. the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer's Annual Report on Form 10-K for the period ended December 31, 2023 and future reports that Payoneer may file with the SEC from time to time.

Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company does not undertake any duty to update these forward-looking statements.

Non-GAAP Financial Measures

Some of the financial information and data contained in this presentation, such as adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Payoneer uses these non-GAAP measures to compare Payoneer's performance to that of prior periods for budgeting and planning purposes. Payoneer believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Payoneer's results of operations. Payoneer's method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and Payoneer does not recommend the sole use of these non-GAAP measures to assess its financial performance. Payoneer management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Payoneer's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Payoneer's financial statements, which are included in Payoneer's Annual Report on Form 10-K for the year ended December 31, 2023 and its subsequent Quarterly Reports on Form 10-Q, and not rely on any single financial measure to evaluate Payoneer's business.

Non-GAAP measures include the following item:

Adjusted EBITDA: We provide adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude, as applicable: M&A related expense (income), stock-based compensation expenses, restructuring charges, share in losses (gain) of associated company, loss (gain) from change in fair value of warrants, other financial expense (income), net, taxes on income, and depreciation and amortization.

Adjusted EBITDA margin represents Adjusted EBIDTA divided by revenue for the applicable period.

Other companies may calculate the above measure differently, and therefore Payoneer's measures may not be directly comparable to

similarly titled measures of other companies.

See the appendix of this presentation for a reconciliation of the historic measures to Payoneer's most comparable GAAP financial measures.

In addition, guidance for fiscal year, where adjusted, is provided on a non- GAAP basis, which Payoneer will continue to identify as it reports its future financial results. The Company cannot reconcile its expected adjusted EBITDA to expected net income under "2024 Guidance" without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company's control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company's GAAP financial results.

In this presentation, we reference volume, which is an operational metric. Volume refers to the total dollar value of transactions successfully completed or enabled by our platform, not including orchestration transactions. For a customer that both receives and later sends payments, we count the volume only once. Note: as disclosed in the Company's Form 10-K filed with the SEC on February 28, 2024, we have updated our methodology to adjust for previously disclosed limited exceptions where both received and sent payments were counted in volumes, such that we count volume only once for a customer that both receives and later sends payments.

In this quarter's earnings materials, we reference ARPU. ARPU (Average Revenue Per User) is defined as the Revenue from Active Customers divided by the number of Active Customers over the period in which the Revenue was earned. Active Customers for these purposes are defined as Payoneer accountholders with at least 1 financial transaction over the period. Revenue from Active Customers represents revenue attributed to Active Customers based on their use of the Payoneer platform, including interest income earned from their balances, and excluding revenues unrelated to their activities.

Industry and Market Data

In this presentation, Payoneer relies on and refers to certain information and statistics obtained from third-party sources which it believes to be reliable, including reports by market research firms. Payoneer has not independently verified the accuracy or completeness of any such third- party information.

This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners.

2

Payoneer's mission:

Connect the world's underserved businesses to a rising, global economy

3

SMBs want to grow globally but transacting across borders is complex, especially from emerging markets

Can't

• My U.S. customers don't want to send an international money transfer to pay me, but I can't open a U.S.bank account to collect payments locally
• Why does it take 3-4business days to receive an international money transfer and why does it cost 5-8%in fees?
• I want to expand my business to more countries but its too difficult to collect payments across multiple markets

Can't

• I want to match the currencies of my revenue with my liabilities, so I don't get hit with FX conversion fees twice
• I need to pay contractors and suppliers in different countries, and they all want to get paid in USD
• I want to use my local card to pay for global advertising and logistics expenses, but it keeps getting rejected

Can't

• Why don't local lenders underwrite international businesses?
• Why aren't there global platforms that will provide funding to SMBs?

4

80M

underserved SMBs

Need cross-border,

B2B financial solutions

designed for small

businesses

Source: Third-party research.

Global banks

Underserve small businesses

Fintech

Primarily for P2P, and with limited geographies

Local banks

Underserve cross-border needs

5

Payoneer serves diverse customer types and help SMBs in the fastest growing markets do business globally

Contractors and	Consumer goods		Service			Goods traders
freelancers	sellers		providers			and manufacturers

Examples

Pedro, Contractor	Kevin, Elegoo		Hannah, Accentline		Serhii, Ukragroenergyinvest
Brazil	China		Philippines		Ukraine

• Software development	•	Seller of 3D printers	•	Business process outsourcing	•	Agricultural trading company
	•	~200 employees	•	~100 employees	•	10s employees

6

We have unique assets and infrastructure

• Financial services institution regulated across key markets, including US, Europe, Hong Kong, Japan, Australia, Singapore, UK
• Ability to onboard customers from 190+ countries and territories
• Nearly 100 banking providers and payment service providers (PSPs)
• Partnership with major global marketplaces

• Virtual account so customers are always local, no matter where they are and who they do business with
• Smart routing system that enables global payments in the most economical way possible
• Same day & real time settlement with highest reliability in 150+ countries
• 150+ customer success managers in 50 countries, speaking
  50 languages

• 1.98M active customers, including
  530K active Ideal Customer Profiles (ICPs)1
• $5.9B in customer balances
• Global awareness level among digital payment providers second only to PayPal2

Note: Data as of March 31, 2024.

1. Active ICPs are defined as customers with a Payoneer Account that have on average over $500 per month in volume and were active over the trailing twelve-month period.
2. Source: Payoneer Global Brand Tracker, 2022.

7

We are pursuing a $6 trillion opportunity

Audiences

Manufacturers

Services

SMBs

Goods merchants

Contractors / freelancers

Marketplace SMB

Consumers SMB

SMB

Businesses

Source: Third-party research. Industry data and Payoneer volume market share as of 2022.

Cross-border payment needs

8

Payoneer is the multi-currency financial stack optimized for the global SMB

Collect accounts receivable

Access opportunity globally

Manage accounts payable

Merchant services	Payoneer card
(Checkout)

B2B invoice

Financial stack

Withdraw money

for global SMBs

to bank account

Pay vendors, suppliers, and

B2B load funds

Manage and optimize

business partners

financial operations,

including:

Marketplace payout

• Treasury

Pay contractors

• Currency conversions
• Vendor management

Connect

More to come!

Ease

All-in-one

Trust

Connection

9

~2M customers use our cross-border accounts receivable, cash management, and accounts payable solutions

Accounts Receivable

Cash Management

Accounts Payable

Merchant services

Treasury

Payoneer card

B2B invoice

Currency management

Withdraw to bank account

B2B load funds	Intranetwork payments	Pay vendors, suppliers, &
		business partners

Marketplace payout

Pay contractors

10