Payoneer Global Inc. (NASDAQ:PAYO) Q1 2024 Earnings Conference Call May 8, 2024 8:30 AM ET

Company Participants

Michelle Wang - Vice President-Investor Relations
John Caplan - Chief Executive Officer
Bea Ordonez - Chief Financial Officer

Conference Call Participants

Will Nance - Goldman Sachs
Mark Palmer - Benchmark
Cris Kennedy - William Blair
Sanjay Sakhrani - KBW

Operator

Good morning. Thank you for standing by. Welcome to Payoneer's First Quarter 2024 Earnings Conference Call. At this time, all lines have been placed on mute to prevent any background noise. Following the speakers' remarks, we will open the line for your questions. As a reminder, this conference call is being recorded.

I would now like to turn the call over to Michelle Wang, Payoneer's VP of Investor Relations.

Michelle Wang

Thank you, operator. With me on today's call are Payoneer's Chief Executive Officer, John Caplan and Payoneer's Chief Financial Officer, Bea Ordonez.

Before we begin, I'd like to remind you that today's call may contain forward-looking statements, which are subject to risks and uncertainties. For more information, please refer to our filings of FDC, which are available in the Investor Relations section of payoneer.com. Actual results may differ materially from any forward-looking statements we make today.

These forward-looking statements speak only as of today, and the company does not assume any obligation or intent to update them except as required by law. In addition, today's call may include non-GAAP measures. These measures should be considered in addition to and not instead of GAAP financial measures. Reconciliation to the nearest GAAP measure can be found in today's earnings press release, which is available on our website. Additionally, please note we have posted an earnings presentation supplement alongside our earnings press release on investor.payoneer.com. All comparisons made on today's call are on a year-over-year basis, unless otherwise noted.

With that, I'd like to turn the call over to John to begin.

John Caplan

Good morning, everyone, and thank you for joining us today. We begin 2024 with strong momentum. In Q1, we grew customers who fit our ideal customer profile, or ICPs, by 8%. We continue to drive even faster growth among larger ICPs and those in regions with higher take rates. Our volume increased by 21%, marking the highest growth rate in nearly three years. We generated strong growth across every channel. We grew in our higher take rate B2B and merchant services businesses, as well as in our marketplace and enterprise payout channels.