Payoneer (NASDAQ: PAYO), the financial technology company
empowering the world’s small and medium-sized businesses (SMBs) to
transact, do business and grow globally, today unveiled its second
Ukrainian SMB survey report tracking macro trends across Ukrainian
businesses impacted by the war.
Despite significant obstacles, the new data uncovers a positive
story that Ukrainian businesses are returning home and showing
great independence as they battle disruption on every front. The
survey also shows that businesses are shifting from survival mode
to pursuing growth and looking to hire more staff.
Payoneer surveyed more than 2,300 Ukrainian SMBs during March of
this year in various industries, including IT, manufacturing,
education, agriculture and others, to gain insight into their state
and outlook after a year of full-scale war. The new research
indicates that Ukrainian SMBs continue to show remarkable
resilience and are shifting from survival mode to seeking
growth.
A year on, there’s no doubt that the war has caused
unprecedented challenges for Ukrainian businesses, but key findings
reveal how these SMBs are persevering in the face of adversity:
- 69% of businesses now have all staff based in Ukraine
- 30% of businesses, despite the war, are looking to grow their
business in 2023
- 36% are looking to hire more staff this year
- 44% of businesses believe they have enough of their own
resources to pursue their business goals
- 81% have not turned to international or state programs for
support
Resilience and returning jobs to
Ukraine
The initial phase of the war in Ukraine had a significant and
devastating impact on the country’s economy. According to the
National Council for the Recovery of Ukraine from the War* almost
half of its businesses stopped, or almost stopped, their
operations, and total direct losses to SMBs were $83 billion. About
10 million Ukrainians, around 25% of the population, left their
homes.
A year later though, results of the Payoneer survey show SMBs
have adapted to their new reality and entered a more stable rhythm
as Ukrainian business is gradually returning home. 69% of the
entrepreneurs have all their staff in Ukraine and 25% have only
part of their staff abroad. Furthermore, 44% of those surveyed
believe they can achieve their goals without external government
support, highlighting the unwavering resourcefulness of Ukrainian
businesses. Despite the stress that war has placed on businesses’
finances, Ukrainian businesses are employing their resources not
only to survive but to grow.
SMBs can now plan for the
future
Unlike at the beginning of the war, when many businesses could
not plan their activities for more than two or three weeks ahead of
time, they can now plan work a year in advance as 56% of those
surveyed plan to maintain their current positions in the market
this year. Similarly, this newfound stability may allow SMBs to
develop and scale their business. Despite the unprecedented impact
of the war, the survey indicates that Ukrainian business shows no
sign of slowing down plans to expand and operate on a global
scale.
While innovation may have taken a hit, gradually, Ukrainian
businesses can look again to the future and compete in the global
economy. These plans are also reflected in the number of SMBs
planning to hire more employees in 2023. 36% of those surveyed plan
to expand their teams, despite the extreme difficulties of running
a business during wartime.
“More than a year of heroic struggle has passed, and we,
Ukrainians, continue to defend our independence - each on our own
front. I am very proud of the people behind the Ukrainian small and
medium businesses, driving our economy forward. Their unwavering
dedication to the development of their businesses is truly
inspirational as we look to move forward under unprecedented
conditions," said Liubov Danylina, Country Manager of Payoneer
in Ukraine.
James Allum, SVP Europe at Payoneer, said, “It’s
inspiring to see the resilience being shown by entrepreneurs in
Ukraine in horrific circumstances. It is remarkable to see
businesses not only surviving but looking to grow and exploring new
opportunities. As Ukrainian businesses migrate back home, I hope to
see their growth trajectory continue to increase with the support
of businesses across Europe.”
You can find out more on the state of Ukrainian SMBs after a
year of full-scale war in Payoneer’s report “Defying the odds:
How Ukrainian businesses thrive during war”.
*Reference: National Council for
the Recovery of Ukraine from the War:
https://www.kmu.gov.ua/storage/app/sites/1/recoveryrada/eng/economic-recovery-and-development-eng.pdf
About Payoneer
Payoneer is the financial technology company empowering the
world’s small and medium-sized businesses to transact, do business
and grow globally. Payoneer was founded in 2005 with the belief
that talent is equally distributed, but opportunity is not. It is
our mission to enable anyone anywhere to participate and succeed in
the global digital economy. Since our founding, we have built a
global financial platform that has already made it easier for
millions of SMBs, particularly in emerging markets, to pay and get
paid, manage their funds, and grow their business.
Forward-Looking Statements
This press release includes, and oral statements made from time
to time by representatives of Payoneer, 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
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These forward-looking statements are based upon estimates and
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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 and other economic,
business and/or competitive factors; (3) Payoneer’s estimates of
its financial performance; (4) 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, 2022 and future reports that
Payoneer may file with the SEC from time to time. Nothing in this
press release 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. Payoneer does not undertake any duty to
update these forward-looking statements.
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