Guys, I want to thank you all again for joining us at the Wolfe FinTech Forum. I think I know most of you, but if I don't know you, I'm Darrin Peller. I'm the head of FinTech equity research at Wolfe Research. Really happy to have the team from Payoneer with us. Payoneer is a company I've really kept an eye on from the private side to the public side. I've known the different members of the executive team through the years, but really gotten to know John and Bea, who are the CEO and CFO of the company, very well. Michelle from IR is here as well. So thank you guys for being with us. Really, really appreciate it.
It's great to be here.
And honestly, it's been, I think it's still, in my opinion, one of the most impressive cross-border global companies. But look, I think it's probably not the worst thing if you just start off with a quick overview of the story, just because not everyone here may be as familiar with it. It's still been public for, what, two years now?
Yep.
Relatively young in the world of public companies. Maybe you could start with that.
Sure. So it is great to be here. Again, John Caplan, CEO at Payoneer, been CEO for 12 months. March 1, 2023, became CEO. So what we do and what Payoneer solves is a really big problem, primarily for emerging market small businesses. Emerging market small businesses use the Payoneer account to manage all of their international accounts receivable and all of their international accounts payable. We view that as an 80 million potential customer opportunity. Today, we have 2 million customers. We've had exceptional revenue growth over the last 3 years, and it continues. And our business is dynamic, global, growing, and profitable, Adjusted EBITDA profitable. And Bea and I joined the firm a year ago. We've rebuilt our management team. We've focused the organization on acquiring high-value customers and delivering a full financial stack for their operating needs.
Great. That's helpful. Thank you. Look, I think it was pretty clear, a lot of change in the business over the last couple of years and a period of elevated growth, honestly managing, obviously, the geopolitical impacts, a number of management changes. It does seem like 2024 could be a year of more of like a return to normalcy for the company. And so I'd love to just get your thoughts on how you believe Payoneer is now positioned for success, can control its own destiny a little bit more going forward.
Yeah. So the first thing to understand about our business is we've built a really big moat around the company. We have a regulatory moat in that we are a licensed financial services provider across the globe. We have over 100 key banking relationships part of the moat. And as I explained, 2 million active customers. The business really started and got famous as a marketplace payouts business, as you know, helping Amazon, eBay, Walmart, Fiverr, Upwork, what have you. There's global supply on those platforms. Those folks need to get paid. We have 20% market share in that $300 billion market, and that's growing. The volumes in that business grew in the fourth quarter double digits. And we are proud of the results in our marketplace payouts. But inside of Payoneer are two hyper-growth franchises. One is our B2B business. And this is really important.
Small businesses around the globe need to invoice and get paid from their customers or pay vendors around the globe. We did $34 million of revenue in Q4 in our B2B business. That's a business that had volume growth of 13% in Q4. That is a high-growth business. Bea shared in our earnings call a couple of weeks ago that the growth rate has more than doubled in the first five weeks of 2024. We also have a direct-to-consumer checkout product that as well saw over 400% growth in 2023. We've guided to 100% growth in 2024. So our business is big, 2 million customers, nearly $70 billion of AR flowing across the Payoneer rails, fast growing, and with a moat around it that I think, as investors and shareholders around the globe sort of pick their heads up and think about the problem we're solving.
If you're in the United States, you can get rich and feed your family and be an entrepreneur. From New York to Philly to D.C. and Boston, you don't need a passport. But in most of the globe, there is no way to build a business unless you cross borders. But if you cross borders, the banking system isn't designed to help you. The banking system's inherently local. And so emerging market entrepreneurs need a global financial account, which is the Payoneer account, to manage their international AR, their international AP, and hold multicurrencies. So high level, that's where we're out in front. We're growing quickly.
It's a $5-$6 million TAM we're addressing that our team of 2,300 employees in 50 countries is hellbent and focused on growing our ideal customers, the RPU or revenue per customer, the diversity of industries and businesses we serve, and that momentum accelerating in our business in a way we feel good about.
Yeah. When you talk about that number of customers and what was it, $70 billion or so of volume, it's just remarkable how much it's still a company that I think needs, there's a lot of awareness that can be done in the market in terms of the investor market. For the size of what you guys are, it's such a huge part of the ecosystem from an international payment standpoint.
Yeah. If we were having this event in Ho Chi Minh City or in Manila or in Lahore, 5,000 people would line up to meet Bea and I. When we do the brand research, it's PayPal and Payoneer are the number one and two search terms for cross-border payment solutions in Argentina, in China, in Vietnam, in South Korea, across the globe. So folks may not yet know us as well as we'd like. And our sleeves are rolled up to tell the story that we're proud of. But I can tell you, on the other side of the globe, we're a pretty famous company solving real problems and doing it in a really elegant way.
That's helpful. Let's take it a step back and go through the fourth quarter trends, your guidance. I mean, revenues were up 22%. I think it was core up 13%, if I'm not mistaken, right? Volumes up 16%. You mentioned B2B growing well, low teens. In 2024, you expect 10% core revenue growth, but exiting, importantly, in the mid-teens. So maybe just help us understand. And by the way, I guess I'll mention also margins, 22% EBITDA margins is the guidance for the year. If you could just touch on the growth drivers you're seeing in the business and maybe a little more on the cadence also, just given there were some questions we got over why it's starting off the way it is and ending the year in mid-teens.
Yeah, happy to do that. And again, Darrin, thanks for having us here. Look, John outlined sort of the inflows, if you like, of the AR and inflows of volumes into the platform. And I think it's a useful way of framing and understanding where those growth levers are. So as we take each of those in turns, that marketplace payouts business, really where we began, roughly 60% of our volumes directionally, we're expecting those volumes, as we look out into 2024, to grow in that high single-digit range and for us to have stable take rate dynamics. And we can touch on take rate. That is really the yield we earn when we monetize those volumes as they get used through the platform.
In those two fast-growing franchises, if you like, within our business that John touched on, in our B2B business, roughly 11% or 12% of total volumes today, we're expecting year-over-year growth in those volumes of roughly 25% and accelerating those growth trends throughout the year. Why is that important? Those take rate dynamics in that business are very different. The nature and complexity of the services that we provide to those B2B customers are quite different. So in our marketplace business, that 60% block, you're looking at a take rate of roughly 80 or 90 basis points. In our B2B business, it's more than double that. Similar story with our checkout business. It's a highly integrated offering that's really well suited to larger merchants that are building out logistics and capabilities to go direct to consumer. And in that business, we're expecting, as John noted, more than 100% volume growth.
So we're seeing very rapid acceleration. And again, the take rate dynamics in that business, more than 4x what we see in our marketplace business overall. So as Darrin noted, look, again, that adds up to a roughly 10% on a normalized basis growth in that core revenue over the course of the year, but accelerating into the back half of the year as you see those B2B and checkout businesses grow more rapidly. As we think now about the cadence of that, look, Q1's really going to benefit from what was for us really strong Q4 results. As Darrin outlined, we see some of that revenue pull through into the front part of Q1 from strong performance in that e-comm, from holiday spending, and from strong acquisition of merchants in the quarter as well.
So we're looking at Q1 growth rates, again, normalized, being roughly in line with what we delivered in Q4, really helped, again, by that strong e-comm performance and accelerating growth in B2B. As we look to Q2 and Q3, we see a little bit of a moderating in the growth trajectory there, really as we bake in some sort of more muted or perhaps some more moderating consumer and business spending coming off of, again, that very strong e-comm season. So perhaps looking at that mid-single digit growth. And then again, as we accelerate into Q4 with that B2B and checkout business really beginning to drive meaningful revenue uptick in Q4, exiting in that mid-teens path, so sort of a smiley face, if you like, in terms of the revenue today.
You guys have a lot of new initiatives underway, a lot of new pricing opportunities in front of you. What would you say is embedded in your guide around any of those, whether it's now or later in the year? And are those in the run right now, I guess?
Yeah, it's a great question. Look, as you say, we're working across a range of initiatives, both in terms of product rollouts and new features that will really help us capture market share and in terms of pricing, which I'm sure we'll touch on. As we look at that 2024 guide, look, we really do benefit in 2024. And like John, I've been here a year as well. I joined as CFO early last year and took on the role in March. 2023 growth for us was really constrained by a number of headwinds that impact our growth from a top-line revenue. We had sort of certain non-volume fees. We had exited Russia payments. We had terminated B2B customers in the back half of 2022. So there was a bunch of sort of headwinds, if you like, that constrained growth. We're fully lapping those.
We get the full year benefit of a number of the pricing initiatives that we launched in 2023 into 2024. So that is all sort of baked, if you like, into that 2024 guidance. But as we've noted, the growth trajectory really is looking for us to continue that momentum that we have in B2B checkout and continue to drive that growth, especially into the back half of the year, while at the same time, look, as I've noted, we've baked in a degree of prudence in our view in how we're thinking about sort of the run rate and the sort of momentum coming out of the Q4 results that we showed in 2023.
OK. And then just when you think about your guidance, your philosophy around guidance, I think I even asked you guys this a little bit on the callback after earnings. But what is your thought process of what you're trying to do with investors in terms of setting a stage, setting expectations?
So I'll start. And then Bea, I'm sure, will join. The first thing is, over the last 12 months, we've significantly ramped up our disclosures. And I think that's really important. We view our interaction with yourself and our buy side that we spend a lot of time with as really instructive in helping people understand what is an exceptionally dynamic, fast-growing, and interesting company with a massive opportunity. We have a significant opportunity in front of us at Payoneer that our entire organization is focused on capturing. So in terms of guidance, what we've tried to do is first share more data. So now shareholders can see our ICP focus, our revenue by geography, our growth rates, our take rates by geography.
On slide 23 of the supplement, which we shared 10 days ago or so, there's very clear trailing eight-quarter data about the growth of Payoneer, our S&B customer volume, our take rates, our revenue, and our enterprise business. Darrin, the reason why I think this is significant, when I joined the firm, the investment thesis question people had was, hey, Payoneer's too complicated to understand. That was one question. Or hey, Payoneer is an Amazon payouts company. That's one question. Or take rate's going to erode at Payoneer. And what are you going to do to control your destiny to drive growth? Right now, e-commerce is less than 50% or so of our revenue. Our take rates are stable year-over-year, which I think the market was skeptical about.
Our B2B business is 11%-12% of our volume, 13% growth in Q4, and more than double that in the first five weeks of 2024. We've guided, as Bea said, to 25% growth. In Q4, we had 13% volume growth in S&B volume. Our take rate grew 3 basis points. And revenue was up 16 percentage points. So when I see that, I see an exceptionally growth business. So in terms of the guide, what Bea and I are doing is we are guiding prudently to say there's many levers of transformation underway at Payoneer to accelerate growth and drive profitability. Our priority was driving growth first. We also reduced OpEx last year. We took 9% of our headcount out of the company in July of 2023. We guided to 2024 OpEx growth of 6% while we have 10% core revenue growth.
We are tackling this business with both hands and guiding responsibly about what's in front of us.
Look, I think you covered it. That really is the philosophy. It is a complex business, as you know, Darrin. We're here to try and simplify the problems we solve, how we go about tackling the business, how we see the trajectory and the trends that we think sort of provide that really compelling thesis of what this company can become and how we can re-accelerate growth. So we feel very good about the momentum in Q4 and coming into Q1. While at the same time, again, it's a complex business. We live in uncertain times. We've baked in a degree of prudence, frankly, in terms of how consumer and business spending will look in Q2 and Q4. But the fundamental's really accelerating through the year.
You guys have a pretty great insight into overall E-comm trends. Maybe just give us a sense of what you're seeing exiting the year and into this year on behavior, as well as just overall acceleration, deceleration overall in the market.
So as you know, Darrin, I joined Payoneer from Alibaba. So I had a lot of visibility into China exports and China B2B and the opportunities. We have more data at Payoneer. There's more information about cross-border trade, the strength of Amazon, the strength of Walmart, the strength of Etsy, Fiverr, Upwork, eBay's business. We see that data. So I think if we look at the over the last couple of years, the pandemic propelled e-comm. We all were at home buying yoga pants, as we recall. And then in 2022, the comps were pretty soft. Year-over-year, comps got softer. And in 2023, e-commerce trends normalized. I've been impressed by the resilience of the U.S. consumer to continue to buy iPhone cases and products that they want. And I think that's exciting, although price points, I think, are trading down. So volumes are strong.
But what people are actually ordering is probably less. It's less Peloton machines and more, I don't know, something fraction of that price. What is uncertain is, and I think it's probably uncertain for everybody in this room and the folks listening around the globe, is how the consumer will react for the second half of the year. We had an event in China a couple of weeks ago, and 1,000 e-commerce sellers there talking about the markets, talking about expanding their businesses to Mexico, Vietnam, and other parts of the world, looking at expansion on Mercado Libre or Coupang or other platforms. I think the consumer is surprisingly resilient. But we'll have to see how the consumer adjusts. And then I probably should add, if you think about Temu, Shein, TikTok, one of the ways why are wide pants fashionable for men in America today or now?
Because every couple of years, in order to get people to buy new products, you need to change the styles. Well, similarly, shopping is entertainment. Temu, Shein, TikTok, these platforms are re-energizing consumer behavior. And certainly, if you're probably under 30, you're buying a lot of products on those platforms. And I think that may be maybe AOV or average ticket size may be smaller. But if my 19-year-old daughter's any indication, people are enjoying shopping online.
OK. Bea, maybe we'll just shift to you in terms of the growth algorithm for a minute. I mean, you just talked about exiting the year mid-teens up from, let's call it, 10% for the full year from a revenue growth rate standpoint. But your guide, from a long-term standpoint, is 20%+ with a 25%+ Adjusted EBITDA margin. And so if you could just help us characterize the long-term algorithm for the company and maybe just help, especially for newer investors, understand your confidence around that.
Yeah, absolutely. Look, as John has laid out, this is a large and multi-year opportunity for us. We're super excited, again, to sort of give a sense of the size of the company, at least in revenue and EBITDA terms, adjusted EBITDA terms from last year. We delivered $830 million in total revenue and more than $200 million in adjusted EBITDA. But we see a giant market opportunity, especially in that B2B space and in that direct-to-consumer space, a more than $6 trillion market opportunity in terms of overall size. We're solving real problems.
At the heart of the growth algorithm is our understanding of those S&Bs, our understanding of those needs, and our ability to solve them through a single platform, a single financial stack, to solve the real-world cross-border problems that those S&Bs face in accessing what is, at the end of the day, an increasingly global and borderless and increasingly digital sort of global economy. So strong secular trends, a good starting position, unique assets developed over many years in the cross-border space, and strong secular trends, as I've noted, that really are driving sort of global trade to be more digital, more borderless, both in terms of goods but also services and labor. And we're sort of dealing with that movement and that sort of cross-border economy on all of those.
As we think of sort of the near-term and run rate that out or sort of think about that trajectory, look, what we're seeing in our business is that that near-term strategy that John and I and the team have been putting in place, we're seeing early signs that it's really driving those results. We're seeing consistent execution. So when we arrived, we focused the organization on acquiring and retaining what we termed our ideal customer profile. We did a lot of sort of data analysis. And we worked to understand what that profile would be. And we are showing consistent growth in the number of ideal customers that are on our platform. We're very focused on acquiring those, serving them well, and retaining them. At the same time, we focus the organization on growing in our B2B business. And John provided some of the data points there.
And we're seeing really strong momentum coming out of Q4 and into the early part of 2024 as well. And we're seeing really stable trends in our core or legacy business, if you like, that marketplace business where, again, as John noted, when we first came into these seats, a lot of the question was around, can you continue to drive growth? Are you going to see more muted trends there as competition comes in, as the market matures? Are you going to see yield compression? And what we've been able to demonstrate is that, again, the business is resilient. We're holding our own in a very competitive market. We're seeing stable trends in terms of growth trajectory and stable yield dynamics as well. So really, as I think of that newer sort of investor, if you like, our internal focus, our growth algorithm, is acquiring and retaining those ICPs.
They're going to drive volume into our platform, building out that financial stack to serve more of those complex needs. That's really what our B2B and direct-to-consumer business is, fine-tuning our cross-sell efforts to really drive more and better adoption and just execute better on driving adoption and activation, all of which, over time, coupled with our pricing strategy, unlocks greater ARPU, unlocks greater revenue uplift. So that's our formula for growth, really in a nutshell.
Thank you. Maybe we'll just take a quick look at the ICP side because maybe help explain to the audience what characterizes an ICP for you. And then more importantly, you guys have, what, 5-6 million applications a year, I think?
Yeah. So we gotta think about this. We're a payments company. 6 million people show up to Payoneer every year to get a Payoneer account. We are synonymous with this idea of participating in the global economy. So that volume is exciting. But someone who's an aspirant, who wants to be in business but doesn't have revenue or doesn't have volumes, less interesting to us today. So what we did is describe a ton of analytics, which started before Bea and I actually joined the firm, a lot of analytics into our customer portfolios and saw that customers who receive over $6,000 of trailing 12-month accounts receivable, over $500 a month, that cohort is exceptionally profitable for Payoneer. We reported 516,000 ICPs in Q4, 55,000 ICPs who receive over $120,000 of trailing 12-month volume. Those 55,000 represent over 50% of our total revenue.
That cohort grew 15% year-over-year in Q4. ICPs overall grew 6%. So we have some customers if you think about the portfolio of customers we have, we have some exporters in China who sell $100 million of iPhone cases or similar goods. We have BPOs in the Philippines who have 50, 100, 400 employees who are selling to firms across Europe and the United States. And then we also have individual freelancers in Brazil or in Mexico who are providing software services to Amazon or Google or other firms here in the United States. So we have a broad group of customers. Our ICPs, though, are businesses receiving over $6,000. The $10,000+ is growing 15%. We just had an offsite the other day.
And our sales guys were now focused on folks over $80,000 a month because what's fascinating is local banks in the U.S., we know local banks don't care about small businesses. It's even worse around the globe. Neobanks, although they're exceptional and have great products, are generally very regional and not global and don't offer the multicurrency solutions. So Payoneer is the only firm that I know of that can onboard and KYC customers in 180 or so, 190 or so countries and territories where we have a unique multicurrency account to solve the AR and AP needs. And we are seeing businesses turn to Payoneer because we're able to solve those problems. And the indication for me of the momentum and we've shared this is we have nearly or just about $10 billion of volume that is flowing between Payoneer account holders.
What you see is account holders or those ICPs are joining Payoneer. They're bringing in their own networks to get paid by, make payments to. I think we're just at the beginning of what is people look and say, wow, QuickBooks Intuit's a powerful company, or Zoho's a powerful business, or Shopify's a powerful business. We are global, acquiring small businesses at scale, either because they show up at our front door or with our go-to-market teams or our partnerships. We've just begun monetizing and engaging them to the full potential of the firm.
You talked about your targets pretty well and pretty clearly, exiting the year mid-teens, 20% long-term, 25% margins. I think ARPU expansion is a very big part of that. And you alluded to it in some of your offerings. But one of the things that gets us excited about Payoneer is the magnitude of pricing opportunity, the magnitude of ways to monetize the ICPs that you really haven't done yet. Help us understand that, please, and just expand on that.
Yeah, absolutely. Look, the other leg of that sort of formula for growth, we focused on ICPs. We've defined that population. We have a good understanding of their needs. Really looking at how we optimize ARPU over the long term, which to your point, Darrin, we have only begun to scratch the surface there. So as we define those ICPs and especially those larger ICPs, why have we zeroed in on that? Look, most of the reasons are pretty obvious. They use more products. They have more complex needs. They're in more markets. They have a direct-to-consumer business, potentially. They're just sort of treasury management and FX needs. They keep higher balances on our platform. We haven't really talked about our ability to generate interest income in this sort of higher-for-longer interest rate environment.
But we have roughly at the end of last year, we had roughly $6 billion in customer balances on our books, indicative both of the utility we provide our customers as well as the trust that they place with us. And we've guided to generating more than $230 million of interest income in 2024 from those balances. So again, those larger customers keep higher balances on our platforms. And they keep them for longer. And we've seen that trend evolve where the duration is longer as we add more utility to the product and to the platform. They stay longer on our platform. So the payback period is obviously very attractive from an economics perspective. And to your point, we have an opportunity to really cross-sell more into that ecosystem, into those customers, both organically bill offerings.
We have a card offering, a lending offering, but also through partnerships and really, again, building out that ecosystem overall. So we're making really meaningful progress here, trailing 12 months ARPU for our population of customers, roughly $360, up 36% year-over-year, up 9% ex-interest income. We're seeing really meaningful progress to unlocking that. And we're staying focused on really, again, serving the needs of those larger, more complex S&Bs, making investments in our underlying financial stack to capture more share of wallet, solve more of those complex needs, and drive up ARPU, and really sort of refining our pricing strategy to be much more nuanced than it's been historically.
Yeah. I mean, on that, go ahead, John.
I was just going to add one thing and Bea alluded to it. But I think it's important. We're capturing the AR of our customers because they're selling abroad. But if you think about the AP side of our business, which is really growing nicely and we'll talk, I imagine, about our cards business. But one of the things that's interesting is if we're capturing 100% of the GL on the AR side, managing the AP side, when you look at that, the number one OpEx item for most of our customers is labor.
When you think about cross-border labor and then the idea of the payroll of small businesses around the globe but you're a business in Vietnam, but your contractors are in Argentina or you're a business in the United States, but your back office is distributed around the globe, we have permission to provide that service to our customers. We do in a modest way today. I think it's rational for folks to understand we intend to drive the growth of our business on the AP side and in payroll and other arenas. Right now, people are using our card to buy Facebook ads and to pay their logistics suppliers. They will be using Payoneer to manage their full stack of their AP needs.
OK. I mean, look, we don't have that much time. But anything else you want to expand on the card side for a moment?
Yeah. I mean, our cards are high yield, multiples better than our withdraw-to-bank yield. They're high engagement because once you have a card in someone's wallet and they start using it, they habituate that behavior. It's a fraction of our we have not penetrated north of 25% of our total population. We see lots of room for growth in that business and our foot's on the gas to grow it. And I think one of the things that folks should understand we probably got famous as an AR company. We now are hearing our customers celebrate our AP more and more. And proof of that is nearly $500 million of funds were loaded onto the Payoneer platform in 2023 directly from the bank accounts of our customers so that they could use our AP products.
It used to be the only way to use the AP products was you had to have AR in the first place. So it's, I think, testimony to the strength of the product organization, Payoneer.
So all right, Bea, real quickly on the pricing side before we start to wrap it up. I just want to go back to that again because whether it's small transaction fees or it's low volume account fees and probably the most meaningful from our perspective could be monetization of all that intra-network volume, that cross-border volume which I forgot the numbers. But what was the intra-network volume number again?
It's more than $10 billion trailing 12 months. More than half of it is cross-border flow that today we don't monetize at all.
It's all intra-system, I guess.
Exactly. But it demonstrates the value of the two-sided network we've built and the connectivity that you see within the 2 million customers on that network. And we noted it during our earnings call, Darrin, we're piloting a significant test of various fee models for that intra-network flow to really see what's the right as we've understood those use cases, what's the right fee model, how do we really align it to the needs of our customers, and monetize what is a very real utility that we're providing on that cross-border flow. So look, the short version is we made meaningful strides in 2023, unlocked real revenue uplift. And we view that as having significant forward potential.
More ramp as the year progresses.
Yeah, absolutely.
Good.
I mean, just to wrap it up for me, cross-border's tough. We cover other companies that do it well, whether it's Western Union, Remitly, more on the consumer side, though. We have some on the B2B side for cross-border, but not really that much, a couple of private names. What do you see as the competitive landscape for what you're doing right now?
So I think what Matt's doing at Remitly is exceptional. And he's done a great job providing value for cross-border peer-to-peer payments. I think what the folks at Wise are doing is very similar. If you're in London and need to pay somebody in Paris, they've got a great product. We are the only global cross-border solution for S&Bs that are businesses focused on doing business cross-border. There are local businesses. Ping Pong in China is a strong franchise. Lian Lian in China is a strong franchise. Aspire in Singapore is a strong franchise. But none of them have the revenue we have, the diversity of customer mix, the product portfolio, the management team, the regulatory relationships, bank relationships.
Ours is a business that requires shareholders, all of you in this room, to lean in to understand because if you take a minute, take 10 minutes to understand what we're building, I'm confident you'll see what I see: 80 million potential customers, 15% growth of our high-value customers, strong growth in our ARPU, a new management team focused on delivering that growth, lots of work to do in front of us, lots of work to do. We're igniting growth in the B2B business, delivering growth in our checkout franchise, and driving that growth, which will ultimately lead us the opportunity to extract even more operating leverage out of the business, which is fully our plan.
OK, great. I think we may have time for just one question if anyone in the audience has anything they'd like to ask?
I mean, I can change a slide, but.
John, I'd love to get your perspective on the shift in focus on the B2B side to B2B services, especially in LATAM, SAMEA. Is that a long-term focus for you? Or is that sort of a bridge before you maybe can get back to serving eBay China?
Sure. So the exciting thing about the B2B business is it's so big. And there's so many customers who need our help that when we slowed down what we were doing in China to put everything in order the way we wanted to do, we still saw great growth in APAC, Latin America, and SAMEA. That will continue. The benefits of that is services companies, once they're on the platform, generally stick and stay for a long time. They have broad networks of their customers that pull other folks into our platform. And the take rates are exceptional. On the China opportunity, it is a real and big one that we are beginning to pull back into the platform with all the constraints and rules that we put in place to do so in a way that we feel comfortable with.
Guys, thank you very much. Really great to have you with us.
Thank you.
The Payoneer team. Guys, next up in about five minutes, we have the CFO of Bill.com with us. If everyone can just either stay in their seats or be back just in a few minutes. John, thanks.