10 Best US Stocks to Buy Under $10

8. Payoneer Global Inc. (NASDAQ:PAYO)

Share Price as of October 16: $8.03

Number of Hedge Fund Holders: 35

Payoneer Global Inc. (NASDAQ:PAYO) is a global fintech company that provides cross-border payment solutions, offering services that enable businesses and individuals to receive payments from customers around the world. Its platform simplifies international transactions, making it easier for businesses to expand into new markets and for freelancers to get paid for their work.

The company recognizes the challenges associated with cross-border payments but leverages its global presence to mitigate these issues. Its international development program has seen a significant boost, with growth accelerating to 10% in regions like APAC, EMEA, and Latin America. China also contributed to double-digit growth. In Q2 2024, the company achieved record revenue of $239.52 million, a 15.86% year-over-year increase. Average revenue per user surged by 27%. Volume growth was 22%, primarily driven by the B2B sector, which saw a 40% increase.

Additionally, it repurchased $47 million worth of shares during this quarter. In September, it completed its offer to purchase outstanding warrants, resulting in a simplified capital structure. The company redeemed remaining warrants for $0.70 per warrant, with a total expenditure of approximately $18.7 million.

It’s strategically embracing AI to enhance its services and improve operational efficiency. Recent developments include automated real-time currency conversion and user-defined withdrawal rates. These AI-powered features streamline financial management for cross-border SMBs and position the company as a leader in the evolving fintech landscape.

Payoneer Global Inc. (NASDAQ:PAYO) has recently acquired Squad, a company specializing in international employee management. By offering Squad’s services to its existing customer base, this company aims to increase revenue and provide more comprehensive solutions to businesses operating in multiple countries. This acquisition aligns with its ongoing commitment to innovation and value creation for its customers and stakeholders.