The banking system isn’t set up for global business

Payoneer CEO John Caplan joined TheStreet to discuss why the global banking system isn’t set up for small and medium businesses.

Transcript

00:00 Talk to me about kind of what 2023 has looked like, given some of the advantages and also

00:04 a lot of the challenges that I imagine a company like yours has had to deal with.

00:06 So it's interesting for us.

00:07 We've had 35% compound annual growth over the last three years.

00:12 Ours is a business, you know, India, big part of the pioneer franchise economy.

00:17 The GDP is going to grow 7% this year.

00:20 Latin America, powering the growth of the economy.

00:23 We've seen north of 25% growth in APAC, LATAM and SEMEA.

00:28 Like our business is strong and getting stronger because we solve sort of an existential problem

00:33 for an entrepreneur.

00:34 You know, in the United States, you can feed your family, send your kids to college from

00:39 Chicago to all the demand you can drive in a day.

00:43 But if you're in most of the world, you actually have to do business abroad, across borders.

00:48 Well, if you do business abroad, the banking system's not set up for you to do that.

00:53 It's great for the Fortune 1000 companies, but the SMBs that really drive the global

00:58 economy, they need companies like Payoneer that are delivering, you know, a great account

01:04 that's mobile with all the AP tools, the Payoneer card, Payoneer working capital, payments within

01:11 our network.

01:12 We really are a financial solution for the emerging economy.

01:15 We've got a lot of viewers that themselves are entrepreneurs.

01:18 They want to get more involved.

01:20 They love learning leadership lessons from people in your position.

01:23 What is, what have those, have there been major aha moments, I wonder, from Alibaba

01:27 to where you sit today?

01:28 So I learned a lot at Alibaba about the global economy.

01:30 I learned about, you know, the pace of innovation.

01:34 I learned about curiosity and courage to drive markets that, you know, emerging market economies

01:40 are mobile and they want great mobile solutions, solutions that feel like consumer applications

01:46 in the West.

01:47 Business applications globally are really simplified to do the core things people need.

01:52 And that's what Payoneer has done.

01:53 [ Silence ]