Scott Galit on fintech friction
From Building a $B Fintech Company- Scott Galit (Payoneer) · · Viola Group
“More friction makes fintech businesses slower and more expensive to build than other businesses.”
On , Scott Galit, Senior Advisor & Director at PAYONEER GLBL INC, spoke about fintech friction during Building a $B Fintech Company- Scott Galit (Payoneer) on Viola Group.
About Scott Galit
Scott Galit, Senior Advisor and Director at Payoneer Global, has spoken about the company's growth strategy and the challenges of building a fintech business. In a 2018 talk, he described fintech as having "more friction" than other businesses due to risk, regulation, and compliance, and said that Payoneer's total addressable market (TAM) and global coverage remained the same from 2011 to its 2021 IPO, but that the company expanded its serviceable addressable market (SAM) by adding products and market segments. Galit stated that by the time of the IPO, Payoneer had expanded its SAM to an estimated $3 trillion, providing "a credible path as a public company to a billion dollars of revenue." In a 2022 interview, Galit discussed Payoneer's role in the digitalization of global commerce, noting partnerships with companies like Amazon, Google, and Airbnb, as well as banks integrating Payoneer's payment capabilities. He said the company was "exploring" cryptocurrency but proceeding carefully due to varying global regulatory comfort, and mentioned collaboration on a blockchain infrastructure for central bank digital currencies called the Regulated Liability Network. During a 2020 panel on COVID-19's impact, Galit said Payoneer began dealing with the pandemic in January with its teams in China and Hong Kong, and that the company adjusted its working capital platform because machine learning models could not be relied upon during "great crisis and uncertainty."