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    Daniel Krebs • Wolfe Research

    Daniel Krebs's questions to Payoneer Global Inc (PAYO) leadership

    Daniel Krebs's questions to Payoneer Global Inc (PAYO) leadership • Q2 2025

    Question

    Daniel Krebs from Wolfe Research asked about the potential unit economics of stablecoin off-ramps versus traditional payouts and whether they could impact yield growth. He also inquired about the percentage of revenue driven by FX conversion fees.

    Answer

    CFO Bea Ordonez noted it was too early to comment on stablecoin economics but reiterated that adding utility, like stablecoin functionality, is key to their strategy of driving take rate expansion over time. She stated that Payoneer does not disaggregate revenue from FX fees but has been able to 'more effectively monetize FX' through product enhancements and optimized pricing.

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    Daniel Krebs's questions to Payoneer Global Inc (PAYO) leadership • Q1 2025

    Question

    Daniel Krebs of BMO Capital Markets inquired about customer reception to recent price increases, Payoneer's confidence in its pricing power, and the status of the previously guided $30 million pricing uplift for 2025. He also asked about historical trends in customer onboarding and retention over past business cycles.

    Answer

    CFO Bea Ordonez explained that Payoneer's pricing strategy remains customer-segment focused and has not changed, though the $30 million uplift figure was from a pre-tariff environment. CEO John Caplan added that net revenue retention is strongest among the largest Ideal Customer Profile (ICP) customers and that the company is seeing strong progress in its retention efforts, particularly with B2B customers and cross-selling products like cards and workforce management.

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    Daniel Krebs's questions to Payoneer Global Inc (PAYO) leadership • Q4 2024

    Question

    Daniel Krebs asked about the maximum potential size of a customer before product-market fit becomes an issue, and requested an update on the size and monetization strategy for intra-network payment flows.

    Answer

    CEO John Caplan responded that the company has not yet encountered a customer that is 'too large,' as the platform is built to scale with both self-service and high-touch support. CFO Bea Ordonez added that intra-network flows were approximately $11.5 billion in 2024 and are a key part of a broader, segment-based pricing strategy that generated ~$30 million in uplift in 2024 and is expected to deliver a similar amount in 2025.

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    Daniel Krebs's questions to Euronet Worldwide Inc (EEFT) leadership

    Daniel Krebs's questions to Euronet Worldwide Inc (EEFT) leadership • Q1 2025

    Question

    Daniel Krebs, on for Darrin Peller, asked about the sales cycle and timeline for material contributions from the Merchant Services expansion outside of Greece, and inquired about a potential shift in travel from the U.S. to Europe.

    Answer

    CEO Michael Brown projected that material contributions from the Merchant Services expansion would likely not be seen until late 2025 or early 2026. CFO Rick Weller added that signing the Munich Airport demonstrates the quality of their technology. Regarding travel, Weller acknowledged that a shift of international tourists to Europe is possible and would benefit Euronet, but they have not yet seen data to confirm this trend.

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    Daniel Krebs's questions to WEX Inc (WEX) leadership

    Daniel Krebs's questions to WEX Inc (WEX) leadership • Q4 2024

    Question

    Daniel Krebs asked for a more detailed profile of the target customer for WEX's direct accounts payable (AP) business, including size, geography, and key industry verticals.

    Answer

    CEO Melissa Smith described the target market as mid-market companies, noting that there is no specific industry vertical focus. Current clients span a wide variety of industries, including insurance, healthcare, and existing customers from WEX's Mobility business. The core offering is AP automation, with plans to expand sales as the product is enhanced.

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