Digital payments co Payoneer set for $3.3b value SPAC merger

Nasdaq Photo: Reuters

The Israeli company will trade on Nasdaq through a merger with Betsy Cohen's FTAC Olympus.

Digital payments company Payoneer has become the latest Israeli company that will be listing on Wall Street through a merger with a blank check company. FTAC Olympus Acquisition Corp. (Nasdaq: FTOC), a special purpose acquisition company (SPAC), today announced that it has entered into a definitive agreement and plan of reorganization with Payoneer. The newly created holding company will be renamed Payoneer Global Inc. and is expected to have a valuation of $3.3 billion.

The company was founded in 2005 in Israel by Yuval Tal and Ben Yaniv Chechik and has raised $235 million from investors including TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, and Temasek. Payoneer has more than tripled its value since it considered a flotation in 2019 at a $1 billion valuation.

Over the past 15 years, Payoneer has built a payment ecosystem that connects marketplaces, sellers, freelancers, gig workers, manufacturers, banks, suppliers, buyers and more into an integrated global platform. Payoneer’s secure, regulated platform offers a global, multi-currency account to businesses of any size around the world, enabling them to pay and get paid globally as easily as they do locally.

Payoneer has expanded its services to empower businesses to grow globally. Payoneer services include: Marketplace Payments; B2B Accounts Payable / Accounts Receivable; Merchant Services; Working Capital; and Risk and Compliance Services.

Payoneer CEO Scott Galit said, "Technology is transforming commerce globally, bringing down borders and making it possible for entrepreneurs from all over the world to build a digital business. This new way of doing business requires a global financial platform built for the digital age. Payoneer’s purpose-built platform provides global connectivity with localized capabilities, layered on top of a robust and scalable compliance, risk and regulatory infrastructure."

FTAC Olympus Acquisition Corp chairman Betsy Cohen said, "Payoneer is at the forefront of the rapid, global shift to digital commerce across all sectors. Its innovative and unique high-tech, high-touch platform positions Payoneer at the epicenter of some of the most powerful and enduring trends driving global commerce today. Its proven ability to facilitate the overall growth of e-commerce through capabilities such as B2B payment digitization, global risk and compliance infrastructure, and the enablement for SMBs to rapidly grow and scale sets Payoneer apart. I couldn’t be more excited about this transaction which will allow this talented team to accelerate their growth strategy and continue to democratize access to global commerce."

Published by Globes, Israel business news - en.globes.co.il - on February 3, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Nasdaq Photo: Reuters
Nasdaq Photo: Reuters
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