Payoneer teams with eBay on marketplace payments

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The Israeli global payment and commerce-enabling platform is set to start trading on Nasdaq through a SPAC merger at a valuation of $3.3 billion.

Israeli global payment and commerce-enabling platform Payoneer announced today that it is collaborating with eBay to enable sellers in select countries to get paid for their sales on eBay’s core marketplace. eBay says that with the help of Payoneer, eBay sellers will benefit from faster access to funds, greater flexibility managing multi-currency payments and expanded reach by enabling sellers to list on multiple international eBay sites.

In early February Payoneer announced that it will go public through a a special purpose acquisition company (SPAC) merger with FTAC Olympus Acquisition Corp (Nasdaq: FTOC), at a company valuation of $3.3 billion. The merger will be completed in the first half of 2021 when Payoneer will start trading on Nasdaq.

Payoneer CEO Scott Galit said, "We are honored to partner with eBay, a true pioneer and giant in the world of ecommerce. Their goal of creating a streamlined, modern marketplace that simplifies cross-border commerce is one that resonates deeply with us and our customers. As a commerce-enabler, it is our mission to work with sellers across every platform where they transact. We look forward to working with eBay to provide the best possible experience to sellers all over the world."

eBay VP global payments Alyssa Cutright said, "Managing payments on our platform is a key component to enhancing the eBay experience for our customers. We’re excited to be partnering with Payoneer at a time of such growth for both our companies. Together, we will build on the momentum that ecommerce has seen in the past year, helping sellers transact with customers across borders with flexibility and security, all on a simple, modern platform."

Published by Globes, Israel business news - en.globes.co.il - on May 4, 2021

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