Payoneer, a New York-based online payments provider, went public on the Nasdaq stock exchange on June 28, 2021, after closing a merger with a blank-check firm backed by FinTech entrepreneur Betsy Cohen. The listing came months after the FinTech unicorn announced its plan to merge with special-purpose acquisition company (SPAC) FTAC Olympus Acquisition Corp in a deal valued at approximately US $3.3 billion. The company is expected to have up to US $563 million in cash, including US $300 million in the form of private investment in public equity (PIPE), from several investors including Wellington Management, Dragoneer Investment Group, and Fidelity Management & Research Company. The company will also be listed on a public exchange under the ticker symbol “PAYO”.
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Payoneer has a notable number of employees, including its management team in Israel. The company has published a confident forecast on revenue for 2021 due to accelerated digital commerce during the pandemic. Payoneer anticipates US $432 million in revenue in 2021, in contrast to US $94.7 million in 2020. It also predicts process transaction volume of US $64 billion, a leap from US $44.4 billion in 2020, and plans to invest in more features and pursue acquisitions.
According to CEO of Payoneer, Scott Galit, “Now with the public currency, we can make bolder investments, make more acquisitions and move faster to do bigger things for more customers and more places around the world.”
FTAC Olympus, one of a series of SPACs launched by Cohen, recently raised US $750 million in its IPO last year. Betsy Cohen, CEO of the Bancorp and veteran dealmaker in the SPAC space, is also taking Israeli online stock brokerage eToro to the public in a deal that values the company at US $10.4 billion.
Payoneer empowers global commerce by connecting businesses, professionals, countries, and currencies with its innovative cross-border payments platform. In today’s borderless digital world, Payoneer empowers millions of businesses and professionals from over 200 countries to reach new audiences by facilitating seamless, cross-border payments. Additionally, thousands of leading corporations, including Airbnb, Google, Getty Images, and Elance-oDesk, rely on Payoneer’s mass payout services. With Payoneer’s fast, flexible, secure, and low-cost solutions, businesses and professionals in developed and emerging markets can now pay and get paid globally as efficiently as they do locally.
Founded in 2005 by Yuval Tal and based in New York, United States, Payoneer is venture-backed, profitable, and ranked in the top 100 of Inc. 5000’s Financial Services companies.
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