Payoneer merges with FTAC Olympus Acquisition Corporation to become a publicly traded company
By Pavithra R
Payoneer, the digital payment platform empowering businesses to grow globally, and FTAC Olympus Acquisition Corp. a special purpose acquisition company, has announced entering into a definitive agreement and plan of reorganization.
Under the agreement, on closing of the reorganization the newly created holding company will be renamed Payoneer Global, and the combined company will operate as Payoneer, a U.S. publicly listed entity with an estimated enterprise value of approx. $3.3bn at closing, based on current assumptions.
Payoneer’s management team will continue to lead the company. It has been backed by investments from TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, Temasek and more.
“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. We are incredibly excited about the opportunity ahead and believe that our leading global platform, brand, product suite, and network create significant and sustainable competitive advantages and that our multi-pronged growth strategy will deliver strong growth for years to come. We are thrilled to partner with Betsy Cohen and the FTOC team and are confident that we will benefit from their significant industry expertise as we embark on our journey as a public company,” said Scott Galit, Chief Executive Officer of Payoneer.
Founded in 2005, Payoneer’s mission is to democratize access to financial services and drive growth for digital businesses of all sizes from around the world. The firm, over the past 15 years, has built a broad ecosystem that connects marketplaces, freelancers, gig workers, sellers, manufacturers, banks, suppliers, buyers and more into an integrated global platform. It’s secure and regulated platform offers a global, multi-currency account to businesses of all sizes around the world, enabling them to pay and get paid globally with the same ease as they do locally. Its services include Marketplace Payments; B2B Accounts Payable / Accounts Receivable; Merchant Services; Working Capital; and Risk and Compliance Services.
“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,” said Betsy Z. Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition Corp.
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