Payoneer announced that it plans to go public by merging with FTAC Olympus Acquisition Corp. (FTOC), a special purpose acquisition company in a US$ 3.3 billion deal.
Payoneer has been backed by investments from TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, Temasek and more.
The company will be renamed as Payoneer Global Inc. and the combined company will operate as Payoneer, a U.S. publicly listed entity. Payoneer’s management team will continue to lead the company.
Over the past 15 years, Payoneer’s secure, regulated platform offers a global, multi-currency account to businesses of any size around the world.
“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.
“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.
This article first appeared on fintechnews.ch