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Payoneer Finalises Merger With SPAC Company, Begins Trading on Nasdaq

Cross border payments specialist Payoneer announced that it has completed its merger with the FTAC Olympus Acquisition Corp. (FTOC), a special purpose acquisition company, to become a publicly traded company.

As a result of this merger, a new public entity under the name Payoneer Global Inc., and its common stock and warrants, will begin trading on the Nasdaq stock market under the ticker symbol “PAYO” and “PAYOW”, respectively.

Payoneer’s global management team, led by Scott Galit, Chief Executive Officer, Michael Levine, Chief Financial Officer, and Keren Levy, Chief Operating Officer, will continue to lead the company.

The transaction includes a US$300 million PIPE investment from investors including existing investor Wellington Management, as well as Dragoneer Investment Group, Fidelity Management & Research Company LLC, Franklin Templeton, certain funds managed by Millennium Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Winslow Capital Management, LLC.

Scott Galit

Scott Galit, Chief Executive Officer of Payoneer said,

“We are thrilled to be a public company and join forces with Betsy and the entire FTOC team.

This move into the public markets is an important step on our journey to provide any business, in any market, the technology, connections and confidence to realize their potential.”

Betsy Z. Cohen

Betsy Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition Corp., stated,

“The Payoneer team has positioned the company incredibly well to capitalise on the expansion of global commerce, and we are proud to be their partner during this next phase of growth.

Payoneer has a strong balance sheet with ample capital to expand its already broad suite of services, both organically, by deepening existing merchant relationships and continuing to build new ones, and through strategic acquisitions.”

This article first appeared on fintechnews.ch

Featured image credit: Payoneeer