Payoneer Inc. the e-commerce technology company and FTAC Olympus Acquisition Corp. (NASDAQ: FTOC) announced on Friday that they have finalized their business blend. The business combination was accepted by FTOC’s shareholders at a general meeting held on June 23, 2021.
As a result of the culmination of this business combination, a new public commodity under the name – Payoneer Global Inc. will begin dealing today on the Nasdaq stock market under the ticker symbol “PAYO” and “PAYOW”, respectively.
The deal includes a $300 million PIPE investment from investors consisting of current investor Wellington Management and Dragoneer Investment Group, Fidelity Management & Research Company LLC, Franklin Templeton. While certain funds are managed by Millennium Management, funds and accounts are recommended by T. Rowe Price Associates, Inc., and Winslow Capital Management, LLC. Financial Technology Partners served as exclusive financial and capital markets consultant to Payoneer
Davis Polk & Wardwell LLP served as legal counsel to Payoneer and Paul Hastings as a Payoneer regulatory adviser. PwC served as Payoneer’s auditors. EY served as Payoneer’s tax and public markets advisor. Citi and Goldman Sachs & Co. LLC served as financial and capital markets advisors to FTOC. Cantor Fitzgerald also served as capital markets advisor to FTOC, and Morgan, Lewis & Bockius LLP served as legal counsel to FTO.
Payoneer, founded in 2005, provides e-commerce services to individual online dealers as well as certain outlets such as Airbnb and Amazon. The company anticipates $432 million in revenue in 2021, compared with $94.7 million in 2020. FTAC Olympus, one of a series of SPACs launched by Cohen, founder of The Bancorp, raised $750 million in its IPO last year.
Payoneer’s global administration team is led by Chief Executive Officer – Scott Galit, Chief financial officer – Michael Levine, and Keren Levy – The Chief Operating Officer will go on with leading the Company.
Scott Galit, Chief Executive Officer of Payoneer said, “We are thrilled to be a public company and join legions with Betsy and the entire FTOC team. Through our 15 years, we have created a global platform that is counted on by millions of customers worldwide, from yearning entrepreneurs to the world’s dominating digital brands, and is now the go-to partner for digital commerce, everywhere. We are just scratching the surface of the massive opportunity ahead to help businesses thrive and scale in the new global economy. This move into the public markets is an important step towards our journey to provide any business with the technology, connections, and confidence to comprehend their potential.”