New post Thank you for 2021. Expecting a bigger you in 2022 Read More

Big StoryMobileNews

Payoneer Goes Public After Successful Merger

1 Mins read

Payoneer, a digital payments platform provider, had gone public. This was done through the Nasdaq stock exchange – after it closed a merger backed by fintech entrepreneur, Betsy Cohen.

The Israeli payment platform now trade under the ticker symbol, PAYO.O, which slightly went up on its early trading session.

In an email sent to its users, and signed by Chief Executive Officer, Scott Galit, Payoneer said:

Today we share the exciting news that Payoneer is now listed as a publicly traded company on the Nasdaq Stock Exchange. This is a huge milestone in Payoneer’s journey, enabling us further to deliver on our mission to empower anyone anywhere to participate and succeed in today’s digital economy.”

The listing came four months after Payoneer, which is headquartered in New York, announced its plan to merge with special-purpose acquisition company FTAC Olympus Acquisition Corp in a deal valued at about $3.3 billion.

According to a report by Reuters, Payoneer is expected to rake in up to $563 million in cash, which includes $300 million in the form of private investment in public equity (PIPE) from investors like Wellington Management, Dragoneer Investment Group, and Fidelity Management & Research Company.

Payoneer, which was founded in 2005, provides e-commerce services to individual online sellers as well as platforms, including Airbnb and Amazon.

The company, which published a bullish forecast on revenue for 2021 due to accelerated digital commerce during the pandemic, expects $432 million in revenue in 2021, compared with $94.7 million in 2020. Payoneer also looks forward to process transaction volume of $64 billion, a leap from $44.4 billion processed in 2020.

Read also: Google is shifting away from APK; require new Apps to use APK Bundle

Scott Galit, Payoneer CEO, said in an interview, that Payoneer plans to invest in more features, and pursue acquisitions.

Now with the public currency, we are able to make bolder investments, make more acquisitions and move faster to do bigger things for more customers and more places around the world.”

On the other hand, FTAC Olympus, one of a series of SPACs launched by Cohen, founder of The Bancorp, raised $750 million in its IPO last year.

Veteran dealmaker in the SPAC space, Cohen, is also leading Israeli online stock brokerage, eToro, to the public in a deal that is estimated to value the company at $10.4 billion.

527 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Related posts

Mobile Advertising: Benefits and Helpful Tips on How to run it.

2 Mins read
These days, people spend more time looking at their smartphones than they do on computers. Mobile devices allow people to stay constantly…

Display ads on mobile devices.

3 Mins read
Nowadays, People spend an average of 5hr on their mobiles. Whether you’re focused on driving sales or building a brand, mobile is…

Adobe to acquire Figma in a deal worth $20 billion

2 Mins read
American multinational computer software company, Adobe, has announced that moves are on the way to its acquisition of design platform, Figma. Following…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply