Payoneer Goes Public After Successful Merger

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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.

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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.

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