US-based payment and commerce-enabling platform Payoneer is set to go public through a merger with FTAC Olympus Acquisition Corp for an enterprise value of around $3.3bn.
FTAC Olympus Acquisition is a blank-check company led by Betsy Z Cohen, established for the purpose of the merger with technology and financial services technology companies.
Upon closing of the merger, the newly-formed combined company will be renamed Payoneer Global and operate as a publicly listed entity in the US.
As part of the transaction, Payoneer’s management team is planned to continue leading the company.
Payoneer chief executive officer Scott Galit said: “Technology is transforming commerce globally, bringing down borders and making it possible for entrepreneurs from all over the world to build a digital business.
“This new way of doing business requires a global financial platform built for the digital age. Payoneer’s purpose-built platform provides global connectivity with localised capabilities, layered on top of a robust and scalable compliance, risk and regulatory infrastructure.
“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.”
Established in 2005, Payoneer is engaged in providing cross-border payments platform to businesses and professionals, with more than four million customers.
It also offers services including marketplace payments, B2B accounts payable or accounts receivable, merchant services, working capital, and risk and compliance services.
The company has been supported by investments from TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, Temasek and others.
As part of the merger deal, Payoneer is expected to receive $300m from investors including Wellington Management, Dragoneer Investment Group, Fidelity Management & Research Company and Franklin Templeton.
FTAC Olympus Acquisition board of directors chairman Betsy Cohen said: “Payoneer is at the forefront of the rapid, global shift to digital commerce across all sectors. Its innovative and unique high-tech, high-touch platform positions Payoneer at the epicentre of some of the most powerful and enduring trends driving global commerce today.
“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.”
