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Payoneer Inc., the global payment and commerce-enabling platform which powers growth for millions of digital businesses worldwide, and FTAC Olympus Acquisition Corp., a special purpose acquisition company, have announced they have entered into a definitive agreement and plan of reorganisation. Upon closing of the reorganisation, the newly created holding company will be renamed Payoneer Global Inc. and the combined company will operate as Payoneer, a US publicly listed entity. The Company is expected to have an implied estimated enterprise value of approximately $3.3 billion at closing, based on current assumptions. Payoneer’s management team will continue to lead the Company. Payoneer has been backed by investments from TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, Temasek and more. Payoneer’s mission is to democratise access to financial services and drive growth for digital businesses of all sizes from around the world. Payoneer was foun...

Israeli fintech powerhouse Payoneer Inc. announced on Wednesday that it has entered into a definitive agreement with Nasdaq listed SPAC FTAC Olympus Acquisition Corp (FTOC). Once the reorganization is complete, the merged company will begin trading at an implied estimated enterprise value of approximately $3.3 billion. Payoneer currently holds $100 million in its balance and FTOC has raised $750 million for the merger, including commitments for $300 million in PIPE from an investor group. An estimated $450 million will be used to purchase secondary options from existing shareholders, managers, and employees. Roughly $100 million will be used by the company for various expenses and the rest, roughly $500 million, will be invested in its operations. Among the investors expected to pour money into the company are existing backers Wellington Management and additional investors Dragoneer Investment Group, Fidelity Management & Research Company LLC, Franklin Templeton, certain funds mana...

FTAC Olympus Acquisition Corp. (NASDAQ: FTOC) ("FTOC"), a special purpose acquisition company, today announced that FTOC shareholders voted to approve the proposed business combination with Payoneer Inc. (“Payoneer”), the commerce technology company powering payments and growth for the new global economy, at its Extraordinary General Meeting held today, June 23, 2021. “We are thrilled with the overwhelming support from our shareholders, and also pleased that we’ve received all regulatory approvals needed to close the transaction. We look forward to supporting Payoneer as it enters the public markets” More than 97.8% of the votes cast at the meeting voted to approve the business combination. Holders of approximately 65.0% of FTOC's issued and outstanding shares cast votes at the Extraordinary General Meeting. As previously announced, the combined company will be named Payoneer Global Inc., and its common stock and warrants, is expected to begin trading on the Nasdaq stock ...

eBay continues to manage payments in more countries with the support of Payoneer Payoneer, the global payment and commerce-enabling platform which powers growth for millions of digital businesses worldwide, announced today that it is collaborating with eBay to enable sellers in select countries to get paid for their sales on eBay’s core marketplace. eBay has teamed up with Payoneer as part of its mission to modernize its marketplace, removing complexities and creating a more streamlined payment experience for sellers around the world. With the help of Payoneer, eBay sellers will benefit from faster access to funds, greater flexibility managing multi-currency payments and expanded reach by enabling sellers to list on multiple international eBay sites. Effective April 2021, Payoneer is managing payouts for eBay sellers from Greater China as eBay expands its management of payments around the globe. eBay and Payoneer intend to expand the service to additional countries later in the year. F...

Payments provider Payoneer has agreed to become a public company through a merger with a “blank check” company, FTAC Olympus Acquisition Corp., Bloomberg reported. The deal values eCommerce heavy-hitter Payoneer at $3.3 billion. Payoneer, a payments service provider for such companies as Airbnb and Amazon, is reportedly profitable and expects to pull in $432 million in revenues this year. The company processed more than $44 billion in payments last year. Investors in Payoneer include Viola Ventures, Ping An, Greylock Partners, TCV and Wellington Management Co. The company, which works in over 200 nations and territories, was founded by Yuval Tal in Israel and is currently headed up by CEO Scott Galit. FTAC raised approximately $755 million in an initial public offering (IPO) in August. It is headed up by Betsy Cohen, its chairman, and Ryan Gilbert, its CEO. The special purpose acquisition company (SPAC) was formed to go on the hunt to buy an existing company or companies. It had been i...

KEY POINTS Fintech start-up Payoneer says it will merge with a special purpose acquisition company, or SPAC, backed by Bancorp founder Betsy Cohen. The merger with Cohen’s SPAC, FTAC Olympus Acquisition Corp., values Payoneer at $3.3 billion. Payoneer, a New York City-based fintech start-up that specializes in facilitating cross-border payments, is set to go public by merging with a blank-check company led by Bancorp founder Betsy Cohen, the companies announced Wednesday. The merger with Cohen’s SPAC, FTAC Olympus Acquisition Corp., values Payoneer at $3.3 billion. The transaction also includes a $300 million private investment in public equity (PIPE) from existing investor Wellington Management, as well as Fidelity Management & Research Company, and Franklin Templeton, among others. So-called “blank check” companies are formed for the sole purpose of buying another company, and taking it public typically within two years. SPAC offerings have been on a hot streak over the last year...

Cross-border payments happen when the payee and the recipient are in different countries. These transactions can be retail, wholesale or recurring in nature. Decades back, the electronic messaging system served as a crucial mode to enable cross-border payments. The cross-border payments industry now utilizes many payment modes like credit cards, cross-border payment gateways, wire transfers, e-wallet, distributed ledger technology, APIs, etc., every day to facilitate international payments. The report caters to various stakeholders in Cross-Border Payments Market industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts. Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, technology up-gradation, market expansion, and marketing tactics. Stakeholders would have ease in decision-making through various strategy matrices us...