Fintech start-up Payoneer to go public via SPAC led by Bancorp founder Betsy Cohen

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 as the pandemic and wild volatility continue to weigh on the traditional IPO market. In 2020, the volume of IPOs more than doubled from 2019, with 494 debuts that raised $174 billion — a 150% increase in dollars raised from 2019, according to FactSet. SPAC debuts accounted for half of those, while also representing 56% of all IPOs in Q3 and 52% of all IPOs in Q4.

But Cohen and her team were in on the SPAC trend before 2020′s mania began: FTAC is their fourth fintech-focused shell company. One 2018 SPAC announced a merger agreement late last year with payments provider Paya. Another, which went public in January 2017, combined with International Money Express. FinTech Acquisition, which went public in February 2015 combined with CardConnect, which was later acquired by First Data for roughly $750 million.

Payoneer was started in 2005 by Yuval Tal, an Israeli entrepreneur who helped start other tech and e-commerce payment companies. Scott Galit joined as CEO in 2010 after years at First Data and MasterCard.

“We chose to take Payoneer public via SPAC because it provides us with certainty of financing, more control around timing, and an incredible platform for future growth,” Galit told CNBC. “We’ve known Betsy and her team for a long time, and feel we couldn’t have a better partner. Her expertise in this industry, as well as FTAC’s recognized position as SPAC pioneers bodes well for a successful, long-term partnership.”

Cohen’s acquisition comes during both a boom and reckoning for digital finance. Last week, Robinhood found itself in the center of an uproar after restricting trading on equities amid a frenzy of retail trading and extreme bouts of market volatility. Meanwhile, the virus has accelerated technologies such as contactless payments and online banking and seen some big IPOs in the space, including another CNBC Disruptor 50 company, Affirm. Online financial services company, SoFi, which was No. 8 on the 2020 CNBC Disruptor 50 list, is set to go public by merging with a blank-check company run by venture capital investor Chamath Palihapitiya.

Payoneer ranked to both the 2017 and 2018 CNBC Disruptor 50 lists.

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金融科技初創公司 Payoneer 將通過由 Bancorp 創始人 Betsy Cohen 領導的 SPAC 上市

關鍵點

金融科技初創公司 Payoneer 表示將與一家由 Bancorp 創始人 Betsy Cohen 支持的特殊目的收購公司或 SPAC 合併。

與 Cohen 的 SPAC、FTAC Olympus Acquisition Corp. 合併後，Payoneer 的估值為 33 億美元。

Payoneer 是一家總部位於紐約的金融科技初創公司，專門促進跨境支付，該公司週三宣布，該公司將通過與 Bancorp 創始人 Betsy Cohen 領導的空白支票公司合併上市。

與 Cohen 的 SPAC、FTAC Olympus Acquisition Corp. 合併後，Payoneer 的估值為 33 億美元。該交易還包括現有投資者惠靈頓管理公司、富達管理與研究公司和富蘭克林鄧普頓等公司對公共股權 (PIPE) 的 3 億美元私人投資。

所謂的“空白支票”公司成立的唯一目的是收購另一家公司，並通常在兩年內將其上市。由於大流行和劇烈波動繼續給傳統的 IPO 市場帶來壓力，SPAC 產品在過去一年中一直處於熱火朝天的狀態。 FactSet 的數據顯示，2020 年，IPO 數量比 2019 年增加了一倍多，首次公開募股 494 次，籌集了 1740 億美元，比 2019 年增加了 150%。 SPAC 首次亮相佔其中的一半，同時也佔第三季度所有 IPO 的 56% 和第四季度所有 IPO 的 52%。

但在 2020 年的狂熱開始之前，科恩和她的團隊就已經進入了 SPAC 趨勢：FTAC 是他們第四家專注於金融科技的空殼公司。一個 2018 年的 SPAC 去年年底宣布與支付提供商 Paya 達成合併協議。另一個於 2017 年 1 月上市，與 International Money Express 合併。 FinTech Acquisition 於 2015 年 2 月與 CardConnect 一起上市，後者後來被 First Data 以大約 7.5 億美元的價格收購。

Payoneer 由以色列企業家 Yuval Tal 於 2005 年創立，他幫助創辦了其他科技和電子商務支付公司。 Scott Galit 在 First Data 和 MasterCard 工作多年後於 2010 年加入並擔任首席執行官。

“我們選擇通過 SPAC 將 Payoneer 上市，因為它為我們提供了融資的確定性、對時間的更多控制，以及一個令人難以置信的未來增長平台，”加利特告訴 CNBC。 “我們認識 Betsy 和她的團隊很長時間了，覺得我們找不到更好的合作夥伴了。她在該行業的專業知識以及 FTAC 作為 SPAC 先驅的公認地位預示著成功的長期合作夥伴關係。”

科恩的收購正值數字金融的繁榮和清算時期。上週，在零售交易狂熱和市場劇烈波動的情況下，Robinhood 限制了股票交易，之後發現自己處於一片嘩然之中。與此同時，該病毒加速了非接觸式支付和網上銀行等技術的發展，並見證了該領域的一些大型 IPO，包括另一家 CNBC Disruptor 50 公司 Affirm。在線金融服務公司 SoFi 在 2020 年 CNBC Disruptor 50 榜單中排名第 8，該公司將通過與風險資本投資者 Chamath Palihapitiya 經營的空白支票公司合併上市。

Payoneer 榮登 2017 年和 2018 年 CNBC Disruptor 50 榜單。