Israel’s Payoneer to Go Public on Nasdaq at $3.3 Billion Valuation

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 managed by Millennium Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Winslow Capital Management, LLC.

Speaking to Calcalist, Keren Levi, Payoneer’s COO and GM of its Israeli center, said the company had not attempted to go public in the past and throughout the years had sought the proper timing to do so. “2020 was a year of expedited activities and we processed more than $44 billion in volume. Following the merger, we will have $500 million available for investment in our business development.”

Levy doesn’t believe that the company is late to go public, even though many other Israeli companies would have chosen to do so much earlier. “For us, this is the right time and we chose the best partner we could find for our new path. FTOC’s Chairwoman Betsy Cohen has rich experience, including in the Fintech sector that we’re active in and she is a veteran in the SPAC world who knows how to lead such transactions.

“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 epicenter of some of the most powerful and enduring trends driving global commerce today,” said Betsy Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition Corp. “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.”

Payoneer, which was founded in 2005 by Yuval Tal, developed a platform that streamlines global commerce for millions of small businesses, marketplaces, and enterprises from 190+ countries and territories. Leveraging its robust technology, compliance, operations, and banking infrastructure, Payoneer delivers a suite of services that includes cross-border payments, working capital, tax solutions, risk management, and payment orchestration for merchants.

Since it was founded, Payoneer has raised a total of $270 million from backers including TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, Temasek and more.

“Technology is transforming commerce globally, bringing down borders and making it possible for entrepreneurs from all over the world to build a digital business,” said Scott Galit, Chief Executive Officer of Payoneer. “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 localized 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. We are thrilled to partner with Betsy Cohen and the FTOC team and are confident that we will benefit from their significant industry expertise as we embark on our journey as a public company.”

“As someone who has been accompanying Payoneer for the past 12 years, I am proud to see that it has grown to take on a leadership position and am excited by the opportunity to continue to build a global digital platform that provides businesses of all sizes and in all corners of the world access to financial services,” said Viola Ventures Managing Partner and chairman Avi Zeevi.

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以色列 Payoneer 將在納斯達克上市，估值 33 億美元

以色列金融科技巨頭 Payoneer Inc. 週三宣布，已與納斯達克上市的 SPAC FTAC Olympus Acquisition Corp (FTOC) 達成最終協議。重組完成後，合併後的公司將以約 33 億美元的隱含估計企業價值開始交易。 Payoneer 目前持有 1 億美元的餘額，FTOC 已為合併籌集了 7.5 億美元，其中包括一個投資集團承諾的 3 億美元 PIPE。估計有 4.5 億美元將用於從現有股東、經理和員工手中購買二級期權。該公司將使用大約 1 億美元用於各種開支，其餘大約 5 億美元將投資於其運營。

預計將向該公司注資的投資者包括現有支持者 Wellington Management 和其他投資者 Dragoneer Investment Group、Fidelity Management & Research Company LLC、Franklin Templeton、Millennium Management 管理的某些基金、T. Rowe Price Associates 提供諮詢的基金和賬戶， Inc. 和 Winslow Capital Management, LLC。

Payoneer 的首席運營官兼以色列中心總經理 Keren Levi 在接受 Calcalist 採訪時表示，該公司過去沒有試圖上市，多年來一直在尋找合適的時機上市。 “2020 年是活動加速的一年，我們處理的交易量超過 440 億美元。合併後，我們將有 5 億美元可用於我們的業務發展投資。”

Levy 認為該公司上市並不晚，儘管許多其他以色列公司會選擇更早上市。 “對我們來說，這是正確的時機，我們選擇了我們能為新道路找到的最佳合作夥伴。 FTOC 的主席 Betsy Cohen 擁有豐富的經驗，包括在我們活躍的金融科技領域，她是 SPAC 世界的資深人士，知道如何領導此類交易。

“Payoneer 處於全球所有行業向數字商務快速轉變的最前沿。 FTAC Olympus Acquisition Corp 董事會主席 Betsy Cohen 表示，其創新且獨特的高科技、高接觸平台使 Payoneer 成為當今推動全球商業的一些最強大和持久趨勢的中心。 Payoneer 通過 B2B 支付數字化、全球風險和合規基礎設施等功能促進電子商務整體增長的能力，以及支持中小型企業快速增長和擴展的能力，使 Payoneer 與眾不同。我對這筆交易感到非常興奮，這將使這支才華橫溢的團隊能夠加速他們的增長戰略，並繼續使全球商業的准入民主化。”

Payoneer 由 Yuval Tal 於 2005 年創立，為來自 190 多個國家和地區的數百萬小型企業、市場和企業開發了一個簡化全球商務的平台。 Payoneer 利用其強大的技術、合規性、運營和銀行基礎設施，為商家提供包括跨境支付、營運資金、稅務解決方案、風險管理和支付編排在內的一套服務。

自成立以來，Payoneer 已從包括 TCV、Susquehanna Growth Equity (SGE)、Viola Ventures、Wellington Management、Nyca Partners、淡馬錫等在內的支持者那裡籌集了總計 2.7 億美元的資金。

Payoneer 首席執行官斯科特·加利特 (Scott Galit) 表示：“技術正在改變全球商業，打破國界，讓來自世界各地的企業家能夠建立數字業務。” “這種新的經商方式需要一個為數字時代構建的全球金融平台。 Payoneer 的專用平台提供具有本地化功能的全球連接，並以強大且可擴展的合規性、風險和監管基礎設施為基礎。我們對未來的機會感到非常興奮，並相信我們領先的全球平台、品牌、產品套件和網絡創造了顯著且可持續的競爭優勢，我們的多管齊下的增長戰略將在未來幾年實現強勁增長。我們很高興與 Betsy Cohen 和 FTOC 團隊合作，並有信心在我們開始作為一家上市公司的旅程時，我們將受益於他們重要的行業專業知識。”

“作為過去 12 年一直陪伴 Payoneer 的人，我很自豪地看到 Payoneer 已經成長為領導地位，並為有機會繼續建立一個全球數字平台而感到興奮，該平台為各種規模的企業提供服務在世界各個角落都能獲得金融服務，” Viola Ventures 管理合夥人兼董事長 Avi Zeevi 說。