Payoneer Inc. (“Payoneer”), the commerce technology company powering payments and growth for the new global economy, and FTAC Olympus Acquisition.
Corp. (NASDAQ: FTOC) (“FTOC”), a special purpose acquisition company, announced on Friday that they have completed their business combination. The business combination was approved by FTOC’s shareholders at an extraordinary general meeting held on June 23, 2021.
As a result of the completion of this business combination, a new public entity under the name Payoneer Global Inc. (“the Company”), and its common stock and warrants, will begin trading today on the Nasdaq stock market under the ticker symbol “PAYO” and “PAYOW”, respectively.
Payoneer’s global management team, led by Scott Galit, Chief Executive Officer, Michael Levine, Chief Financial Officer, and Keren Levy, Chief Operating Officer, will continue to lead the Company.
The transaction includes a $300 million PIPE investment from investors including existing investor Wellington Management, as well as Dragoneer Investment Group, Fidelity Management and 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.
“We are thrilled to be a public company and join forces with Betsy and the entire FTOC team,” said Scott Galit, Chief Executive Officer of Payoneer.
“Through our 15 years, we have built a global platform that is trusted by millions of customers worldwide, from aspiring entrepreneurs to the world’s leading digital brands and are now the go-to partner for digital commerce, everywhere. We are just scratching the surface of the enormous opportunity ahead to help businesses grow and scale in the new global economy. This move
into the public markets is an important step on our journey to provide any business, in any market, the technology, connections and confidence to realize their potential.”
Betsy Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition Corp., stated, “The Payoneer team has positioned the company incredibly well to capitalize on the expansion of global commerce, and we are proud to be their partner during this next phase of growth. Payoneer has a strong balance sheet with ample capital to expand its already broad suite of services, both organically, by deepening existing merchant relationships and continuing to build new ones, and through strategic acquisitions.”
Financial Technology Partners served as exclusive financial and capital markets advisor to Payoneer. Davis Polk and Wardwell LLP served as legal counsel to Payoneer and Paul Hastings served as regulatory counsel to Payoneer. PwC served as Payoneer’s auditors. EY served as Payoneer’s tax and public markets advisor.
Citi and Goldman Sachs and Co. LLC served as financial and capital markets advisors to FTOC. Cantor Fitzgerald also served as capital markets advisor to FTOC, and Morgan, Lewis and Bockius LLP served as legal counsel to FTOC.
About Payoneer
Payoneer (NASDAQ: PAYO) is the world’s go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy.
Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world’s leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a universe of opportunities, open to you.
About FTAC Olympus Acquisition Corp.
FTAC Olympus Acquisition Corp. is a blank-check company led by Betsy Z. Cohen as Chairman of the Board and Ryan M. Gilbert as President and Chief Executive Officer formed for the purpose of acquiring or merging with one or more technology and financial services technology companies.
Source: United News of Bangladesh