Payoneer (PAYO) And FTAC Olympus Acquisition Complete Finalize Combination

By Amit Chowdhry ● Jun 29, 2021
  • Payoneer and FTAC Olympus Acquisition Corp. (NASDAQ: FTOC)  announced recently that they have completed their business combination. These are the details.

Commerce technology company Payoneer and special purpose acquisition company (SPAC) FTAC Olympus Acquisition Corp. (NASDAQ: FTOC)  announced recently that they have completed their business combination. The business combination was approved by FTOC 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 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 deal includes a $300 million PIPE investment from investors including existing investor Wellington Management as well as 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.

KEY QUOTES:

“We are thrilled to be a public company and join forces with Betsy and the entire FTOC team. 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.”

— Scott Galit, Chief Executive Officer of Payoneer

“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.”

— Betsy Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition Corp.

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