Israel’s Payoneer to go public on Nasdaq at $3.3 billion valuation
The company announced a SPAC agreement with FTAC Olympus Acquisition Corp, to invest hundreds of millions in secondary options
Meir Orbach | 15:00 03.02.2021
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.“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.