“Technology is transforming commerce globally, bringing down borders and making it possible for entrepreneurs from all over the world to build a digital business,” Galit said in a statement. News of a possible SPAC merger between Ftac Olympus Acquisition and Payoneer caught the eye of investors hungry to make a profit. Payoneer is going public thanks to a merger with special purpose acquisition company (SPAC) FTAC Olympus Acquisition (NASDAQ:FTOC) and FTOC stock is on the move Wednesday. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. E-mail Address. News that Payoneer and FTAC Olympus Acquisition leaked well ahead of this announcement. Copyright © FTAC Olympus Acquisition is funding the deal with its cash on hand, as well as a $300 million private investment in public equity (PIPE). Payments Startup Payoneer Said in Merger Talks With Cohen SPAC (FTOC) – Bloomberg. User account menu. The combined company will have an estimated enterprise value of $3.3 billion. FTOC's IPO in … Last year, the company processed more than $44 billion in payments and expects the level to reach $85 billion annually within the next two years. FTAC Olympus Acquisition Corporation is led by entrepreneur Betsy Cohen. Developer of a payment platform designed to facilitate global commerce with an innovative cross-border payments solution. For Payoneer, it was the ability to get the price it wanted and pick its merger partner that prompted the fintech to combine with Betsy Cohen’s latest blank-check company. Press question mark to learn the rest of the keyboard shortcuts. Payoneer To Go Public – February 3, 2021. Payoneer To Participate in Upcoming Conferences – March 5, 2021. Payoneer was in talks to go public at a $2.5 billion to $3 billion SPAC deal in December, according to … Payoneer, an Israeli online payments company, said on Wednesday that it would become a publicly traded company on the Nasdaq Stock Exchange valued at $3.3 billion by merging with the special purpose acquisition company FTAC Olympus Acquisition Corp. As part of the merger, FTAC Olympus will pay $750 million to Payoneer and another $300 million will be raised through a private placement with investors including Wellington Management, Dragoneer Investment Group, Fidelity and Franklin Templeton. Payoneer, an Israeli online payments company, said on Wednesday that it would become a publicly traded company on the Nasdaq Stock Exchange valued at $3.3 billion by merging with the special purpose acquisition company FTAC Olympus Acquisition Corp. Let's analyze the FTOC stock, which is a SPAC that's going to merge with Payoneer, a global payment platform. The company employs 1,800 people, 800 of them in Israel. It has similar growth rates as PayPal or Square, just not the brand recognition. However, earnings before interest, taxes, depreciation and amortization stand at an impressive 20%. All rights reserved. Posted on February 3, 2021 Payments provider Payoneer has agreed to become a public company through a merger with a “blank check” company, FTAC … Why BFT stock is falling After hitting a high of $19.24 on Jan. 21, BFT stock has fallen by more than 23 percent. Nasdaq GameStop Stock is Wound Tighter Than a Magnetic Coil. January 22, 2021 by IWB. FTAC plans to bring Payoneer public with "an implied enterprise value at closing of approximately $3.3 billion." Payoneer was in talks to go public at a $2.5 billion to $3 billion SPAC deal in December, according to CTech. Find out more about Payoneer Stock. About Payoneer Stock Payoneer empowers global commerce by connecting businesses, professionals, countries and currencies with its innovative cross-border payments platform. Payoneer generates revenue by taking a fee on each transaction. What Is the COIN Stock IPO Price Range? 3. Investor Presentation. “Technology is transforming commerce globally, bringing down borders and making it possible for entrepreneurs from all over the world to build a digital business. Have you been considering investing in Payoneer stock and other SPAC stocks? Article Stock Quotes (1) FREE Breaking News Alerts from StreetInsider.com! On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. Fintech firm Payoneer said it will merge with a special purpose company backed FTAC Olympus Acquisition Corp. led by Bancorp founder Betsy Cohen in a … That will supply the newly merged company with $450 million in cash to be used to buy shares from Payoneer stockholders. SPACs such as Olympus have emerged in recent months as a lower-cost, faster way for companies to go public, compared with a traditional initial public offering. The company expects growth to accelerate to 25% this year ■ SPAC deal values Payoneer at $3.3 billion. The deal will have Payoneey merging with FTAC Olympus Acquisition and the new company will adopt the name Payoneer Global Inc. FTAC Olympus, a shell company formed for the purpose of merging with an existing company, is led by Betsy Z. Cohen. Rumors about the deal started popping up in January ahead of any official word about a SPAC merger. The acquirer says this represents a "7.6x … Close. Payoneer General Information Description. Payoneer Card. Haaretz.com, the online English edition of Haaretz Newspaper in Israel, gives you breaking news, analyses and opinions about Israel, the Middle East and the Jewish World. Those traders boosted shares of FTOC stock up with heavy trading before markets closed. “This new way of doing business requires a global financial platform built for the digital age. Payoneer is a global fintech company that’s in the process of going public via a blank check company SPAC called FTAC Olympus Acquisition Corp (NASDAQ: FTOC). Israeli-founded online payments startup Payoneer announced last week it has signed a deal to become a publicly traded company by merging with FTAC Olympus Acquisition Corp., a SPAC (special purpose acquisition company) backed by banking entrepreneur Betsy Cohen. Payoneer Said in Merger Talks with FTAC Olympus Acquisition (FTOC) - Bloomberg. Last year, it disclosed Wednesday, its revenues increased by only 9%, to $346 million, but in 2019 it soared 22%. The company posted an operating loss last year of $18 million, a figure it expects to widen to $50 million in 2021. © Haaretz Daily Newspaper Ltd. All Rights Reserved, Get email notification for articles from Omri Zerachovitz, Israeli startups discover a back door to Wall Street, Israeli startups angle for Wall Street’s big tech party, Startup feeding frenzy: How Israeli high-tech firms are scooping up the cash, Biden Seeks Funding to Probe White Supremacist Beliefs at Immigration Agencies, Biden Calls for Funding to Probe White Supremacist Beliefs at Immigration Agencies, allows e-commerce companies to send and receive money globally. The transaction is expected to close in the first half of 2021, subject to satisfaction of customary closing conditions. In December, Calcalist reported that Payoneer was in advanced talks to merge with a SPAC for a valuation in the $2.5B-$3B range. Payoneer was founded about 15 years ago by Yuval Tal, who left the company recently to set up a venture capital fund called Team8 Fintech. Posted by 6 days ago. The merger will close in the first half of 2021. Scott Galit, CEO of Payoneer, said this about the fintech news boosting FTOC sock up today. FTOC Stock & Payoneer SPAC MERGER | FAST GROWTH Payment Fintech Business. What it still needs is approval from shareholders of FTOC stock and regulators. Coinbase IPO: When Does Coinbase Go Public? Today, the company is led by CEO Scott Galit and Keren Levy, the head of research and development in Israel. 3. PAYONEER Q4 AND FULL YEAR 2020 FINANCIAL HIGHLIGHTS – MARCH 30, 2021. Payoneer Inc., the online payments firm used by the likes of Airbnb Inc. and Amazon.com Inc., agreed to go public by merging with a blank-check firm led by Betsy Cohen. Log In Sign Up. FTOC stock was up 9.4% as of noon Wednesday. The Payoneer SPAC (FTOC, FTOCU) offers an early entry point into a fast growing digital payments network. All rights reserved. Fintech News: FTOC Stock Surges on Payoneer SPAC Merger Approval, How to Find Hypergrowth Winners No Matter the Market Conditions >>> READ MORE, Louis Navellier and the InvestorPlace Research Staff, The Invesco QQQ ETF Is Finally Ready to Join the Rally, Matt McCall and the InvestorPlace Research Staff, Momentum and Meme Stocks: How to Find the Next Top Reddit Stock of 2021. quotes delayed at least 15 minutes, all others at least 20 minutes. Payoneer is going public thanks to a merger with SPAC FTAC Olympus Acquisition (FTOC) and FTOC stock is on the move Wednesday. Digital payments platform Payoneer has confirmed in a press release that it's going public via a merger with FTAC Olympus Acquisition Corporation, a SPAC that went public in August 2020. Article printed from InvestorPlace Media, https://investorplace.com/2021/02/fintech-news-ftoc-stock-surges-on-payoneer-spac-merger-approval/. Payoneer Inc. announced Wednesday an agreement to merge with special purpose acquisition company FTAC Olympus Acquisition Corp. FTOCU, -3.80%, which will effectively take … 2021 InvestorPlace Media, LLC. FTOC closed out normal trading hours with almost 17 million shares traded. The deal could value Payoneer at $2.5 billion. Feb 3 (Reuters) - Online payment startup Payoneer Inc said on Wednesday it has agreed to go public through a merger with a blank-check firm backed by … 1125 N. Charles St, Baltimore, MD 21201. Payoneer notes that the SPAC merger has the unanimous support of both companies’ Boards of Directors. Under the terms of the agreement, FTOC will acquire Payoneer through a reverse merger, with Payoneer emerging as a publicly traded company. The deal will have Payoneey merging with FTAC Olympus Acquisition and the new company will adopt the name Payoneer Global Inc. In February 2021, Payoneer entered into a definitive merger agreement with FTAC Olympus Acquisition Corp (NASDAQ: FTOCU) in a transaction that would result in Payoneer becoming a U.S. publicly listed entity. 1125 N. Charles St, Baltimore, MD 21201. Dogecoin Price Predictions: Will DOGE Trade for Pennies or Dollars in 2021? The current expectation is for the deal to close during the first half of 2021. Watch my video first. It operates in 190 countries and counts 5 million customers. This new way of doing business requires a global financial platform built for the digital age.”. Should you buy BFT stock before its merger with Paysafe? Copyright © 2021 InvestorPlace Media, LLC. FTOC Stock & Payoneer SPAC MERGER | FAST GROWTH Payment Fintech Business. This will cover the cost paid to equity holders of Payoneer and will provide the combined company with $563 million in cash. PAYONEER PARTNERS WITH MASTERCARD – MARCH 11, 2021. Fintech start-up Payoneer says it will merge with a special purpose acquisition company, or SPAC, backed by Bancorp founder Betsy Cohen. After the merger, Payoneer Global Inc will have an estimated value of about $3.3 billion. The merger … The post Fintech News: FTOC Stock Surges on Payoneer SPAC Merger Approval a... 1 month ago - InvestorPlace Why FTAC Olympus Acquisition Corp Just Jumped 10% Payments Startup Payoneer Said in Merger Talks With Cohen SPAC (Bloomberg) By Gillian Tan and Yaacov Benmeleh (Bloomberg) -- Payoneer Inc., an online payments specialist, is in talks to go public through a merger with FTAC Olympus Acquisition Corp., a blank-check firm, according to people with knowledge of the matter. Payoneer’s platform allows e-commerce companies to send and receive money globally. 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