Payoneer, which provides online payment solutions, is set to go public Monday on the Nasdaq market under a special purpose acquisition company merger with FTAC Olympus Acquisition at a $3.3 billion company valuation.
The Petah Tikva-based company, which has operated since 2005, will begin trading under the ticker symbol PAYO.
The company’s payment platform is used by millions of small businesses, marketplaces, and enterprises in 200 countries to streamline global commerce.
The transaction 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.
“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,"Betsy Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition. "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.”