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Payoneer joins Spac frenzy in $3.3 billion deal

Payoneer joins Spac frenzy in $3.3 billion deal

Digital payments firm Payoneer is the latest fintech to go public through a merger with a special purpose acquisition company (Spac) in a deal that values the merged entity at $3.3 billion

As part of the deal with FTAC Olympus Acquisition Corp - a blank cheque firm set up by banking entrepreneur Betsy Cohen - Payoneer will receive $300 million from investors including Wellington Management, Dragoneer Investment Group, Fidelity Management & Research Company and Franklin Templeton.

Payoneer, which operates a B2B payments network connecting buyers and sellers across the globe, processed more than $44 billion in volume in over 7,000 trade corridors in 2020. The network covers the full spectrum of merchant businesses, from solo enterprises to giant stables like Airbnb, Amazon, Google, Upwork and Walmart.

The firm's package of services include: marketplace payments; B2B accounts payable / accounts receivable; merchant services; working capital; and risk and compliance.

"Payoneer is at the forefront of the rapid, global shift to digital commerce across all sectors," says FTAC chair and former Bancorp founder Cohen. "Its innovative and unique high-tech, high-touch platform positions Payoneer at the epicenter of some of the most powerful and enduring trends driving global commerce today."

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