Payoneer Inc. (“Payoneer”), the global payment and commerce-enabling platform which powers growth for millions of digital businesses worldwide, reported that it has filed its full year audited 2020 financial results with the SEC in Amendment No. 1 to the Registration Statement on Form S-4/A filed by “New Starship Parent Inc.” In addition, the Company reaffirmed its financial outlook for the full year 2021.
Payoneer and FTAC Olympus Acquisition Corp. (NASDAQ:FTOC) ("FTOC"), a special purpose acquisition company, previously announced that they recently entered into a definitive agreement and plan of reorganization (the “Reorganization”).
Fourth Quarter 2020 versus Fourth Quarter 2019
Volume increased 55% to $13.9 billion compared to $9.0 billion in 2019. Adjusted volume1 increased 66%.
Revenue increased 11% to $94.7 million from $85.3 million in 2019. Adjusted revenue1 increased 38%.
Operating loss of $9.4 million compared to a loss of $4.3 million in 2019.
Transaction Profit1 increased 20% to $70.8 million from $58.8 million in 2019. Adjusted transaction profit1 increased 53%.
Full Year 2020 versus Full Year 2019
Volume increased 53% to $44.4 billion compared to $29.0 billion in 2019. Adjusted volume1 increased 67%.
Revenue grew 9% to $345.6 million from $317.8 million in 2019. Adjusted revenue1 increased 31%.
Operating loss of $17.3 million compared to a profit of $3.6 million in 2019.
Transaction Profit1 increased 11% to $248.6 million from $223.1 million in 2019. Adjusted transaction profit1 increased 36%.
“2020 was another strong year for Payoneer as we witnessed the continued digitalization of global commerce and the unique value that the Payoneer platform plays in enabling small and large businesses to accelerate their growth,” said Scott Galit, Chief Executive Officer of Payoneer. “Normalizing for the impact of the COVID-19 pandemic on our travel marketplaces and excluding interest income, 2020 adjusted volume increased 67% year-over-year, adjusted revenue grew 31% year-over-year and adjusted transaction profit grew 36% year-over-year. Moreover, we finished the year with strong exit velocity as our fourth quarter adjusted revenue grew 38% year-over-year and adjusted transaction profit grew 53% year-over-year.
“I’m incredibly proud of the way our team helped customers all over the world navigate the new normal brought on by the COVID-19 pandemic,” continued Galit. “Over the last 15 years, we have created a leading global platform and trusted brand with powerful network effects, driving a significant and sustainable competitive advantage. That foundation was critical to our achievements in 2020 and puts us in a good position as we look to leverage our market momentum and scale in 2021, further expanding our ecosystem as well as extending our product suite to help our customers grow. Furthermore, we continue to be excited about the pending merger with FTOC, and remain on track to complete the proposed transaction in the second quarter of this year.”
Full Year 2021 Outlook
Payoneer reaffirms its financial outlook for the full year 2021. The Company expects:
Volume of $64 billion
Revenue of $432 million
Transaction Profit1 of $311 million
The SEC Form S-4/A can be found in the filings by New Starship Parent Inc. at www.sec.gov. Payoneer and FTOC entered into a definitive agreement and plan of reorganization (the “Reorganization”) in February. Completion of the proposed business combination is subject to approval by the shareholders of FTAC Olympus Acquisition Corp. and certain other conditions. The proposed business combination is on track and expected to close in the second quarter of 2021.