Payoneer Inc., a global payment and commerce-enabling platform and FTAC Olympus Acquisition Corp., a special purpose acquisition company, announced they have entered into a definitive agreement and plan of reorganization, according to a press release.
Upon closing of the reorganization, the newly created holding company will be renamed Payoneer Global Inc. and the combined company will operate as Payoneer, a U.S. publicly listed entity. The company is expected to have an implied estimated enterprise value of approximately $3.3 billion at closing, based on current assumptions. Payoneer’s management team will continue to lead the company.
“Payoneer is at the forefront of the rapid, global shift to digital commerce across all sectors. 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,” Betsy Z. Cohen, chairman of the board of directors of FTAC Olympus Acquisition Corp said in the release. “Its proven ability to facilitate the overall growth of e-commerce through capabilities such as B2B payment digitization, global risk and compliance infrastructure, and the enablement for SMBs to rapidly grow and scale sets Payoneer apart. I couldn’t be more excited about this transaction which will allow this talented team to accelerate their growth strategy and continue to democratize access to global commerce.”
Payoneer has expanded its services to include: marketplace payments; B2B accounts payable / accounts Receivable; merchant services; working capital; and risk and compliance services.