Payoneer Inc., the global payment and commerce-enabling platform which powers growth for millions of digital businesses worldwide, and FTAC Olympus Acquisition Corp., a special purpose acquisition company, today announced they have entered into a definitive agreement and plan to create a holding company, Payoneer Global Inc.
The combined company will operate as Payoneer, a publicly listed entity. The company is expected to have an implied estimated enterprise value of approximately $3.3bn at closing, based on current assumptions.
Payoneer’s management team will continue to lead the Company. Payoneer has been backed by investments from TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, Temasek and more.
Payoneer’s mission is to democratise access to financial services and drive growth for digital businesses of all sizes from around the world. Payoneer was founded on the basis that technology and the internet were transforming commerce and making it possible for anyone anywhere to build and grow a digital business.
“Technology is transforming commerce globally, bringing down borders and making it possible for entrepreneurs from all over the world to build a digital business,” said Scott Galit, Chief Executive Officer of Payoneer.
“This new way of doing business requires a global financial platform built for the digital age. Payoneer’s purpose-built platform provides global connectivity with localised capabilities, layered on top of a robust and scalable compliance, risk and regulatory infrastructure. We are incredibly excited about the opportunity ahead and believe that our leading global platform, brand, product suite, and network create significant and sustainable competitive advantages, and that our multi-pronged growth strategy will deliver strong growth for years to come. We are thrilled to partner with Betsy Cohen and the FTOC team and are confident that we will benefit from their significant industry expertise as we embark on our journey as a public company.”
Betsy Z. Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition Corp., said, “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.
“Its proven ability to facilitate the overall growth of e-commerce through capabilities such as B2B payment digitisation, 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 democratise access to global commerce.”
The reorganization reflects an implied enterprise value at closing of approximately $3.3bn, representing a 7.6x multiple of 2021 expected revenue of $432m.