Cross-border funds professional Payoneer is the newest fintech to go public through SPAC merger. The New York-based firm has agreed to merge with FTAC Olympus Acquisition Corp.

The transaction is anticipated to shut in the course of the first half of this yr.

As soon as the reorganization is full, the newly created holding firm might be renamed Payoneer International Inc. and the mixed firm will function as Payoneer, a U.S. publicly listed entity. After the deal is finalized, Payoneer could have an estimated worth of $3.3 billion.

Payoneer was based in 2005 and presents multi-currency accounts to marketplaces, sellers, freelancers, gig staff, producers, banks, suppliers, and patrons. With a mission to “democratize entry to monetary providers and drive development for digital companies of all sizes from all over the world,” Payoneer helps customers pay and receives a commission globally as simply as they do domestically.

“Payoneer is on the forefront of the speedy, international shift to digital commerce throughout all sectors,” stated Betsy Z. Cohen, Chairman of the Board of Administrators of FTAC Olympus Acquisition Corp. “Its modern and distinctive high-tech, high-touch platform positions Payoneer on the epicenter of a few of the strongest and enduring tendencies driving international commerce at present. Its confirmed skill to facilitate the general development of e-commerce via capabilities comparable to B2B cost digitization, international danger and compliance infrastructure, and the enablement for SMBs to quickly develop and scale units Payoneer aside.”

Payoneer has raised $270 million from 18 buyers together with CBC Capital and 83North. Scott Galit is CEO.

In the present day’s information of Payoneer opting to go public through a SPAC merger echoes a bigger development. Currently, we’ve seen a rising variety of tech firms, together with Financial institution Cell and SoFi, use SPAC mergers to go public. Advantages of the IPO different embrace a sooner and cheaper course of, no qualification threshold, and no IPO window.

Picture by NastyaSensei from Pexels

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